The art of spotting a deal

There are few things more brag-worthy than getting a good deal. But as any savvy shopper knows, you generally need to scratch beyond the surface to determine if your deal is really that smokin’.

So before you rush to buy, riding the deal finding euphoria, here are some questions to ask yourself.

What does it cost normally?

Knowing the usual costs (generally) for items is your first barometer in deciding if you’ve got a good deal at hand or not. Retailers use a lot of marketing gimmicks (like marking way up and then applying a discount) that create the illusion of a deal. You need to do the math to be sure.

What is the fine print?

Many times you’ll get a good discount if something is on final sale. That’s fine if you are 100 per cent confident in your purchase. However, if there is even an inkling that this item might not be suitable (i.e. end up sitting on the shelf at home) leave it on the shelf at the store.

Do you need it?

Buy 5 get 2 free! Awesome! But what if you really only need one? Don’t get fooled into spending money that you don’t need to get “freebies”. Paying extra really diminishes the “freeness” of your purchase.

Is this an impulse buy?

A deal is only a deal if you’ve got the cash in your budget to pay for it. Spending beyond your means because something is cheap isn’t helpful to your financial goals. You will end up carrying interest charges, which will make the item in question much more expensive that it actually is to purchase.