5 Tips and Tricks to Help you Save This Season

LEXINGTON, Ky. (Nov. 25, 2019) — Holiday shoppers are making their list and checking it twice. But how do you know if you’re getting the best deal?

With the help of Adam Craig, associate professor in the Gatton College of Business and Economics at the University of Kentucky, we came up with tips and tricks to help you save this season.

• Stick to your list — Writing a list on paper may seem outdated in a world of apps, but it could help keep you committed to just those items.
• Pay with cash — The “pain” associated with paying cash is much higher, so we’re less likely to spend more when each individual purchase involves handing cash over to someone else.
• Don’t fall for retailers’ tricks — Retailers have lots of tactics to make a deal look better than it really is. They can use our "fear of missing out" against us by making an item appear more limited than it really is or suggesting that the price will only be low for so long. While some “deals” might be real, many are just slightly discounted prices dressed up to look better than they are.
• Be careful with loyalty cards or apps — Although signing up for a card or downloading an app seems like an easy way to score more of a discount, beware that each is carefully designed to make you spend more money down the road. With some kind of loyalty card, the retailer can send you customized ads that they know will get you to shop more. An app also helps the retailer learn about your other online shopping habits so that they can target you more effectively — even after the holiday season. In general, if they want you to do something, it is for their benefit. They’re just using some incentive to get you to do it.
• Do your research — Create your gift list. Go ahead and check the prices on everything. If the price is lower on Black Friday, great! If not, be patient and keep an eye out for sales by other retailers. Those who are patient can often find the better deals.