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| photo credit: timetrax/ CC BY 2.0 |
One thing I’ve seen a lot of in this down economy is going-out-of business sales. While I’m sad to see these businesses go under, the cheapskate in me sees an opportunity to find a bargain.
I’ll admit, it is very easy to get caught up in the emotion of the moment and lose control of responsible spending at these types of sales.
When you come across a store that is having a going-out-of business sale, here are some things you can do to make sure it doesn’t break your budget:
Gift cards. If you have any gift cards sitting in your wallet for this store, be sure to find out if they are still usable. If they are, be sure to spend these as soon as possible. Some stores turn over their inventory to a liquidation company that won’t accept the gift cards, so use those cards up or risk losing them.
Scope out the sales. Stop in to visit the store during the early stages of the sale. See what types of merchandise are available and what the prices are. Talk to a manager and find out when the final closing date will be. You’ll want to know how long the bargains will be available.
Make a shopping list. Consider what items you and your family may want or need. You should also think about potential gifts for friends and family. Just remember that you won’t be able to return these items, so plan carefully. Having a list will keep you from making an expensive impulse purchase.
Set a budget. It is very easy to get caught up in the urgency of a going-out-of-business sale. Set a dollar amount that you can afford to spend at the store and stick to it.
Watch and wait. Going-out-of business sales usually drop prices daily or weekly. While each passing day usually means there is less selection, patience can pay off with a really amazing deal.
Consider turning a profit. You may find some amazing deals on quality merchandise that you could sell online through sites like eBay or Amazon.com. Be aware of how popular the item is, what the profit margin might be and how much it will cost to ship the item.
Be considerate. Remember that there are people losing their jobs because the store is closing. Don’t hassle the clerks like a vulture circling its prey.
Remember: It’s not a good deal if you don’t really want it, need it, or can’t afford it.
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{ 1 comment }
I've heard that if you are aware that the store will be closing but hasn't started it's closing sale, that they may (especially if they turn their inventory over to a liquidation company) have a sharply discounted sale just before they announce the liquidation/closing — which is sometimes same or better discounts than the first week of closing, plus you would still be able to use those giftcards.
Also, don't forget about full punch cards! I had a friend that assumed she'd be able to use her 2 full punchcards for a local scrapbook store when it was closing and they wouldn't take them (she had to spend $400 to accumulate those full cards!!) She was NOT happy!
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