BOGO Is a Cleverly Conceived Idea To Get You To Buy More

Cash-strapped Americans are falling victim to clever marketing ploys that get them spending more than they planned. Stores use deals like BOGO — buy one, get one free — to make consumers think they can save by spending more money. Psychologists have dubbed the phenomenon “spaving” — a mix of spending and saving. Other examples include “limited-time deals” or promises of bigger savings or free shipping for hitting spending thresholds. Financial experts say that teams of scientists have figured out how to extract more money out of you, getting you to buy too much food that winds up going bad or an extra piece of clothing that you don’t need so won't ever wear. Even if an item is half-price, it may only be a wise purchase if the item is needed to begin with. Consumer savings experts say consumers need to exercise restraint and consideration. Delete shopping apps on your phone and unsubscribe from store newsletters. Instead, look for coupons only when you need them. To prevent getting into deeper and deeper credit card debt, consider paying cash. Studies have shown that paying cash slows spending, while paying by credit card feels less real and encourages more spending. Another thing consumers can do is to give themselves 24 hours to think through a purchase before hitting the “buy” button.