#96 Overpaying Because You're Embarrassed To Say No

This week has been a test of my willpower. Do you remember #98 when I went out for Korean food for dinner with my wife?

We were walking home and passed by a new Korean supermarket on Yonge St. and decided to drop in. We love supermarkets, especially foreign supermarkets since they usually have things we can't buy at the regular outfits. 

We passed by a shelf selling Korean Rice Cakes with a sign saying they were two for $7.50. I have never had Korean Rice Cakes before so I wanted to buy one to try. It was $4 for one. No point buying bulk if I don't know what it tastes like. These were hefty packages so I thought I was getting a good deal.

When I got to the checkout, the cashier scanned the box and it was $13!! I was in shock mode. We summoned our courage to say, "we don't want this, it's too expensive". This is only the first time this week that we've encountered a mispriced product.

Last night, we were grocery shopping at T&T (Chinese grocery store) and saw that a huge bottle of Hoisin Sauce was $4. We ran out of Hoisin Sauce months ago, but I kept forgetting to buy it, so I put one bottle in the basket. When we got through the checkout I checked my receipt and discovered they charged me $6. Even though it was late, I waited at the customer service desk to ask for a price check. They didn't honor the pricing and tried to sell me a much smaller bottle for $4. I refused, got my $6 back and went home without Hoisin Sauce. I'll just have to wait until the next time it's on sale.

When Embarrassment Robs You

Yesterday in a group conversation with a few friends, one of my friends told us a story about how she forgot her lunch. She decided to try a new restaurant where you can pick up prepared foods on the go. She got a croissant sandwich and a side salad. When she went to check out it came out to $17!!

She had the thought that she should put it back, but something must have come over her that stopped her from doing the "right" thing. $17 for a takeaway sandwich and side salad even in the financial district is ridiculous to pay for lunch. I don't know if it was embarrassment or something else, but the price she paid was about $5-$7 more than she should have paid for lunch. 

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The Cost Of Embarrassment

Embarrassment can be expensive if you let it run wild. Overpaying once or twice is ok, but if you let embarrassment stop you from standing up for what you think is right then you will end up paying more than you should at the grocery store, the restaurant, and everywhere else you spend money.

Imagine if twice a week you overspent by $5. Just $5. After a year that's over $500. What can you buy with $500. You learn the same lesson for $5 or $500, learn to stand up for yourself and your Early Retirement the first time. 

 

Save Money Retire Early is written by Jon Lo, a barely 30 something Chartered Financial Analyst. I believe anyone can be rich or poor, it's what you save that makes the difference.

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