MoneyMagpie Editor and financial expert Vicky Parry lets you in on some savvy shopping secrets to nab the best bargains in the January sales
Shopping in the January sales can save you a lot of money – if you actually need the item.
So, the first point here is: ask yourself if you actually need it. Use the 24-hour rule to make sure it’s something worth spending your money on. Give yourself at least 24-hours to decide – never buy something on the spot. You’ll be surprised how many times you change your mind and save a lot of money by not buying things! However, there are some bargains to be had in these sales. Follow these tips to make sure you’re getting a true bargain.
Use cashback sites
Cashback sites are perfect for getting an extra discount on your purchases when you buy online. Simply create an account, search for the retailer you want, and click through. It doesn’t cost you anything (unless you choose a premium tier membership for some) but does mean you earn a small percentage back on purchases.
While you might not always get cashback on sale items, always check cashback sites for their Ts and Cs – and unique codes, too. Many will have exclusive discount codes to add onto existing sale prices as well as giving you cashback. MoneyMagpie tried and trusted sites are TopCashBack, QuidCo, and Swagbucks.
Check the previous prices
Under retail laws in the UK, an item must be sold at a higher price for at least 28 days before it is offered at a sale price. This means that some retailers – particularly online – will falsely inflate a product’s price the month prior to a sale, so they can reduce it for the sale. That way, it looks like a bargain but in fact is not cheaper than the standard retail price.
Use a price tracker like CamelCamelCamel (which is free) to look up product price history online. It will give you an idea of when the product was more expensive, and it’s easy to see if the price has been hiked in the months prior to Black Friday / Cyber Monday / Boxing Day deals. For the true price, look for a history between August and October as a guide of what it would usually retail for.
Make a list and stick to it
Making a list will help you avoid impulse buys for things you don’t need. Also try to avoid ‘window shopping’ – going out just for the experience of shopping, without any aim. This can be dangerous for your wallet!
Have a list of items that you want or need, and make sure you don’t buy outside of this list. There are sometimes a few exceptions here. For example, Christmas decorations, wrapping paper, and cards are seriously reduced in January – so it can make sense to stock up and store them until next Christmas.
Research before you hit the sales
While it’s tempting to be taken in by on-the-spot offers, make sure you do your research first. Having a list is a good start – the next step is to spend some time online researching prices and comparing between retailers. You might find that some discounts are in store only, as retailers try to drive people back to their bricks-and-mortar stores.
Comparing whether in-store or online prices are better is an easy way to save money – especially if you look at different options for a product between retailers, too. Some might, for example, not be as discounted by come with an additional ‘gift’ item or a code for future money off which could suit you better in the longer term.
Stick to a budget
Budgets are the backbone of good financial management. It sounds boring, but knowing your limits is the easiest way to prevent starting the year in a tricky financial spot. Work out what you can afford to pay – and don’t go over it. If this means having to choose between some items on your list, opt for the ‘need’ items rather than the ‘want’ ones, if you can.
Use discount cards
If you have access to or are eligible for a discount card, now is a good time to sign up to it to ensure you’re entitled to all discounts available. Students will often get discounts with their university card – but did you know that since the NUS card rebranded to TOTUM, professionals who are members of a guild, union, or professional society could also be eligible for one?
If you or a family member works for the emergency services or military branches, you could be entitled to a Blue Light discount card. There are lots of year-round offers for these cards, but you could nab some extra discounts in the January sales with them so it’s worth looking into getting one if you’re eligible.
Only buy from trusted retailers online
Finally, with sales season comes scam season, too. While it’s tempting to opt for that amazing deal you’ve seen in your social media feed, STOP. Scammers can easily pose online as a retailer and then take your money – never sending the item you ordered. Buy from trusted retailers that you’ve either used before or are recognisable brands. This is another reason to use cashback sites – you know you’re getting a verified retailer and not a scammer.
Some of the brands and websites we mention may be, or may have been, a partner of MoneyMagpie.com . However, we only ever mention brands we believe in and trust, so it never influences who we prioritise and link to.
