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| Comments: | 21 |
| Duration: | 01:01 |
| Uploaded: | 2023-07-31 |
| Last sync: | 2024-04-14 11:30 |
Buying something on sale does not mean you're saving money.
I'm a personal finance writer and video producer but you do not need to work in the finance space to be familiar with marketing tactics around sales. And retail sales and discounts trick us into thinking that by spending money during a sale we can save money, but is that really the case?
For instance if you are buying a 100 dollar pair of jeans at 40 percent off, you're still spending 60 dollars. Now, if you already had 100 dollars set aside for a new pair of jeans and you only end up spending 60 of that, and then you put the remaining 40 dollars you didn't spend into your savings account, sure, you saved 40 dollars. But how many of us are actually saving that extra money we don't spend during sales?
But it gets even worse when sales and marketing tactics end up making us spend money we weren't already planning to spend. And that's because we feel FOMO when we miss out on good deals. Now, getting a good deal on something that you were already planning to buy is a good reason to take advantage of a sale.
But buying something just because it's on sale does not mean you're saving money, you're still spending it. That does not mean you shouldn't spend and money. It just means not validating something as a good decision that saves you money if you weren't planning to spend it in the first place.
I'm a personal finance writer and video producer but you do not need to work in the finance space to be familiar with marketing tactics around sales. And retail sales and discounts trick us into thinking that by spending money during a sale we can save money, but is that really the case?
For instance if you are buying a 100 dollar pair of jeans at 40 percent off, you're still spending 60 dollars. Now, if you already had 100 dollars set aside for a new pair of jeans and you only end up spending 60 of that, and then you put the remaining 40 dollars you didn't spend into your savings account, sure, you saved 40 dollars. But how many of us are actually saving that extra money we don't spend during sales?
But it gets even worse when sales and marketing tactics end up making us spend money we weren't already planning to spend. And that's because we feel FOMO when we miss out on good deals. Now, getting a good deal on something that you were already planning to buy is a good reason to take advantage of a sale.
But buying something just because it's on sale does not mean you're saving money, you're still spending it. That does not mean you shouldn't spend and money. It just means not validating something as a good decision that saves you money if you weren't planning to spend it in the first place.