Price vs. Value
We’ve all done it – fallen prey to choosing price over value. We’ve all been in a store looking at a sale rack saying to ourselves, “But it’s $12.99 down from $45!” when the reality is we never would have bought it for $45 and the only reason it’s appealing is the price. The same thing happens on daily deal sites. A $300 Calvin Klein dress looks awfully good when it’s discounted to $129, but you have to ask yourself, would you have paid $129 for it if you didn’t know it was on sale?
My advice is this, look at the deal without looking at the price. Avoid looking at prices, and instead, simply follow your instincts. Do you love that restaurant on Groupon? How about that designer on Gilt? Look at the piece, look at the deal, read the fine print, and do it all without looking at the price. Cover it up with a piece of paper on your computer screen if you need to. And after you’ve taken a look and thought it through, decide on a number – what is the value you would place on that item? And given that value, what would you be willing to pay for it?
Just this morning, I looked at some great looking sandals on Rue La La – I thought to myself, “I really like that pair. I would like to buy them. And for me, they’re worth about $75.” When the price was $140, I clearly walked away, even though they were originally $300 shoes. When you weigh the price vs. the value without being manipulated by the amount of the discount, you’ll make smarter purchases and save money overall.