As consumers face increases in the cost of living as well high interest rates and inflation, it is understandable that they would be looking for bargains wherever they can.
While getting a bargain can help you save money, it is crucial that consumers shop smartly and to make sure that they are not being taken advantage of when looking for deals.
Group buying platform, SOLshop, shares seven tips so you can avoid being taken for a ride:
Is it really a discount
You can do this by comparing prices online or at other stores to ensure the "discounted" price is genuinely lower than the normal price, and not just a marketing or sales tactic.
Think about your budget
Even genuine bargains cannot help you save money if it causes you to overspend on items that you don’t need.
While you can get caught up in the excitement of a good bargain, it is essential that you stick to your budget and avoid purchasing items just because they are on sale.
Another important step is to evaluate whether the purchase aligns with your financial goals.
Avoid debt
When paying for items that are on sale, don’t use credit or loans to take care of the purchases as the interest costs can end up canceling out any savings.
You should rather save up and pay in cash, even if you have to wait a bit longer before making the purchase.
Look out for hidden fees or add-ons
Be cautious of "free" trials, membership fees, or other additional costs that may come with a discounted product or service. It is crucial that you read the fine print carefully to understand the full cost of the bargain item.
Keep your options open
It is okay to explore alternative shopping options like smaller retailers, charity stores, and second-hand markets. By doing this you may find great deals major retailers don’t offer.
Time it right
You can maximise your savings by shopping end-of-season sales, clearance items, and holiday promotions. Retailers are often eager to clear out their inventories, so this can be your opportunity to find some deeply discounted items.
Group-buying platforms
Apps and websites that allow you to pool purchases with friends and family can offer you bulk discounts and wholesale pricing on groceries and other items. Doing this can be a great way to save on everyday essentials.
IOL Business