When I head out shopping, one of the first places I head to is the clearance/markdown section. When I found a pair of great jeans on the clearance rack, I started calculating the cost after my coupons. I won’t lie…there was a rush of excitement when I realized that I would get the pair of jeans marked at $92 for under $15. (Not that I would have ever considered paying $92 for them). But I got lost in the thrill of the awesome deal and missed out out one tiny, but very important detail.
Trying to save money can actually end up costing you more money!
How can this be? How can we be frugal and end up spending more?
We buy things because they are a deal.
With the thrill of scoring a great deal, we lose track of what we really need.
Have you ever walked out of a store with something you didn’t intend on buying when you had walked into the store? (Target is my trouble spot!)
And you grabbed it because it was on sale? It’s funny how we justify a purchase to ourselves because it was on sale.
The sales price triggers something in our brains that makes us think we need it. And we need it now.
The reality is that the pair of jeans will still be there tomorrow. Or at very least, another pair will be.
Challenge: Next time you are urged to buy something because it is on sale, take a step back. Wait a day or two. Chances are that once the excitement wears off, you’ll find you didn’t really need it.
We settle for something less than ideal.
One of my biggest pitfalls with saving money is that I often settle for an item that may not be exactly what I want. From the sweater in the not-so-flattering shade of pink to the bathroom rugs that don’t match the decor of the bathroom.
But I settled on these (and many other items) because they would still serve their purpose. I recently read “The Life Changing Magic of Tidying Up” by Marie Kondo. One of the key elements that Marie says to gauge items by is “Does it spark joy?”
That’s quite a measuring stick.
And I realized that half of my wardrobe did not spark joy. I ended up filling two large trash bag full of clothes and items to donate. Clothes that didn’t quite fit right or weren’t the right color. Items that I bought and didn’t end up using because they weren’t right.
Challenge: Before you make a purchase, ask yourself if you would still purchase the items if you weren’t getting a deal. Make sure you are purchasing items you really want, not just settling for something that will fit the bill. It won’t get used or you’ll end up buying something else that works better later on.
We buy lesser quality.
Because the first purchase of jeans did not go so well, I ended up at Old Navy. I bought two pairs of jeans that were on sale (yes, I know, I’m a sucker for sales!)
They fit fine in the store. But after a few washings, they didn’t hold their shape so well. No sooner than I would get those jeans on and they were sagging and loose. A belt helped in the waist but not all the sag in the crotch and weird gapping on the behind. NOT SO COOL. Now I was 0 for 3 on the jeans issue.
Another time, I was buying some stretch pants for my daughter at Target. They had plenty of cute, bright, summery colors.
When my daughter wore them the first time, it was clear that they were NOT going to work. You could see every My Little Pony through the pants fabric! I’m not sure how they can sell something as pants when you can see right through the fabric?
If you like to shop at Walmart or other discount stores, you’ve probably encountered the same thing. Sarah Titus has a great article on why you shouldn’t shop at Walmart. When we buy lesser quality, we may end up spending more in the long run.
Challenge: Check the quality of an item before you buy. You’re not saving money if you’ll be replacing it in short order
And when you score a deal on the clearance rack, be sure to check the size tag first! That pair of jeans I got for under $15? After I washed them a few times, they suddenly were too short. Turns out they were in my size, but I had missed the Petite part of the size label. OOPS.