What is a BOGO Sale?

The post What is a BOGO Sale? appeared first on Penny Pinchin' Mom.

You’ve probably seen signs through your local grocery store or in retail stores advertising a BOGO sale. But what exactly is a BOGO sale?

Simply put, a BOGO deal or sale, is short for “buy one, get one.” It’s a promotion that’s intended to get you to buy more by offering a discount.

These sales come in many different forms, including buy one, get one free and buy one, get one half off.

Whatever the variation, the allure of getting a product free or discounted is why many stores run these promotions on products. You can get a BOGO offer or BOGO promotion via a coupon or just as part of a broad offer or sales promotion.

To you, the consumer, it’s a great deal. To the retailer, it’s the ability to get rid of inventory quickly while still making money.

It’s a win-win for both parties, right?

Well, it depends.

Here’s what you should know about buy one, get one sales.

How does a BOGO sale work?

BOGO sales work differently depending on the store.

Let’s take a look at the most common ways that a BOGO sale is hosted.

Buy One, Get One Free

Although advertised as buy one, get one free, in most cases you’re actually just getting both items at a 50% discount.

You’ll notice this math if you look at your final sales receipt.

Some stores will allow you to still get the 50% off discount even if you only purchase one item. This is great if you only planned on purchasing one item anyway.

In this case, you’ll be able to take advantage of the sale, while not purchasing more items than you actually need.

However, if you know that it is something that you’ll use in the future, then I recommend taking advantage of getting both of the items on sale. I typically do this for non-perishable food items like pasta and canned goods.

Buy One, Get One Free of Equal or Lesser Value

In the case of buy one, get one free of equal or lesser value, you’re not obligated to buy two of the same product. Instead, you can get a different item that is the same price or less for free.

You may find that you’re limited in your choice of items. Nonetheless, this is a great deal when you can find items that are already on your list to purchase.

Buy One, Get One Half Price

The buy one get one 50% off sale is common among retail clothing stores. The premise is as it reads — buy one item at full price and you’ll get the second one half off.

The caveat is that the second item must be of equal or lesser value.

In this case, the discount is taken off of the lesser item. This means that you’ll still need to purchase the more expensive item at full price to get a discount on the second.

Again, you will be limited in your options for which the sale applies to.

Unless you’re already planning to purchase the second item, you’ll just be spending more money than you need to. Instead, you should either just wait to buy the one item that you need at full price without BOGO or when it’s on sale exclusively.

If you are buying two of the same item, it would be equivalent to getting each item for 25% off.

In this case, you’ll have to ask yourself if a 25% discount is worth it to buy two of the same thing.

Which stores often run BOGO sales?

You’ll commonly see buy one, get one sales at grocery stores and retail stores.

Most businesses use these promotions as a way to clear out inventory. So, stores that sell items that are perishable or that are based on seasons will likely have these sales.

How can you find out about BOGO sales and coupons?

Buy one, get one sales and coupons are typically included in the weekly sales pages for their respective stores.

You can find out about upcoming promotions by grabbing a weekly ads page in-store. They’re usually stacked at the store’s entrance.

Unless you’re a couponer, you may not pay attention to these weekly ads, but they’re a great resource for planning to take advantage of sales ahead of time. You may also see signs on store shelves promoting these sales.

You can also find out about these promotions online.

For grocery stores, you’ll find this in the “Weekly Sales” section of their site. You’ll need to enter your zip code and choose the store you plan on shopping because sales often vary by location.

In this particular case, they are running a buy one, get one free of equal or lesser value sale. You would simply click on the item that you’re interested in purchasing to find out what items it applies to.

For retailers, you will be able to find BOGO sale information on the “Sales” tab of their site.

Many stores also use email marketing to promote upcoming sales events and coupons. So if you’re on their email list, you may get access to sales information before the average consumer.

When are BOGO items not worth it?

Taking advantage of a buy one, get one sale is only worth it when you’re truly saving money and you’ll actually use the items that you purchase.

BOGO items aren’t worth it if they’ll go unused.

There’s no need in purchasing something that will just collect dust or, worse, expire. Only leverage these sales for items that you will truly consume or else it’ll be a waste of money in the end.

If you don’t have space for the items that you’re purchasing, then it’s also not worth it. In that case, your focus should be less on buying more goods and more on using or consuming what you already have.

Lastly, if the price is more than you’d normally pay…walk away.

One item that I like to get during a BOGO sale is pasta sauce. It’s something that I know I’ll use and have space for.

However, many times when the more expensive brand is on sale, the per-unit cost is still higher than the store brand that I normally buy.

