During the holiday season, it isn’t uncommon for a popular toy, game console, electronic device, or other popular gift to be sold out quickly. Unfortunately, some people like to take advantage of your holiday spirit and raise the price of popular products. Here are some ways to avoid scalpers and price gouging this holiday season.
Links:
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Scalpers are people who figure out what the hot gift Items of the year are, buy a bunch of them until the stores are sold out and then sell the items at an upcharge of anywhere from a 50% to 200% increase. Some scalpers even use bots to buy up popular gift items and then list them from double to ten times the suggested retail price, not giving shoppers a fair chance to even click the purchase button.
It may be tempting to buy from them so you can get your hands on that gift, but don’t do it. Buying from them helps their scheme and also encourages other people to do the same. Also, if the scalpers see that people are buying at already ludicrous prices, it's probable that they will keep increasing the prices as their stock gets lower.
Want to avoid scalpers and getting price gouged? One thing you can do is get your holiday shopping done early. If you know what you plan on getting someone and you see it available, buy it before it’s too late.
Always know what the suggested retail price of the product is and what the trend of the price is. You’re less likely to get extorted this way. Camelcamelcamel offers an Amazon price tracker so you can see how much the price has changed and shop accordingly. There may be small price fluctuations based on the product’s availability but at least if you use this tool, you know you’re more likely to get a fair price.
Also make sure to be aware of who you are buying from. Places like Amazon and Walmart offer a lot of third-party sellers which may not be as trustworthy and up the price of hot items. If you can’t find the hot gift anywhere, but then see it on a website you’ve never heard of at a reasonable price, it’s probably a scam and not a legitimate store.
Want to know if you know how to shop safely online? Check out our online holiday shopping quiz and see how you do!
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook, Instagram, and Twitter pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
E29: What's a Home Equity Line of Credit? A Discussion with Ryan Campbell, Mortgage Originator
Five Tips to Improve Your Home Environment - Money Tip Tuesday
Creating Your Own Debt Payoff Plan - Money Tip Tuesday
Protect Your Identity on Social Media - Money Tip Tuesday
4 Quick Financial Wins for the New Year - Money Tip Tuesday
Overpaying for Cell Phone Protection? Try this! - Money Tip Tuesday
What to Consider Before Co-Signing a Loan - Money Tip Tuesday
Holiday Fraud Prevention Tips - Money Tip Tuesday
E28: The Power of Nonprofits and Their Role in the Community
Inexpensive Ways to Lower Holiday Stress - Money Tip Tuesday
Take One Hour a Week to Learn About Finance - Money Tip Tuesday
E27: Shopping Secrets and Security for a Low Stress Holiday
Why Charitable Giving is the Best Gift - Money Tip Tuesday
Tips to Save on Groceries - Money Tip Tuesday
Planning Your Holiday Gift Giving - Money Tip Tuesday
Tips to Recognize Phishing Scams - Money Tip Tuesday
Learn About Medicare Open Enrollment with Financial Planner Brian Luce
Flex Financial Muscle with a Flexible Spending Account - Money Tip Tuesday
Banking Terms - What’s a CD? EXPLAINED! - Money Tip Tuesday
Triangle's Values and Vision - A Conversation with CEO Scott MacKnight
Create your
podcast in
minutes
It is Free
Teachers Talk Radio
LifeBlood
Navigating Life After 40
The Jordan B. Peterson Podcast
The Mel Robbins Podcast