Should I use Purchasing Power for Holiday Gifts?
There are two types of people in this world, those who start shopping for presents months in advance and then those who put off holiday shopping in a mad dash at the last second. Regardless of which type of gift giver you are, you already know that gifts can be really expensive! Reaching for your wallet around the holidays might just be a reflex at this point but there are other tools available to you.
Purchasing Power is a budgeting tool that gives SDPEBA members access to an online catalogue where they can shop for various items and pay for them with their paycheck. Basically, when you buy, say, a toaster, from Purchasing Power, you don’t pay the $45 outright, but instead pay it monthly through payroll deductions.
We like to compare Purchasing Power to a credit card or a layaway program, but with Purchasing Power you’re not building up interest and you also get what you purchase right away. Certain retailers offer similar payment plans called “Buy Now, Pay Later,” but those plans can often affect your credit, whereas purchasing power doesn’t.
But that doesn’t mean there’s no downside to Purchasing Power. This program doesn’t offer products at discounted prices, the costs are actually more than if you were to buy your product from a retailer. The real value of purchasing power is how it can be used as a budgeting tool.
Budgeting is really easy with purchasing power because you know exactly how it is going to affect your paycheck. We think it’s great for those moments when you need to buy something big in an emergency, like a refrigerator or a washing machine, but don’t have the cash on hand to buy it yourself.
We really want to stress that it is not a discount service. Products bought through Purchasing Power will cost more than they do from other providers. There are sometimes discounts and sales, but even then, you’ll probably still be paying above MSRP.
So… should you use it for buying gifts?
We think the answer depends. If you’re in a situation where you want to buy presents, purchasing power might make it easier to pay at a slower pace. We definitely think you should consider your options and compare prices before you lock anything in.
One thing that Purchasing Power does really well is it creates catalogues that can help you find great presents for your loved ones based on different categories. So, it could just be a great place to start looking around for that reason too!
If you want to give it a try, enrollment is extremely simple! Simply head to https://www.purchasingpower.com/ and sign up. Follow the enrollment procedures from there. Once you’re logged in, there are no credit checks required and you’ll be able to shop the brands you love and make the right choices for you.
For more information about Purchasing Power, you can check out these links!
About Purchasing Power: https://www.purchasingpower.com/how-it-works
Purchasing Power FAQ: https://www.purchasingpower.com/support/program-overview
Buyer’s Guides: https://www.purchasingpower.com/buying-guides