Sharing Daily Discoveries About Personal Finance And Business Topics

Knowing Exactly How Much You Are Willing To Pay Ahead of Time For Actions

So today I was reading about an auction that kind of sounded interesting where it made me wonder if it would be worth the time to attend it as I might find something that I need for cheap. That is usually the perception of an auction anyways. Especially since this is a business clearance where everything must go. However, it made me think too how many times people simply bid emotionally to the point where the products end up being more expensive than retail.

For example, often in auctions like these you have to pay some kind of fee on top of your winning bid as well. I can easily envision where people bid for the sake of beating the other guy and you just never know if there are people who are associated with the company that intentionally do that. Many people say in situations like these you should be prepared to know exactly what you want ahead of time as well as exactly how much you are willing to pay to make it a great deal.

Virtually the same mentality as going to the supermarket knowing exactly what you want and the budget where you can go in and out. If you go in not being sure then usually that can result in spending or buying more things than you intended. Probably doesn’t sound as much fun but if saving money is the goal it’s probably a smart thing to do.

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