Buying things just because they are on discount!

Have you ever received a call from any of the insurance agents that XYZ policy is going to close in the next 2 - 3 days and you must invest in this policy otherwise you will never ever able to buy it again or it a lifetime opportunity for you that would be missed forever? And you have bought that policy finally without checking whether it helps to achieve your financial goals or not. What made you tempted to buy that? Have you ever thought over it?

Have you ever purchased goods to see front full-page publication by e-commerce companies for Big Sales Week or Maha India Sales, etc?  And you will be getting such notifications every month or so and almost daily during festival seasons.

Or you have just fixed an exotic trip based on certain discount being offered to you on a social media platform. 

We are all human beings and make our buying decision based on emotions mainly greed & fear. The seller knows that very well and they take full advantage of this very cleverly without making us feel so. Whenever there is a discount or closing of the sale, we just rush because of FOMO (fear of missing out) and we end up buying that stuff, whether actually needed or not.

Buy the goods which is required to us and not because of some offer is going on. Many times, of course, we get a good bargain or lucrative offer, in that case, avail it! However, never ever fall into a discount sale or out of a stock trap every time. This will exhaust your savings. Therefore, purchase only things which you can use on an immediate basis.

 

It is seen that rather than savings, we end up buying more due to the temptation of discounts. We get attracted by discount psychology of 50% off or 1+1 free or buy for 5000 & get 2000 coupon free or so. Although there is no fixed formula do decide whether you must avail that offer or drop it altogether.

Just ask the following questions as a verification check before making any buying decision:

• Whether you would have still purchased if there were no discount available?
• When are you going to use that stuff? 
• What would be the total expenditure after the discount?
• Are that expenses as per your budgeted amount?

Companies keep on promoting their products & services on print media, digital media, or social media. Just check the suitability of that stuff to you and also make differentiation in your needs & wants clearly before taking any call.