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Episode Info:

We all shop from time to time whether it's an activity you like or not. When out shopping, I'm sure many of us can relate to an awesome deal we spotted on a particular item.

If deals and sales make you happy, you're not alone. There's nothing wrong with wanting to stretch your dollar and save money on regular purchases.

However, what stings is when you purchase an item that you think you got at a deal price only to find out you didn't really save any money on the purchase after all. If this has ever happened to you before, you probably fell for a sales trap from the retailer.

What's a Sales Trap?

A sales trap is when a retailer promotes a sale in an attempt to reel you in to make a purchase. Only, the 'sale' is not really a sale because you won't truly save money on the item if you buy it.

It's a tricky concept to grasp at first, but it's very common and the more you know, the better you can protect your finances. Since we're talking about saving money this season, this week, we decided to record an episode highlight 5 common retailer sales traps you need to avoid at all costs.

Why Do We Tend to Get Excited Over Sales and Deals?

To understand the 5 common retailer sales traps and how to avoid them, first, we need to address why we fall for the sales traps in the first place. To sum it up, most people get excited when they see sales and deals in the store, but why is this?

We found some great research that explained the big hype surrounding retailer sales but to sum it up, finding a sale generates excitement for consumers because they feel like a smart or savvy shopper.

The consumer becomes more confident with the shopping experience when they come across a deal especially if they're on a budget and trying to get more bang for their buck. The research we found from the Association For Consumer Research also indicated that as a consumer, you can even feel partially responsible for taking advantage of the discount which shifts your perspective to an emotional standpoint.

When you become a shopper who buys items based on emotion rather than need and practicality, you're bound to develop some dysfunctional shopping behaviors or in other words, fall for common sales traps and regret your purchases later.

Better Ways to Get Excited About Saving Money

If you want to avoid becoming an emotional shopper and falling for retailer's common sales traps, consider getting excited about other methods that are sure to actually save you money. Here are a few things you can to to save money more effectively.

  • Start by saving 10% of your income. Set up automatic transfers from your checking account to your savings account so you can save money to meet a financial goal.
  • Adopt a frugal lifestyle or adopt some minimalist traits so you can begin to live well on less.
  • Take advantage of free activities and events for entertainment to save money
  • Price match. If a store you like has a price matching policy, use it to your advantage to purchase food and other items for less.

Now, we still haven't address the giant elephant in the room. If you want to know what the top 5 common sales traps are and how to avoid falling for them and wasting your money, you're going to have to check out the episode below.

We had so much fun revealing each sales trap and sharing examples and experience from our own lives in order to help you save money so listening in is definitely a must!

In This Episode, We Discuss
  • 1:10 - What are sales traps?
  • 7:30 - BOGO traps and how to avoid them
  • 15:35 - Shopping trends

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