5 Money Deceptions You Can Dodge
In a world where money is king it is no surprise that people are willing to use deception and trickery in order to get it. However, if you know what to look for you can avoid falling victim to these ploys. Here are five money lies you should dodge:
Beware of Free Stuff
There is so much we are willing to do for free stuff and I’ll admit I’m guilty of this as well. People tend to be blinded to a products price if it comes with something free. Merchants and advertisers are well aware of this phenomenon and use it to their advantage. For instance, a satellite TV company may offer you a free laptop with a subscription. That may sound really great to you but if you look closely, you may be able to use the money you would save by sticking with your current service provider to buy yourself a new laptop for less money than a subscription.
There is also the “buy one get one free” lure to look out for. One day, I was in a store that was advertising buy one get one free flip flops. For a second I thought, wow that’s a really good deal. Then I realized I already have a pair at home so I really don’t need more and certainly not two. Remember, nothing is free that you pay money to get.
Minimum Monthly Credit Card Payments
At some time during your life with a credit card you may have fallen into the habit of just paying the minimum monthly payment. You may have noticed this doesn’t get you very far. You will spend lot of time and money trying to pay off your balance using minimum payments even if you stop using the card altogether. If you regularly use the card and only pay the minimum you may find yourself in some pretty scary credit card debt. The best thing to do is pay it off each month and don’t let the credit card companies lead you to believe you don’t have to.
Limited Time Only
Chances are, you have probably heard a department store telling you that you need to take advantage of a sale before it’s over. They like to manufacture this sense of urgency in order to get you to rush to a sale without considering whether or not a purchase is necessary. Perhaps it’s because we are attracted by the perceived exclusivity of a limited time offer. The funny thing is that a lot of stores aren’t actually offering these deals for just one weekend. Department stores are in business to make money and if a sale works they will probably be having it next weekend too.
Prices are Non-Negotiable
What if I told you it’s possible to get discounts almost anywhere just by asking? Obviously there are no guarantees and you won’t always be successful but discounts are more available than most people think. There is generally no harm in asking as long as you are polite and respectful. If you do this regularly you will probably hear no a lot but there are some situations that you are more likely to hear yes.
- Look for products with small defects that you can fix or live with.
- When you buy a lot of products form one place they may be willing to knock of a percent of the price.
- Let the vendor know when a product is cheaper at a competing store before are going to buy it.
Banks are Immovable Objects
Just like the general expectation that we can’t ask for discounts, we also think we can’t negotiate with banks. If you present a reasonable request and you approach them professionally while maintaining your ground they may be willing to comply. Even big banks can be negotiated with.
See how much you can save by taking these five things into consideration. Use a bit of healthy skepticism and pay attention to were your dollars go and you can avoid some of the common money tricks.
