These days, sales and promos are everywhere. And they just multiply as the holiday season approaches.
While the surge in offers and promos may bring temptations, for the financially savvy, deals are about “value-based spending.” The key is to practice living within your means and spending on your needs and wants based on value.
Taking advantage of deals is not about spending more but spending smarter. Deals make it possible to buy a necessity or an item one has been saving for at a lower price, allowing one to stay on top of their goals.
Smart shopper
Avoid overspending by maximizing opportunities to save and being mindful of value-based offers. Savvy shoppers are always aware of deals and discounts that offer the best value for their money.
Still, remember that sales and offers are not an excuse to be unintentional in spending. If it is not in one’s short- or long-term plan, one should reconsider spending on that item even if it is a bargain.
Do not be swayed by cheap items if they are of poor quality. Research and read reviews, especially for online purchases. Quality items typically last longer and may be more cost-effective in the long run, even if the upfront cost is higher.
Practical Tips
Adopt a mindset of living within your means, goal-based budgeting, and intentional spending. Deals are opportunities for saving and investing; they are not excuses to spend more.
Join consumer groups on social media, where members share deals and promotions as well as give reviews for products and offers.
Compare offers to know which is the best.
Check if promos, discounts, and rewards can be stacked.
Bigger picture
Look at deals as a way to save rather than spend. They should be seen as tools to make targets possible. Every unspent peso adds up and helps achieve bigger goals.
These may include financial goals such as beefing up one’s emergency funds or managing debt. Travel, upgrading an old family car, or moving to a bigger home for a growing family are also significant life milestones many aspire to.
One can maximize opportunities to achieve these goals through deals.
With proper planning, support, and discipline, deals become opportunities rather than distractions. Remember, it is not about chasing every sale but knowing which ones add value and align with one’s priorities.
Earnest Learning talks more about financial mindfulness in a free e-book.
Disclaimer: This article is for general information purposes and does not constitute formal financial advice. Always do further research before making financial decisions.
Learn more about the other G.I.F.T methods:
G - Get guided by goals
I - Invest your bonus
F - Follow your budget