The need greed and perception of grabbing a bargain

So I was thinking about sales…

You may notice Black Friday sales have already ‘started’. In some cases, they have. But in other cases (most) these are just ways to get you to panic buy! (guilty) – a lot of retailers will further markdown their ‘Black Friday’ items to get rid of any stock that will be taking up space for new summer stock.

So are these retailers just clearing out the stuff they know won’t last another season or is a genuine bargin…and how can you tell?

Lets start with some interesting observations:

The ACCC is normally all over this sort of stuff, but we still hear about

Price inflation and price anchoring – that is raising prices knowng there will be  asales event in the nearish future and lowering prices again…now if any of you are in the highly competitive market for pet food this is the real thing. I notice every 2 weeks a different pet food product is on sale.  Take a popular dog food brand, 6 months ago price was $12, now $17 but on sale for $13 – so you know save 20%

The retailer is creating an illusion of better deals.

Similar to psychological pricing…you know its $4.99 not $5 its $99.99 not $100 – our lazy brains see a saving…seriously it’s a proven technique!

And the funny thing is even if we KNOW THIS FOR SURE it still fools us.

So as you are gearing up for Black Friday / Cyber Monday and the Boxing Day Sales have a think about what you are doing!

Now let’s start talking about ways we can stick to our financial goals and still “treat yoself”

I’ve written my top 3 tips on how to keep that money honey (without breaking the bank)

 

Think ahead – ‘she’s writing a list and she’s checking it twice!’

Consider writing a list of things you both need and want. Separate your higher priced items to a section of their own while keeping the lower end separate. Use the rest of the week to chop and change your list.

 

Prioritise! What do you ‘need’ and what do you ‘want’

 

Is this something I need (will it be useful? Will I use it? Or will it sit in the house or in my closet for the next year? – do you really need that knitted sweater?

Have you added these items to your cart to only think “hmm do I need this” and close the window? MASSIVE SIGN that you don’t NEED it. Most of the time the urge to buy comes from seeing something at a discounted price. Don’t panic! (Yes girl, panic buying is a real thing) #guilty!

 

Re-think ‘final sales no refund’ purchases

It is very common for retailers to have hidden agendas when it comes to sale items. Especially final sales items. A lot of retailers have fine print that specifically say ‘NO REFUND, EXCHANGE OR CHANGE OF MIND ON FINAL SALE ITEMS’. You don’t want to be stuck with a whole heap of purchases that you can’t get rid of.  

 

Most of all, enjoy yourself…if you feel that sick I just spent all my money dread coming back at you, take a breath, take a moment and close that cart without a purchase.

 

Enjoy your journey!

Contact Phoebe

Phoebe is available for interviews, guest appearances, article commentary, and talks on a range of topics relating to property, mortgage broking, and personal finance (particularly for women!).