Buy it now because its on sale versus saving up

[Caoineag]

Disclaimer: I am not a shopper nor am I a "true mustachian".

I see a lot of posts (usually by accident as shopping doesn't interest me) about whether someone should buy something because its a good deal now or wait to save up. I am really not trying to pick on anyone but why wouldn't you decide that prior to window shopping the sales? I mean, aren't you basically setting yourself up to buy it now when you are already checking the pricing out. If you hadn't been checking the item out, you wouldn't have even known about the sale and thus wouldn't have the dilemma of whether to buy it now or keep saving.

If I choose to save up for an item, I don't start looking for sales until after I think I am getting close to having enough. If I am watching prices on an item, its because I plan to buy when it reaches my price point. I don't mix these two strategies because I have already decided which way I am handling the purchase. Do I only think this way because I don't like shopping?

Explain it to me so I understand because I am pretty sure there is something that I am missing.

[arebelspy]

It may have just caught their eye as something they've been saving up for, don't have enough yet, but it's on sale.

Buying it on sale > saving up, IMO, if you aren't in a hair on fire situation, so it's a good idea to keep an eye on prices as you save up to get it.*

*Note: this is theoretical.  I don't save up for things, but just buy them.  Sometimes I jump on a deal for something I need, but it's never something I'm saving up for. Regardless I'm for the "buy on sale" idea.

[TheThirstyStag]

If it's highly unlikely that you can replicate the deal in the future, then I think it's worth it to jump on it. 

[Caoineag]

Oh I agree with you both on preferring to buy what I plan on getting on sale. Its the mixing of the two strategies for purchasing that I don't get. I am either going to save up and start looking at prices after I have saved up OR I am going to keep an eye on prices and buy the best deal.

I am fortunate nowadays that I can just look for the best deal but when I had less money, I definitely had no problem saving up for something I really wanted. I just didn't watch the price on it until I knew I could afford it because it would just drive me batty to see a sale when I couldn't afford to buy at that moment. Is that what I am missing? That people really like keeping an eye on the item they want to purchase as they are saving up for it and so can't help but see the sales that occur between when they are still saving and when they can actually afford it?

[arebelspy]

Oh I agree with you both on preferring to buy what I plan on getting on sale. Its the mixing of the two strategies for purchasing that I don't get. I am either going to save up and start looking at prices after I have saved up OR I am going to keep an eye on prices and buy the best deal.

Why? I don't understand what you have against saving up, keeping an eye on prices, and buying if a sale happens. If it doesn't happen, then you buy once you've saved the whole amount, if it seems like it won't go on sale. But keeping an eye on prices while you're saving up seems like a good idea to me.

[Mr. Frugalwoods]

The math will often favor the smoking deal over patience.

But this only works for people with good willpower.  There are way too many people who get "good deals" when walking past the TV section at Costco.  If a person needs to be reminded that they need something... they probably don't need it! :-)

Serendipity is a double edged sword.

[GuitarStv]

Store sales aren't really deals to me.  If you wait long enough (1-2 years), the odds are pretty high that whatever you want will go on sale.  If you're looking at electronics and wait long enough, usually prices drop over time.  Remember when a 30" LCD TV was more than a grand?  :P

The vast majority of my discretionary spending is spent on used items.  As such, there are always good deals to be had.  Hell . . . I can typically sell a guitar, amp, or pedal a couple years after buying it for more than I paid for it.

If you're talking about something like the grocery store, then yeah . . . we check the flyer for sales on stuff we would normally buy and stock up.

[eyePod]

I think it's a slippery slope, and a lot of people use the "it's on sale" as a crutch. If you're diligent, it's absolutely worth it. We bought a chest freezer on black friday because we had wanted one. Didn't have the money set aside, but was able to shift funds from our furnace replacement fund. Definitely worth it if you're able to handle your money well!

[sheepstache]

Oh I agree with you both on preferring to buy what I plan on getting on sale. Its the mixing of the two strategies for purchasing that I don't get. I am either going to save up and start looking at prices after I have saved up OR I am going to keep an eye on prices and buy the best deal.

If something is on sale then naturally it requires less money than the sum you're trying to save up. If you're saving for a $400 item but you think it might go on sale for $200, you can start looking when you have $200 saved up, no?

Or you might put an alert on ebay or craigslist right at the beginning because sometimes you can get stuff crazy cheap used. 

So this mixing strategy might be a result of knowing that prices on a lot of consumer goods are arbitrary and variable.  Plus it puts a timeframe on how long you'll spend looking for a good deal. Maybe people know that once they save up the full price, they'll be impatient to pull the trigger. After all, should they wait a month to see if it goes on sale? Three months? Hard to say.  Whereas if you need 6 months to save up, you know you'll just watch the sales for about that amount of time. And if you've seen it drop to half price, even if you couldn't afford it then, you at least know that it's reasonable for it to go on sale for half price, which might give you the motivation to wait for that to happen again.

Of course, I agree with the caveats about people using "it's on sale" as a crutch or the fact that constant reminders of sales might reinforce in people's minds that they want something they might very well have forgotten about otherwise.

[arebelspy]

But this only works for people with good willpower.  There are way too many people who get "good deals" when walking past the TV section at Costco.

Hah!  Good point.

[Caoineag]

The math will often favor the smoking deal over patience.

But this only works for people with good willpower.  There are way too many people who get "good deals" when walking past the TV section at Costco.  If a person needs to be reminded that they need something... they probably don't need it! :-)

Serendipity is a double edged sword.

This right here is my concern. I have a spendaholic friend who starts looking at deals when she can't afford it because she hasn't saved up enough (and she needs to save up because she always finds things that she must have now so she is always broke).

I don't have anything against saving up or buying on sale. I think both are useful. But I think if you have poor willpower, looking at the sales while saving up is setting yourself up to spend. For those with the money to buy it, that's fine. For those who don't and buy it anyways, not so good.