“Marketers, advertisers, and retailers all use psychology to get you to spend your money,” says Joyce Marter, psychotherapist and author of The Financial Mindset Fix, a book about approaching money in a mindful way. Marter says pausing and reflecting on what is driving you to make a purchase, or whether something is going to cost you more in the long run, is one way to find a deal that will actually save money—and a way to prevent impulse buying. Here are more steps to figure out whether a deal is saving you money—or just making you spend it. “If you’re buying something that’s a want, not a need, and you need to use a ‘buy now, pay later’ program to afford it, you’re essentially taking out a loan to buy something,” says Lauren Bringle, accredited financial counselor at Self Financial, a digital platform focused on helping people build good credit. Sale or not, if an item is going to make you pay a lot of money in credit card interest fees in the future, it’s not worth it. “If you charge a sale item on your credit card, pay it off completely, then get rewards for your purchase, that could be a win-win,” says Bringle. Marter says that a buy-one, get-one deal is good when you know you like the product and will use it. But if it’s a product or item you haven’t used before or are not planning on using very often, the sale doesn’t really matter. Bringle says to assess an item’s cost per use. “If you buy a $100 pair of boots and wear them once, you spent $100 for a single wear,” says Bringle. But if you buy something on sale that you use can use for months or years, you will save money over time. Even though it’s marked down, if it’s something you won’t use, you’ll just end up with clutter—and clutter can cost you. If you’re buying something just because it’s on sale, you’re actually spending more money, because you never intended to buy the item in the first place. Getting something you had already budgeted for at a lower price will actually save you money, as opposed to something you decide to buy because it’s on sale. Comparison shopping can help you find an even better deal, or show you how much similar items cost, so you can decide if the purchase is worth it or if you want to wait. Bringle advises asking yourself whether buying something will help you achieve your goal or get in the way of it. If you’re saving up for a big purchase such as a car, a house, or a vacation, take a second to reflect on whether the money is better off being saved. Bottom line: Getting discounts on purchases can definitely save you money. But if you’re looking for a good deal, just make sure it’s on something you will use often, can afford, and were actually planning to buy. Otherwise, that deal isn’t so much a deal as an unnecessary purchase.