In this case, the BOGO item isn’t worth it to me. I’d only purchase it if the per-unit cost is equal to or lower than what I’d normally pay.

Final Thoughts on BOGO Sales

Buy one, get one sales are a great way to save some money on everyday items that you purchase.

They provide an opportunity to get more product at a lower price. However, they’re only worth it if you’ll actually use what you buy, have the space to store it, and aren’t spending more than you normally would.

You can always check out your favorite store’s weekly ad, in-store or online, to find out what BOGO sales are happening soon.

–By Fo Alexander

 

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Bloggers: Get Content Creation 101 for just $27!

I am super excited to let you know that our latest blogging course, Content Creation 101, launches to the public today! The reason I’m super excited is because this is my favorite blogging course to date. And I really mean that!

We had so much fun planning and outlining and scoping this one out. And I think you are going to LOVE the finished product!

Content Creation 101 is all about the process of planning, writing, and effectively promoting blog posts that will attract loyal readers.Through video lessons, video tutorials, a workbook, printable worksheets, and downloads, we’ll teach you how to:

  • Write effective, engaging blog posts that leave your readers wanting more—no copywriting experience necessary.
  • Design a content system that helps you streamline your workflow.
  • Boost your blog posts’ effectiveness with images and links.
  • Promote your content so you can increase your reach and build your audience.
  • Organize your content so it’s easier for your readers to find the posts they want.
  • Stay inspired as a blogger so you never run out of content ideas!

While we put this course together specifically with new bloggers in mind, I think that it’s the kind of course that experienced bloggers will also find helpful!

If you’ve ever struggled to figure out a good system for what you should post and when you should post it, if you’ve found it difficult to stay organized as a blogger, if you’ve wondered how long your posts should be or if there’s a formula for a perfect post, or if you’ve worried that you’d run out of content ideas or stop loving blogging, this course is for you!

SPECIAL LAUNCH PRICE!

To celebrate the launch of Content Creation 101, we are offering it for just $27 — that’s $10 off the regular price of $37! This special price is only available through Sunday evening, February 11, 2018.

Go here to grab Content Creation 101 for just $27!

P.S. When you add Content Creation 101 to your cart, we’re also giving you the option to purchase the course we launched in December, Branding Basics 101, for a very special price, too!

Source: moneysavingmom.com

Best Home Improvement Loans for 2021

If your house needs a little TLC, but you don’t have the cash to give it what it needs, then a home improvement loan could be a good route to take. After all, you could…

The post Best Home Improvement Loans for 2021 appeared first on Crediful.

Source: crediful.com

Should I Refinance My Student Loans?

Should I refinance my student loans? It depends on your situation. But a common reason for people to refinance their student loans is that they want to pay less interest. Even a small decrease in the rate could save you a lot of money over the life of the loan and ultimately help you pay off your student loans faster.

Another reason could be that you want to change the loan type (i.e., switching from a fixed rate to a variable rate or vice versa).

Whatever your reasons for wanting to refinance your student loans may be, you should always compare your student loan rate with other rates on the market. Some lenders always update their rates to make sure they are competitive on the market. So the chance is high that you could get a better deal with another lender.

The best way to compare student loan rates is through LendKey. LendKey’s rate starts as low as at 1.9%. And they have 5, 7, 10, 15 & 20 year loan terms. The great thing about LendKey is that checking your rates will NOT affect your credit score.

CHECK YOUR RATE

What does refinancing your student loans mean?

In simple terms, when you refinance your student loans, you’re essentially taking out a brand new loan in order to pay off your existing student loan. This can get you a better deal and save you money in the long term. The trick is to figure out if it makes sense to refinance.

Should I refinance my student loans? Does it make sense to do so?

When it makes sense to refinance your student loans:

  • Lower interest rates are available.
  • You have other large debts, such as credit card debts and personal loans, and you want to consolidate all of your loans.
  • A major change in your life has happened recently.
  • You want to switch to a fixed rate.

When it doesn’t make sense to refinance your student loans

  • Your credit score is low and you are less likely to get a good rate.
  • You’re no longer have a stable job, and your income is not reliable.
  • Your current loan is at a fixed rate.

To decide whether you should refinance your student loans, you should have a reason why you want to refinance. Is it because you want to pay a lower interest rate? Do you want to consolidate all of your loans?

Wanting a lower interest rate on your student loans should not be your only consideration when wanting to refinance. The life of the loan should also be considered, and not just the interest rate. That means, will it be variable interest rate or fixed interest rate. This is important as it can impact your long term financial obligations.

You should also consider the cost of switching to another lender. There are fees, such as application fees and ongoing charges associated with switching to another lender.

