It never ceases to amaze me how many times I’ve gone through my closet and given away or donated items that still had price tags. In my case these aren’t gowns from Neiman’s. My tags always have slashes through them and red mark down stickers. For many years I suffered from good-deal-itis. If it looked like a good deal, sounded like a good deal, smelled like a good deal, it was going into the basket.
I would honestly convince myself, that I needed pants in my “size range” because they were marked down so low. I know this problem isn’t relegated to clothes.
Other good-deal-itis buys include buying food in bulk that doesn’t freeze well because this is the lowest price you’ve seen.
How about buying gardening supplies on sale for projects you couldn’t hope to finish because you were afraid the price might go higher?
Even in business, I’ve watched several people stockpile materials. In fact, salespeople count on it, offering great, “once in a lifetime” deals, hoping that individuals will overbuy.
The end result is a lot of stuff piling up in closets, garages, and sheds.
Now, I give myself shopping boundaries. I only freeze products that freeze well. (For great tips on freezing berries check out Kris’s post on Get Rich Slowly.) I buy non-perishables in bulk, and fresh fruits and vegetables every week or every other week.
I buy clothes that fit me now, and I try to keep a couple PMS options available, like drawstring pants, yoga pants, or stretch jeans.
If I have a project in mind, I make sure I have all of the resources, including time and capability before gathering supplies.
But I’m not immune to a good sale. If I see something that is a killer deal that I can’t use for myself, I make sure I have someone in mind for it, and when it comes home it gets tagged, and ready for gift-giving.
In short, while it’s good to take advantage of a great deal, you shouldn’t purchase something only because it’s a good deal.