Go through this checklist before you buy something on sale
Have you ever walked into a store just to “look around” and ended up needing something you didn’t know existed five minutes earlier? Or opened up your email to get some work done and got completely side-tracked by a sales email from one of your favorite brands? Yeah, me too.
Companies are getting better and better at separating us from our money, and sales are one of their favorite tactics because they combine two great marketing strategies - scarcity (time is running out!) and a great deal.
And who doesn’t love to get a deal?
Now, don’t get me wrong. Sales can be a win-win.
When there’s something we really want and we wait until it goes on sale (or there just happens to be a sale), we do save money.
But most of us believe that just by buying something on sale, we’re saving. That’s a fallacy.
If we buy something just because it’s on sale, we’re not saving 75% (or whatever the discount is) - we’re spending that 25% of the purchase price which is more than we wouldn’t have spent anyway.
So how do we decide what to do? How do we evaluate a purchase to make sure it’s worth it?
With the holidays and the biggest shopping weekend upon us, it’s the perfect time to arm ourselves with a checklist to consult before buying something on sale.
1. Make a list (and do research) in advance.
When it comes to our money, planning is often the best strategy. If we list out the things we want to buy in advance, we’re going in with a plan. We can also do some research so we know what items or experiences typically cost, and then we can accurately evaluate how good the sale actually is.
For example, let’s say I really want to buy a screen for my home office. There are a ton of different options, so I do my research and have a model and price in mind. I can then wait for Cyber Monday when I think I’ll get the best deals.
2. Ask yourself, “Would you buy it anyway?”
Sometimes, despite our best efforts at planning, things come up that weren’t on our list. When that happens, we want to ask ourselves “if this item weren’t on sale, would I still want to buy it?”
This can be a nice gut check because if you want to buy it only because it’s on sale, you probably weren’t that excited about it to begin with. This probably means there’s a lot higher likelihood that you will regret the purchase.
3. Give yourself as much time as possible.
I’m a big fan of the 48-hour rule which just means waiting 48 hours before making a purchase. The reason this works is that it gives us time to ride out the impulse. In the moment we might really, really want to buy something that 48 hours later isn’t even worth the trip back to the store.
With sales, we might not have 48 hours to make a choice (which is usually by design!) but we want to give ourselves as long as possible. Get clear on when the sale ends and wait as long as you can to purchase.
4. Is there room in the budget?
Does this purchase fit in with our spending plan or budget? Black to the example of the new screen for my home office. Let’s say I already spent most of my home office or decor budget for the year. If I really want this new screen, and it doesn’t fit in my current spending plan, I might decide to reallocate funds and let go of expenses in other areas of my life in order to make it work.
5. Do a quick visualization.
Run through a quick visualization. Close your eyes and imagine it’s one week after you made the purchase. Are you happy with it? Are you using it? Do you regret it?
Now imagine it’s one month after you made the purchase and you’re now paying the credit card bill associated with it. Are you still happy you made the purchase? You can also visualize the opposite. How does it feel one week and one month later if you didn’t make the purchase? Do you regret it?
6. Try our “should I buy this” quiz?
We have a fun, five-question fun, five-question quiz you can go through before making a purchase. Our questions walk you through the most important emotional and practical aspects of making a purchasing decision.
You’ll get our recommendation in the results so you can feel good about your spending decision.
Even with the best of intentions, sales can get the best of us. I’ve personally sworn off black Friday and Cyber Monday sales multiple years in a row and failed (to varying degrees). I’ve personally used (and have had success with!) this checklist by consulting it before I purchase something on sale. I hope you’ll find it helpful, too!