When you are looking to increase your savings, it is quite common to take advantage of various savings hacks and other financial tips and tricks that help save you money. Yet, there are times when these hacks are not always the bargain they seem to be.
With more and more people looking for bargains when they shopping locally or online, and all the great deals and bargains to be found, you may not always find the best prices. To make sure you make wise purchasing decisions, we invite you to review the following savings hacks that are not always the best bang for your buck.
1. The Sales Prices Are Higher Than in the Past
The end of the year, especially in December, is when retailers start raising prices on many different types of consumer goods. To keep people buying, even though prices have gone up, they will post sales prices that make it seem like it’s a bargain.
2. Stores Make It Look Like Items Were Marked Down
The retailer will post the manufacturer’s suggested retail price (MSRP), and then the price they are selling the item for. Of course, the retailer has never sold the item at the MSRP, but it does look like you are getting a great deal.
3. The Product Will Expire Before You Use It
This applies to food, batteries, over-the-counter medications, and other such things that have an expiration date that you might be enticed to buy in bulk for added “savings.” If you can’t use it all, you are throwing away money. It is better to use coupons, watch sales ads, and just buy the normal size you will use when it’s on sale.
4. You Don’t Need the Item
With Super Bowl Sunday just around the corner, HD TVs are always a top seller. Sure, you could find a huge 65-inch or 75-inch TV marked down—but if you don’t need a new TV, you are wasting money. Instead, put the money in your savings account to increase savings for a rainy day, your retirement, or summer vacation.
5. A Store Is Going Out of Business
Stores tend to close right after the New Year if they did not do well during the holiday shopping season. Liquidation sales can be a big draw because it seems like you might get a great deal. Yet, many of the items may not even be marked down from their original prices. Just because “everything-must-go,” it doesn’t mean you are getting the best prices.
6. The Price Seems Too Good to Be True
This applies to online shopping, as you often stumble upon various bargains. You might find a “brand name” product that is dirt cheap. Yet, what you actually get in the mail is entirely different. If it seems too good to be true, chances are it is, and it is better to just save your money.
7. Mail-In Rebates
Mail-in rebates are another type of discount that many people never redeem. Many people forget to mail in their rebates and still end up paying full price. You also have to watch out for “store rebates” where you get a gift card and then have to make another purchase.
As you can see, these savings hacks do not always give you the best bargains because of the various tactics retailers use to entice you to make impulse purchases.
For more information about savings accounts, rewards checking accounts, and other financial accounts to increase savings, please feel free to stop by your nearest branch of The People’s Federal Credit Union in Amarillo, Canyon, or Childress or call us at (806) 359-8571 today!