Xmas sales

Dec 28, 2010

Should we get all excited with the post-xmas sales or should we just stay well clear of them?

Mary-Ann, Neutral Bay

Without a doubt there are some great bargains to be made during the post-xmas sales but I would put a big sign up saying "Buyer Beware".   

Just as there is no such thing as a free lunch, there is no such thing as getting something for nothing.  I always have a quiet chuckle to myself when I hear someone "saved" $100 when they actually spent money doing so. 

I am sceptical about whether the discounts are truly genuine and that the quality is not diminished during these sales, so it pays to do some research before buying.

The post-xmas sales were designed, more than anything, as a marketing ploy to get people into the shops straight after the Christmas spendathon.  It seems to have worked as the sales attract a lot of people to them.  There is a buzz when you walk through the shopping centres in January.  It is that "buzz" which creates an adrenalin rush amongst shoppers who seem to start buying on impulse. 

And impulse shopping is the worst for any good savings plans, particularly when you can see a "50% Off" sign.  To avoid getting caught in the moment, the best thing to do is to devise your own post-xmas sales plan.

Work out a budget on how much you can afford to spend.  Make sure that you have allowed for the next credit card bill to come in after you hit it hard last month.   If you can't afford to spend any more then you must be disciplined and go without.  For those that can afford to do some shopping then leave your credit card at home and only take your budgeted amount in cash with you. 

Make a list of things that you need (rather than want) as that will help you reduce the urge to spend thousands.  Shop around for those items, particularly online.  You will be surprised just how many unwanted Christmas presents will be for sale on sites such as eBay.

Finally, a quick tip for those buying next Christmas' presents now ... make sure you buy the right size, particularly for those growing bodies.

Tags: FamilyFinancial Planning

Author: Mr Taxman

Comments

Post a New Comment

comments-rhsLatest Comments

  • "Old thread, but have a related question... If I have a "Foreign LLC" registered in the US and am trading Futures on US exchanges using a US FCM/broker (but am an Australian resident for tax..."

    By: CJ at Apr 06, 2021 6:46AM

    Post: Trading US futures in Australia

  • "Hi. I bought shares back in 2018.. And a few more since. I borrowed the money out of my home loan to do this. I still own the shares, but do not receive any dividends from them, although the value..."

    By: Harry at Mar 31, 2021 3:38AM

    Post: Borrowing to buy shares

  • "Hi Mr Taxman, this is a great forum, thanks. I am trading forex and commodities on an Asian platform. Whn I went to withdraw funds I was informed that the Australian Tax department requires me to pay..."

    By: Peter Andrew Sutherland at Mar 26, 2021 10:41PM

    Post: Foreign currency trading

  • "I know that it might interest you to know that you can now earn over 10x more bitcoin and money to your bitcoin wallet without sending your money to anyone Ask me how? Email:livetrading3602@gmail.com..."

    By: Miguel at Mar 24, 2021 11:45PM

    Post: Retired and now buying shares - am I an investor or trader?

  • "I know that it might interest you to know that you can now earn over 10x more bitcoin and money to your bitcoin wallet without sending your money to anyone Ask me how? Email:livetrading3602@gmail.com..."

    By: Miguel at Mar 24, 2021 8:44PM

    Post: Foreign currency trading