Is now the right time to refinance your student loans?

A better interest rate is not the only factor to consider when thinking of refinancing your student loans.

The stability of your job should also be considered. How stable is your job? Can you manage to make monthly payments on your income? If you’ve recently gone part-time, or gone freelancing, now is probably not a good time to refinance your student loans.

Likewise, if you have just switched to a more stable, full time job, you may need to wait for like 6 months or even a year before a bank can consider your loan application.

This is where a financial advisor can be handy, as they can help you make the right financial decision.

It’s also a good idea to talk to existing student loans provider when considering refinancing. Some lenders, in order to keep your business, might try to lower your interest rates or waive some fees for you. They’d be very willing to do that especially if you always make your payments on time and have been with them for a long time.

If you decide to go with another lender, make sure your financial situation is in shape. That means that you don’t have that much outstanding debts such as credit card debts, and that you have always paid your bills on time. This is important not only to get qualified, but also to get a better rate.

When refinancing your student loans make sense

There can be several reasons to refinance your student loans. Perhaps you have a better job, making more money. Or perhaps your current student loan rate is not competitive anymore.

Even if you don’t have any specific reason, it’s always a good idea to know what’s available to you. There might be great deals out there.

Every once in a while, you might want to reassess your student loan rate and compare it to other student loan rate on the market.

One easy way to reassess your options is with LendKey. LendKey is an online platform that allows you to browse multiple low-interest loans from almost 300 community banks and credit unions, instead of big banks.

LendKey allows for more flexibility and lower interest rates. It can help you find the right student loan for you without visiting dozen bank branches.

Plus applying to a dozen of student loans will not HURT your credit score. LendKey does a soft check on you, so you can compare student loans from multiple lenders before you actually apply for one.

Click here to check your rates through LendKey.

Indeed, a lower interest rate and lower repayments are some of the more common reasons to refinance your student loans. Even a slight decrease on your interest rate might make a big difference on your monthly student loan payments.

Indeed any student loan refinance calculator out there can tell you how much you can save.

Another common reason to refinance your student loans might be to consolidate all of your debts and have one monthly repayment. Debt consolidation is when you combine all of your debts so you have one big repayment, instead of several.

If you have other debts such as personal loans, car loan, credit card debts, home loan, then it makes sense to roll these debts together with your student loan. The advantage is that your student loan rate is typically lower.

When refinancing your student loans doesn’t make sense.

There are times when refinancing doesn’t make sense.

For example, if you have built a good relationship with your lender, it might not be a good idea to switch to another lender simply to get a lower interest rate. The new lender might raise your rate once you switch, but you’ve just ruined your good relationship with your old lender.

Another reason you should not refinance your student loans is if you you have been paying for a long time already. Refinancing to a longer term might reduce your monthly payments, but will cost you many more years and more money. So if your current balance is already low, it’s not very beneficial to refinance.

You should also not refinance your student loans if your interest rate on your current student loan is low. There is no real benefit to be had from refinancing an already low interest rate. In fact, you may end up incurring more costs and fees when switching.

Your credit score is low

Refinancing your student loans may not be a good idea if your credit score is low.

While you can apply with a co-signer if you have a low credit score, but it can be hard to find someone to co-sign for you.

So, at a minimum, make sure your credit score is at least 650. If it’s not where is supposed to be, take steps to raise your credit score.

Don’t know your credit score, get a free credit score with Credit Sesame.

Bottom line

If you’re asking yourself: “should I refinance my student loans?” The answer is: it depends on your unique situation. But there are great benefits to refinancing your student loans. To reiterate, it can save you thousands of dollars over the life of the loan; it can reduce your loan payments significantly. However, before deciding to take the plunge you have to make sure you’re getting a better deal.

After you have checked your rates, you should definitely refinance your student loans. Not only will you get a reduced interest rate, you will also get a lower monthly payment and pay less over the life of your loan.

Plus when you’re approved for a loan you applied through Lendkey, you’ll get a $100 bonus after the loan is disbursed.

Read More:

  • 5 Tips To Pay Off Your Student Loans Faster
  • How Much Should You Save A Month?
  • Buying A Home For The First Time? Avoid These Mistakes

Work with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). So, find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post Should I Refinance My Student Loans? appeared first on GrowthRapidly.

Source: growthrapidly.com

Do Real Estate Agents Have a Future?

I hear all the time how websites like Zillow and Trulia are going to replace the real estate agent, much like the travel agent was replaced by online travel sites. I see posts on forums or get emails explaining why real estate agents are paid too much and the industry must change or technology will … Read more

Source: investfourmore.com

What Is Peer-to-Peer Lending?

