Bad Financial Advice: Should I take advantage of special promotional rates on purchases?

Service providers, like cable television and cell phones, love to entice customers with shiny promotional rates to get you signed up – but those rates don’t last, and you end up falling victim to higher rates and a contract from hell. But is there a silver lining? Should you take these ultra-low promo rates to save some cash?why it’s important to get the facts on special promotional rates for products and services. With peak shopping season in full force, you’re going to spot more than your fair share of promo rates. Which ones are worth it? Which ones should you avoid? That’s a topic for an entirely different video… But I will say, read the fine print!

Many promotional rates are designed to give you unbelievable pricing for a set period of time, at which point your rate goes up, you’re locked in and it’s hard to wriggle yourself free. But there’s a trick to all of this…

First decide if you really need XYZ service. Is it essential? Is it something you need to buy or subscribe to now? If so, keep reading. If not, walk away — and save yourself!

If the product or service is something you do, indeed, need, I want you to scout out the expiration date written into the fine print of whatever agreement you’ll inevitably be signing. Take that date and mark it on your calendar. This is the date you’ll either choose to cancel the service agreement – or make a phone call to re-negotiate the terms of this agreement. Most providers bank on the fact you’ll forget about this expiration date and deal with the higher rates… But no, not you – you have Tracy Stewart as your money lady!

Financial independence is unbelievably liberating. There’s a lot of shiny things out there that will try to sneak away with your wealth – but if you stay vigilant, keep yourself educated and have a professional at your side, you’ll keep that wealth well into your many tomorrows.

Remember: You can subscribe to my YouTube channel for even more advice on making the most of your money and life each and every day on the next episode of Your Money Minute!