Be Aware Of These 7 Biggest Psychological Money Traps
By SiliconIndia
2. Price Comparison
This is one of the most common mindset of buyers. We tend to compare the price of two comparable items and settle down for the one that is cheap. For example, if you are intending to buy a refrigerator, then the price of the refrigerator that you seriously consider buying will act as the one against which you will compare all other refrigerators. And on getting a somewhat similar refrigerator at lower price, you will surely take that offer.
Ariely explains this as the phenomenon where people stick to the first price of the item they find in the market and are planning to buy. Therefore even though a thorough survey might have given one a better item at lower price, a person usually makes the first price as standard and compares all other prices with it.
The Solution
Never make a purchase unless you are very sure about your want. Although ‘cheap’, the item might not be something you really need. Compare the ‘quality’ of the items rather than the prices.
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