The number one savings mistake you probably make!
I saved $232.50! Now if I can do that 1000 times over I would have a couple million dollars!!!!
That’s what the nice cashier at Kohl’s told me when I checked out. “You saved $232.50!” She even circled it to show me how I was saving! Except I didn’t save a penny, I spent $17.50. Now I know getting a 93% discount on my new sport coat is an amazing deal the reality is I still spent the money. I would never have bought that coat for $250. I feel sorry for someone if they did, however I doubt it. Kohl’s strategy is to mark prices up very high and then offer you a massive discount so you think you are saving. They always point it out when you leave. The reality is you are spending.
If every time I was offered a deal of savings, and I said no, well those dollars would add up. Over time small savings lead to massive wealth. Have you read the story of the pennies? It’s here: https://richersoul.com/2014/03/26/how-the-principle-of-compounding-can-help-you-save-more/
Okay I could buy the jacket and sell it for more, and if you can do that – go for it! Just remember when you buy something you are spending money, not saving it.
Do you have a similar experience to share?
Thanks for reading, and if you find the information helpful please share it with others who you think would benefit from the lesson.
Rocky
PS. I had to have the jacket altered and that cost more than the jacket did. That’s the problem with stuff it keeps costing you more and more……
Next time perhaps you should just have your tailor make you a jacket!
You’ll save money not having to buy it before they work on it 😉
It’s only saving if you were previously paying more, for example when you change insurance provider, and beat the price you paid last year (beating the renewal price doesn’t really count, as they often inflate it ridiculously anyway!)
It reminds me of our earlier years as a married couple when I came home to announce how I just saved us $$ by purchasing a jacket at 50% off. One of the other husbands in the room shook his head and stated, “If you spent money, you didn’t save money.” It stopped me in my tracks for all of 5 seconds and I proceeded to experience my shopping “high” a little longer. That being said, your point is well made and it is the reason I do not really subscribe to coupon shopping much as it tends to have people buy things at a “Deal” that they most likely wouldn’t have purchased anyway. Plus they are typically on items that are processed and packaged (a.k.a. unhealthy).