New to peer-to-peer lending? It’s a type of lending that has been around for over 15 years in the U.S. and has continued to grow in that time. It’s a way for borrowers to access…

The post What Is Peer-to-Peer Lending? appeared first on Crediful.

Source: crediful.com

Best Home Loans For Single Mothers

Affording to buy a house can be hard enough even as a couple. And for single mothers, unless they earn a high income, getting home loans is even harder.

Fortunately, there are home loans for single mothers out there. FHA loan, for example, is a good option for a single parent on a low income due to its low down payment and low score requirements.

If you are a single parent looking home loans, click here to get pre-approved.

The Down Payment: the hurdle for single mothers to get home loans

What makes it difficult for single mothers on a low income to get qualified for home loans is the down payment. The down payment for a conventional loan is 20% of the home purchase price.

For example, if you want to buy a house for $450,000, you will need to come up with $90,000. That is simply the down payment. Adding another 5% for closing cost brings you to $112,500.

Coming up with that kind of money is hard, if not impossible, considering the fact that you’re probably have other monthly expenses. Granted, you can get a conventional loan with smaller down payments (as low as 10 percent).

But the problem is you will have to pay much higher interest rates, including private mortgage insurance (PMI), which is an insurance that protects the lender in case you default on your loan.

Get started by comparing FHA loan rates, to find the best rates and terms that suit you.


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Fortunately, the government has created programs to help single mothers get home loans. For instance, FHA loans only require 3.5% down payment of the home purchase price.

To illustrate, suppose you’re looking to purchase a modest house for $100,000. For a 3.5% down payment, you will only need to come up with $3,500. This low down payment is indeed flexible for low income single mothers seeking home loans.

Best Home Loans For Single Mothers

1) FHA loans

Despite having a single source of income, there are home loans for single mothers out there. Indeed, FHA home loans are a popular choice for single mothers first time home buyers.

An FHA loan is a government loan insured by the Federal Housing Administration (hence, the acronym “FHA”).

The FHA down payment can be as low as 3.5% and the credit score can be at least 580 or higher. If your credit score falls between 500 to 579, then you will need to put at least 10% down.

To know if your credit score is at least 580, get a free credit score at CreditSesame.

Program assistance for the down payment

Even if the FHA down payment is this low, single mothers seeking home loans and those who are living paycheck to paycheck can still have a hard time to come up with that money. Fortunately there are solutions.

The Department of Housing and Urban Development (HUD), which manages the FHA loan program, has recently allowed the 3.5% down payment to come from a third party.

They can be a friend, a family member, or a employer. This is good news for a single parent, as it means that they don’t have to use their own money to get a home loan.

2) VA Loans

If you’re convinced that FHA loan is a good idea, then you’d love VA loans. VA loans help homebuyers to buy home with $0 down. In addition, there is no private insurance mortgage (PMI) and has a very low interest rate.

Check to see if you’re eligible with a VA Lender.

So if you’re a veteran or service members, you may be eligible. If you were or are in the army, marine corps, navy, Air force, Coast guard, or you are a spouse of a service member, you may be eligible.

Don’t meet these requirements? You may still be eligible; talk with a home loan specialist now.

The $0 down payment is what makes VA home loans attractive among single mothers. With VA home loans, qualified single mothers can finance 100 percent of the home’s purchase price with absolutely no money down.

The other benefit of a VA loan is that there is no PMI. That is because the government backs the loan and assumes the risk.

Looking for a VA loan quote? Speak with a VA Lender today.

The Bottom line…

Being a single mother on a low income can be tough. But that should not prevent you from buying a home you have always dreamed of. The good new is there are programs that help single mothers buy a home. And those programs are the FHA and VA loans.

Additional tips for single mothers seeking home loans:

  • The first step in securing a home loan is to shop and compare multiple mortgage rates to choose the best one.
  • The second step is to get pre-approved by a lender. This is known as the pre-qualification process. The loan officer will assess your situation and determine what you qualify for. Once you have an idea of how much you can afford, you can submit your application.

Related articles:

  • FHA Loan Requirements – Guidelines and Limits
  • 3 Things No One Ever Tells You About Buying a Home With a FHA Loan
  • How to Buy A Home With A Low Credit Score

Not All Mortgage Lenders Are Created Equally

When it comes to getting a mortgage, rates and fees vary. LendingTree allows you to view and compare multiple mortgage rates from multiple mortgage lenders all in one place and at the same time, so you can choose the best rates for your needs. LendingTree makes getting a loan faster, simpler, and better. Get started today >>>

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