Budgeting and Finding Discounts

People who want to pinch a couple of pennies will always flock towards discounts like bees do to honey. There’s just something which catches their attention every time the words discount, sale and price offs are mentioned. But the thing about discounts is that they can ironically cause individuals who are on a budget to spend more than they ought to. However, as long as you are savvy enough as a shopper, this should not be a problem.

On the hunt for discounts and offers

Among so many things, the internet is the best place for buyers to find deals which they couldn’t afford to pass on. Almost every big retail store has a website which you can check out on a weekly basis to see if they’re currently holding sales. As a marketing ploy, most stores will offer discounts when it’s near payday because that’s when consumers have most cash to spend. This is why it’s always wise for you to check out their sites when it’s nearing the 15th or the 30th of the month.

Another great resource for discounts is monthly newsletters which are set by these stores themselves. The only catch is that shoppers will have to apply for the store’s loyalty program in order to get these exclusive newsletters. This shouldn’t be a problem since, although you’ll have to pay a small amount for the registration, you’ll be able to earn points with every purchase which you can later on redeem. These newsletters may also contain coupons, another budgeting tool.

Discount shopping the wise way

The problem with some people is that just because something is sold on a discounted price, they readily make a purchase regardless of whether they really do need that item or not. Newsflash: you do not have to buy something if you do not need it regardless of whether it’s sold for 50 or 75 percent off. In a study, individuals often report that they feel guilty not purchasing something just because a big chunk of its original price has been slashed off. But if you aren’t discriminating enough, amassing a lot of discounted goods will still lead to your being over budget.

Some tips in staying focused when shopping is to keep a list of items which you need and essential goods which you can afford to stock up in because you’re certain that you’ll be using it, for instance personal hygiene products like toothpastes and shampoos. If you must take advantage of those spring or summer sales, think long term. You may need to purchase your nieces and nephews Christmas presents in the future so why not do so now when prices of gift items are discounted? Again, even when you’re doing this make lists and stay on track.

Anthony Crawford is Certified Financial Adviser and has more than 20 years experience in the industry. He enjoys writing articles about Developing and Presenting Financial Planning Recommendations and Alternatives. Please see Personal Finance Tips and get some ideas in Implementing your Financial Goals.

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