Money Mishaps: Deals in Disguise
Hi Money Masters!
Finally, we are seeing some better weather. It’s time to get out of the house, get moving…go grocery shopping? This may or may not be your favorite errand to run, however, it is a necessary task. But this week’s Money Mishap will help you stay clear of pesky store traps designed to make you overspend!
Pretend you are strolling through the aisles of your go-to grocery store. You have come prepared with your list of only the items you need. (Great job, Money Master!) Then, you see a big, colorful sign that says, “Buy One, Get One Free” and you speed up your cart to go check it out…
Uh-oh. You have fallen into the trap.
Grocery stores are very good at making you think you are getting a great deal and that you should not pass up a “savings opportunity”. Here are some typical Grocery Store Traps you can avoid:
The BOGO sale: BOGO stands for “Buy one, get one” and stores really love to add “free” to the end of that phrase. The “buy one, get one free” sale is clever. Everyone loves to get something for free, right? But ask yourself, DO YOU NEED two of this certain product? Most of the time, the product will ring up at 50% off anyway, so there is no actual requirement to purchase two in order to get the deal. Tricky, huh? Just ask a store employee first to check!
Gift card offers: Some stores will offer a gift card if you spend a certain amount of money. The problem with this is many people will buy items they do not need just to get to that required amount. Again, overspending!
Strategically placed products: It is the normal inclination for a consumer to pick up an item that is right in front of them, at eye level. So grocery stores will stock those shelves at eye level with more expensive items. Take a couple extra minutes to look and compare prices, brands, and quantity within a package before you blindly reach for what’s in front of you. If you can’t reach a shelf, ask for help!
What to do: If you find yourself a victim of this Money Mishap, stop what you’re doing and take another look at your list and your cart.
Remind yourself to focus on what you need and if you really need to take advantage of a sale or special offer. Think it through, do the math, and you’ll be fine. 🙂