Getting a deal

I just love a good deal! And I don’t mean “I love spending money on something I wouldn’t have otherwise bought just because it’s on sale” because that is not saving money, that is spending it. I’m referring, instead, to when there’s something you’re planning on buying anyway (whether you need it or just have wanted it for a long time) and you’re able to get a discount on it.

I’m a big fan on stocking up on everyday items when they go on sale but I like to stick to non-perishables like toilet paper, laundry soap, garbage bags, etc. as nothing irks me more than to waste food. So when it comes to food, unless it’s canned items that have a shelf life of over a year, I am careful not to stock up too much. But with other stuff I really go whole hog. For instance, last year Target had our preferred toilet paper on sale. In addition to the sale they were giving out $5 gift cards for every two packages of toilet paper sold and there was a “save $2 now” coupon attached to each package. In all we saved approximately $7 per package of toilet paper and we’re still working through our supply of it well over six months later. Sure, we spent a lot of money at once to acquire it but that’s an expense we’re not going to see again for quite awhile. These are my favorite type of savings because they are on things I would have bought anyway so it’s a win-win.

For things that one wants, such as a new TV, it’s not as exciting because it’s still money out the door that could easily have stayed in your pocket. For those such instances you need to weigh whether you can truly afford it (hint: if you’re buying it with a credit card that doesn’t get paid off in full at the end of each month then you shouldn’t get it), how long it will last, and how much enjoyment you’ll get out of it. Certain items can be considered an investment, such as a new suit to wear on interviews and/or special events, whereas others are pure enjoyment – that new smart TV you’ve been drooling over. There’s nothing wrong with buying stuff you want (and really don’t need) as long as you’re realistic and smart about it; just do your research! Amazon.com is fantastic for reviews even if you decide to buy it elsewhere. Camelcamelcamel.com tracks items sold at Amazon, Best Buy and NewEgg and provides a price history as well as allow you to set a price threshold and get notified by email when it has been reached. You can read more about CamelCamelCamel here.

I also highly recommend the wait and see approach. Many times when someone wants something they want it right away and thus end up spending more money than if they had been patient for awhile and waited for it to go down in price via a sale or temporary price cut. The added bonus here is that the anticipation sweetens the feeling when the item is eventually acquired.

In addition, try practicing feeling grateful for the things you already own. Just because you don’t have the latest, greatest device doesn’t mean it’s worthless. Too often people take their possessions for granted which results in them constantly wanting to acquire new ones to get that happy feeling again. But that initial feeling is fleeting, so if you train yourself to appreciate the things you have you’ll find yourself enjoying them more and spending less money at the same time. Before you know it you’ll have accumulated extra money in your savings account which gives you a peace of mind that trumps that high you get when you buy something new.

Try it, and feel free to share your strategies in the comments.