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Smart Shopping Tips to Maximise Savings this EOFY

It’s EOFY (end-of-financial-year) and shoppers everywhere are aware that it’s time to make the most of huge sales from different retailers. However, before eagerly going to the stores, it’s worth having a good plan on how to approach these sales.

Make sure you’ll get maximum value without falling into some common drawbacks. Here are smart shopping tips to guide you through the upcoming EOFY sales.

Scout about

Simple, yet important. Thinking about how many retailers are having sales right now, you shouldn’t purchase right away without shopping around different websites to check on the best possible deal.

Manufacturers usually hold EOFY sales. Even if you stick to online retailers such as Amazon, make sure your purchases aren’t available for less somewhere else.

If you don’t have time to search through websites for each product, you better make use of shopping apps to discover deals and discounts.

Do some research

EOFY is the time to take advantage of major purchases on appliances such as washing machines, refrigerators, and heaters. Not to mention, electronics are also often cheaper this time.

However, do not get caught up in the first huge discount you find. It’s also important to consider the quality of these household appliances or you may find yourself wasting money on subpar machines.

Customer reviews are a great way to evaluate products or purchases made by someone else that you also have an eye on. You can go through the comment section to learn more about their feedback and experiences relating to purchasing the product. It’s also a great source of a product’s recommended retail price, which can be verified through the manufacturer.

Read the fine print

Make sure to read the fine print to know what you’re signing up for. Shipping fees, warranty, return policies and refund are all important information you can find on a retailer’s website. However, not everyone reads the policies, and terms and conditions. You should start doing so because these policies and fees vary from different retailers.

Shipping fees, in particular, are important to consider as they may make a significant dent in your savings. If you buy any household appliances or electronics, make sure you’re getting a warranty.

Consider your tax deductions this EOFY

Most shoppers use EOFY sales to save money on work-related products to claim on their tax return. Here’s Australian Taxation Office (ATO)’s basic rules on deductions you can claim:

  • Reimbursement is not allowed. You should have spent the money yourself.
  • The expenses must be work-related.
  • Have a record of purchase (receipt).

You can start researching on what purchases can be claimed as tax-deductible by checking the ATO’s guidelines.

Know how much you can spend

We know that retail therapy can make us feel happier. However, with a rising cost of living, it’s better to think carefully about how much money you can afford to spend on EOFY sales, and if it’s really worth it.

If you liked our “Smart Shopping Tips to Maximise Savings this EOFY” and find it useful, check our blogs regularly for more information on how to get out of debt and updates on the best budgeting apps in Australia