'Money Mantras – never leave home without them' blog discussion

Former_MSE_Lawrence

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.

Read Martin's "Money Mantras – never leave home without them" Blog.

Please click 'post reply' to discuss below.

Rafter

Martin,

I like it - well thought through.

I also prefer your description of 'fighting for financial justice' rather than 'consumer revenge'.

Getting a great deal is one thing. The ability to Stooze on credit cards as a result of other groups of customers paying too much in interest, fees and payment protection insurance is quite another.

This site and your campaigns have been a necessary counter to poor regulation and declining ethical behaviour by banks and companies.

It would be nice to believe that in 30 years time when you are ready to hang up your moneysaving boots and take things easy your services will no longer be required. That is probably naive, but at least through better consumer awareness and (hopefully) better financial education there will be greater 'fairness' between companies and consumers.

I hope my relatives will put your mantras in their purses and wallets before they go out Christmas shopping this year too and think twice before parting with their hard earned cash on stuff I don't want or need!

Thanks

Rafter.

boomerang2

Great qualifier article and the mantras should always be top of the list.

In terms of the dichotomy of spending vs saving, i have always felt this site would be more aptly named 'moneyspendingexpert' as it is all to do with how we spend it - i mean, you have to spend something to live this life, even if you are 'saving' in the process of spending....

mantra...mantra...mantra.....hummmm

Lum

Only other way I could think of doing would be to have separate "saving" and "spending" emails. Some people with poorer money management skills my appreciate not being tempted by cheap seeming deals for things that they don't need and would never have bought at full price.

Edit: Actually I think "finance" and "shopping" would be a less ambiguous distinction.

ronangel

If everybody followed your advice (regardless they could afford the item or not) 99% of people would not really need the item.
this would have an effect of bringing the economy to a standstill!
people have to buy and sell to make the country run this is why "cant afford it so I will wait" is bringing the country & the world to a halt.
my outlook is buy it when it is available AND at the right price,not when you need it.I have found (as recently with electrical goods) by not buying the price has gone up & the item costing 30-40% more.A missed bargain is a lost bargain but ONLY if you REALLY know your prices & market.use the internet to check price from mobile if possible before buying,as it might not be the bargain it seems.you must take into account traveling to get it ect against instant availibility right now.
maybe cheaper a few miles away but gone when you get there.better to buy from big store & pay a little bit more & able to take back then from small unknown not here today & gone tommorow
but here today & gone today,leaving cost of repair or replacement up to you a few months from now. good shopping or not if you follow the mantras.....

Premier_2

I think I can simplify this with a simple 5 step approach that would apply to everyone.

Do I need it?
Can I afford it?
Will I use it?
Is it worth it?
Can I get it cheaper elsewhere?

I'm not skint, but these are the five questions I ask myself when considering any purchase. ... which may be part of the reason why I'm not skint

The last question is quite important, and one which I'm probably not the best at, as it should also take into account the cost involved in getting it elsewhere e.g. bus fares, petrol cost, delivery etc as well as any cost implication of delaying the purchase to get it cheaper elsewhere. (although on occassions, that does result in me starting again from the top this time resulting in me not buying the item :money:)

JimmyTheWig

Perhaps the most difficult to self-assess is “will I use it?” which examines what economists call Opportunity Cost – in other words, could you get better use or pleasure out of the same cash buying something else?

Should this not be "Is it worth it?" rather than "Will I use it?"?

JimmyTheWig

I hope it may make some stop and think before being temped into what may indeed be a cracking deal, but one that isn’t right for them.

I think you also need to consider which deals you put where. I've possibly mentioned this previously but this week the pizza codes are the second item in the weekly email box at the top right of every page. So every page you click on you see, in effect, an advert for takeaway pizza.
That is the sort of advert that people are going to see and be tempted by. Whether or not they have a Dominoes or Pizza Hut locally (*) and whether or not they want to spend £15 on pizza. I.e. it will attract people who can't actually make use of the code available.

I'm not saying don't give people the pizza codes. I'm saying it would be better if it was swapped with the H&M code below it so it wouldn't tempt people on every page.

[Maybe it's just me. Maybe other people would see the Henny's code on every page and be tempted to go shopping (and probably waste more than the price of a takeaway!). But I don't think so.]

(*) Just like cigerette advertising encourages people to smoke in general in addition to encouraging people to smoke a particular brand, pizza advertising encourages people to eat pizza in general. My old local Perfect Pizza used to do very well out of me by Dominoes sponsering The Simpsons. The ad came on and I wouldn't think "I want Dominoes Pizza", I'd think "I want pizza".
Again, maybe it's just me!!

JasX

Spot on as ever Martin

ronangel

(*) Just like cigerette advertising encourages people to smoke in general in addition to encouraging people to smoke a particular brand, pizza advertising encourages people to eat pizza in general. My old local Perfect Pizza used to do very well out of me by Dominoes sponsering The Simpsons. The ad came on and I wouldn't think "I want Dominoes Pizza", I'd think "I want pizza".
Again, maybe it's just me!![/QUOTE]

What pizza adds,,, I only see the adds I am interested in I dont buy
pizza from takeaways delivered, as I am about to do right now is eat one that is in my freezer £1-50 from sainsburys fantastic value:j

JimmyTheWig

ronangel wrote: »

What pizza adds

We're talking 2000-2002. Simpsons was on Sky1 on Sunday evenings. Was sponsored by Dominoes Pizza.