How to Overspend this gift giving Season
Everywhere you turn, there is a store trying to entice you with one sales promo or the other. This is going to be the case from now till the end of the year. So, given that the Corona Virus and the recent #ENDSARS protests has impacted everyone’s pocket, what are the things to take into consideration before hitting the stores?
Why do retailers offer these promos?
Retailers offer these promos because traditionally, this is a gift giving period and unlike any other, consumers will be in shopping mode and any store not offering some incentive or the other will lose out.
Recognizing this, retailers use this opportunity to do one or a combination of the things listed below:
- To entice prospective consumers
- To reward existing customers
- To clear out old or slow-moving stock
What’s in it for you?
Obviously, there is the bargain of getting things cheaper. This allows you the chance to buy more, stretching your hard-earned money in meeting your gift obligations.
With the understanding of the above, it is vital to have a budget and not allow yourself to be enticed into spending yourself into a hole.
The “BUY ONE GET ONE HALF PRICE” or “UP TO 75% OFF SELECTED ITEMS” may be screaming at you and you may start asking yourself, why should I buy one item for $100 when I can spend $150 and buy two items instead?
If you have a list of people you want to get gifts for, this question is valid, and the Promo is a good one for you. Except of course, you can find an even better deal!
However, if all you have is a budget of $100 and you are in the market for personal consumption, yes, you might be getting a better deal by buying two instead of one, but if your purchase will leave you in the red… you must be disciplined enough to turn your back on these offers and buy what you need.
There is no point buying two pairs of shoes just because you are getting a deal, when what you really can afford is just one pair, only to be unable to meet your other financial obligation down the line.
So, yes hunt for the best possible bargains, but do so with a budget and be disciplined enough to stay within that budget otherwise you could find yourself overspending.
Now you are probably wondering; why is this retailer talking about having a budget and showing restrain rather than encouraging shopping! Shopping!! Shopping!!! Simple enough, we are genuinely committed to serving you, that includes not leaving you out of pocket.