Penny Auction Pitfalls

Photograph Copyright © 2007-present Joriel Jimenez

"The Gambler" ©2007-present Joriel Jimenez-Used with permission.

Is that little shiny BID button calling your name on every item?

Want to see your name on top so badly that you can’t stop clicking it even after you’ve just spent $100 for that $25 McDonald’s gift card? At least you’ll know you won’t go hungry when all that’s left are food gift cards :).

Do your friends and relatives think you’re insane?

Are they worried about you, or are they just jealous you got that nifty little NetBook for $7? Don’t let them know you bought the Netbook just so you could bid on your favorite penny auctions when you’re away from home. 😉

Do you feel the need to be secretive about your penny auction sites? Then again, maybe if you tell them, they will end up being the one to bid against you!

Are you spending so much time and money on penny auctions that you’re going to lose your house, job, spouse, kids, dog? Make sure you don’t start bidding on a hot auction if your husband is soon to be home.

Once you decide to bid on an auction you should take a look at a few factors:

  • Who you are bidding against and their bidding patterns
  • How much the item is really worth to you
  • How many bids you have
  • How much you are willing to go over value to get the item, if you can get it.

Don’t bid when on unstable Internet connections: When using wireless cellular aircards, at coffee shops, hotels, restaurants, the Wi-Fi you stole from someone while driving down the road… you get the picture. 🙂

Hopefully you’re getting great deals, (win some-lose some?) It’s not hard to spend a lot of money fast especially when the little thing called ego gets in the way.

Before you bid plan on what you are going to do when you meet that unfortunate time where you have gone beyond the “point of no return” and the other bidder has too, and it’s only you and them (let’s just hope a new person doesn’t jump in against you at this point.)

Once you’ve hit the point of no return and are determined to keep going don’t get distracted and don’t waste time setting up an autobidder because you may just lose the item you were fighting for.

Bidding on penny auctions can be fun as well as profitable, but if you spend too much time on them you can rack up quite the credit card bill.  Make sure you’re keeping a close eye on your bank statements too and keep track of what you’re spending.

Can you relate to at least one of the situations above? If you would like to have your story featured on Penny Auction Watch, please feel free to let us know.

Join our forums, invite your friends and remember have fun, but be wise!

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