How to Avoid Falling Prey to Sales and Discounts

Sales and discounts can be tempting, but they can also be a trap. According to behavioural economist Evan Lucas, sales trigger a sense of urgency and scarcity that can override rational thinking. This can lead to impulse purchases, which can be detrimental to our financial health.

“If you want to make someone’s heart race, it only takes 3 little words: sale on now.” - Evan Lucas

The problem is that not every sale is a good deal. Discounts often exploit our desire to “win” by making us feel like we’ve outsmarted the system. However, buying things we don’t need doesn’t save money. In fact, it can lead to financial regret.

Staying in control of your spending

To avoid falling prey to sales and discounts, it’s essential to stick to your list and remember that if it’s not something you need, it’s not a bargain. Avoid the allure of instant gratification and focus on your long-term financial goals.

Setting clear financial goals can help you stay focused

Start by acknowledging your tendency to favour immediate rewards over future gains. Then, set clear long-term financial goals and automate your savings. This will help you stay on track and achieve better financial outcomes.

Automating your savings can make it easier to stick to your financial plan

By being aware of your biases and taking control of your spending, you can make more informed financial decisions and achieve financial freedom.

Achieving financial freedom requires discipline and patience