A recent business trip took me to Reno where I was meeting with the trustees of a 401(k) plan that we provide investment advisory services for. I stayed at a nice hotel that has always provided great service. Evidently, they are feeling the impact of the economy since they provided a coupon for a free appetizer with the purchase of a drink in their wine tasting lounge. After a long day of work I decided to take advantage of this great offer. It wasn’t until I returned to my room that I realized that I had fallen for the power of marketing again. The appetizer was delicious and would have cost me $8.00 if I hadn’t had the coupon. But, I realized I would not have gone to the lounge if I hadn’t been making sure I took advantage of the coupon. So to get the “free” $8.00 appetizer I spent $10.00 for a glass of wine that I would otherwise not have purchased without the coupon.

This is one of the ways in which advertising and marketing costs us money. It is a powerful force. To avoid falling into this trap I should have asked myself if I was going to have a glass of wine whether I had a coupon or not. If yes, then take advantage of the coupon. If no, then toss the coupon in the trash. The Three D approach to coupons below may keep you from spending $10.00 to save $8.00.
? Decipher the coupon. (Including fine print)
? Determine if you already planned on purchasing what is offered.
? Destroy the coupon if the answer is no.
The key is to not let the power of suggestion, of something for less, compel you to spend more. If the coupon happened to be for something you already planned on buying or doing then you can save money by replacing the last D, destroy with the two below.
? Decide how much you are going to purchase before you go.
? Discipline yourself to purchase only what you planned for.

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