MoneyMoments | MidFirst Bank

New Year Sales Tips

Retailers traditionally ring in the New Year with deep discount sales. While spending may be the last thing on your mind right now, you may find an item you need at a huge discount. Whether that’s a brand-new laptop or a high-end kitchen appliance, searching for sales in the New Year could provide a good opportunity to invest in something you need.

With a little research and planning, you can minimize spending now and keep more in the bank for the future. So, are you ready to start saving? Check out our top tips and tricks about how to win when shopping sales.

Set a budget and don’t get carried away

Early in the year, people generally have less money to spend and more credit card debt. At the same time, people tend to spend more money due to large sales and “unmissable” discounts.

Nothing is a bargain if you can’t afford it. Understand what you can afford, avoid putting any extras on credit, and set a realistic budget before the sales arrive.

Getting a bargain

When you buy an item that’s on sale, find out what the original price was — that’s how you will know if you’re getting a good deal.

Here are two things to watch out for if you’re on the hunt for a bargain.

Check if the bargain is genuine

Before large events like Black Friday and Amazon Prime Day, retailers tend to hike their prices to make the discounts appear more exclusive and better than they actually are. Surprisingly, a large percentage of New Year sale items can actually be found at the exact same price, or even cheaper, at other times of the year. So, how do you know if that special offer you found is authentic or not?

Rather than spending hours comparing the price of an item across multiple stores, search for it on a price comparison site such as PriceGrabber. These allow you to find a genuine bargain quickly by comparing the price of the same product across different outlets and brands.

Look out for flash sales

Flash sales are rare, one-time events that get shoppers to buy quickly ─ often on impulse. While you may think you’re getting a bargain, you might end up spending more money on products you don’t actually need.

Double up on a bargain by saving the difference

A great way to build your emergency fund during sales is to add the amount you saved on an item to your savings account. For instance, if you purchase an item that was originally $100 for only $50, transfer that extra $50 you would have spent straight into your savings account.

This smart method will help you gradually save money, even if it’s an extra $5 here and there. It’s similar to round-up saving where you turn your spare cash into savings, but at a faster rate.

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