Have you ever bought something on sale only to regret it the next day?

If so, you’re not alone. It can be hard to resist the lure of a huge red sale sign or a tag showing a significant discount, especially when your mates or the salesperson are encouraging you to buy.

So how can you be confident that you won’t regret your purchase the next day?

RACQ Education Manager Rhonda McKenzie said there were a few things to think about when hitting the sales.

Is the price worth it to you?

When choosing to spend a large amount of money on a purchase or experience, consider how often you would use the item.

“Value to you can be based in the number of times you will get use out of an item,” Rhonda said.

“$200 shoes that you wear all the time may be better value than a $200 item of clothing.

“You may also decide that the expensive item of clothing is fashionable, of great quality or is for a significant event so the price is worth it to you.”.

Working out how long it would take you to earn the money for your purchase could help you put the cost in perspective.

“If you earn $15 an hour, how many hours or how many shifts would it take to afford the item?” Rhonda said.

“Consider whether you’re happy with that trade-off.

“Ultimately, it comes down to whether it is of value to you.”

Am I really bagging a bargain?

It’s important to be aware of sales tactics used to lure buyers into a sale.

“Creating a sense of scarcity, such as a limited number of items or a limited time, or heavily discounting products can make us feel like we are bagging a bargain,” Rhonda said.

“It may help to take some time to decide if it really is a bargain.

“You could do an online search to check prices in other stores or to see if there is another brand that’s better value.”

Rhonda suggested taking time to think through bigger purchases.

“The more money you are spending, the more time you might take to think about,” she said.

“Sometime having a conversation with someone can help you to consider the flow-on effects of the purchase.”

Consider the future

Your choice to spend money now can impact future spending.

“Ask yourself ‘How will I pay for this today?’, and ‘Does it impact how I can pay my bills, put money aside for savings or other purchases and experiences in the future?” Rhonda said.

Taking the time to think about purchases could help you to find a true bargain, instead of getting sucked in by a sale.

The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.