Step away from the sale rail!
Given the money madness that takes hold of most people at Christmas, you could be forgiven for thinking January is a time for rest, relaxation and staying well away from the high street.
Yet every year, retailers tempt hordes of bargain hunters back into the shops with the promise of cut-price goods. And with recession looming, stores are working harder than ever to convince us their January sales are something special.
Despite the best efforts of retailers, right now many of us are likely to think twice about spending. If your New Year’s resolution was to give your bank balance some TLC – but you’d still like to bag a few bargains before the month is out – check out my guide to sensible sale shopping.
1. Know before you go
Trekking aimlessly around your local town centre can lead to disaster during sale season. It’s easy to convince yourself something’s a steal after fighting your way through a discount-hungry crowd – but it’s harder to remember why you bought that silver-plated whisk once you’ve got it home.
Before you start sale shopping, have an idea of the items you want to buy. Also, try to determine how much you want to spend on them – and stick to it.
2. Beware buying things you won’t use
Will you really make fresh smoothies every morning? How likely are you (honestly) to ‘slim into’ those trousers?
Sometimes we buy sale goods with the best of intentions, then consign them to the back of the cupboard forever. Unless you’re sure you’ll use an item, it’s a good idea to think about whether your money might be better spent on something else.
3. Avoid buying things you don’t need
If you already have five black t-shirts, the odds are you can live without another one.
Ask yourself whether you would have bought the item you’re longing for at full price – and if not, whether the discount really makes it worth paying for.
4. Work out the real reductions on offer
Depending on the original cost of your item, some discounts may not be as impressive as they seem. Smaller percentage savings, in particular, can end up disappointing: “15% off” a £20 item, for example, sounds far more exciting than “£3 off”.
Always calculate the reduction on your chosen item to work out how much it’ll save you in pounds. Remember, there are lies, damned lies and statistics.
5. Don’t be blinded by bling
The January sales are often touted as an opportunity for label-lovers to get their hands on discounted designer goods. However, don’t let a big name fool you into making a big mistake.
Most designer items remain costly, even after reductions are taken into account. If you have the urge to splurge, make sure you’ve chosen an item that’s worth investing in.
6. Ask yourself if you can afford it
If hitting the sales means going into debt, it’s a good idea to think carefully before cracking out your credit card. 2009 is going to be a financially tough year, so it makes more sense to pay back borrowing than to pound your plastic.
Having said that, if you need to make any big purchases, you could pay for them using a credit card with a 0% on purchases deal. This will offer you the opportunity to pay over a longer period, interest-free – provided you clear your balance before the 0% offer ends.
7. Bag better prices online
Before you hit the high street, remember: these days it can be quicker, easier and cheaper to buy many things online.
Internet retailers often beat high street stores’ prices – so it’s worth finding out whether you’ll get a better deal by buying the items you want from websites.
Using a shopbot (shopping robot) will allow you to scour the web for the cheapest prices on the goods you want in seconds. The BeatThatQuote shopping tool is a great help when it comes to researching the cost of a wide range of items – particularly electronics and technology.
If it’s albums you’re after, I’d recommend www.find-cd.co.uk; www.find-dvd.co.uk and www.find-book.co.uk are also great resources.
Personally, I’m hoping to do most of my sale shopping from the comfort of my sofa. Thanks to the wonder of the world-wide web, I’ll save myself stress, sore feet and – most importantly – some money.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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