Tips for Avoiding Penny Auction Burnout

burnout

Do you have penny auction burnout? You know, the feeling you get after you’ve spent so much money on penny auctions yet have little to show for it, yes it does happen to some of us :).

I wont assume that it happens to all of us, because some may be a bit wiser than others when it comes to bidding, but sometimes it’s easy to get carried away.

From the Penny Auction Watch Forum:

“I really have been doing crappy on the sites lately. I thought things would slow down after the Holidays….but seems to be busier. Is everyone on vacation? It seems busier during the day too. That’s why I ask. I can’t win. It seems everyone wants to battle. I haven’t been in the battling mood, ya know what I mean?”

From the “What’s Your Penny Auction Goal for 2011?” thread:

“My Ultimate Goal is to Stop the Insanity!! Until I am capable of stepping away from my computer, my goal is to have more self control. 

“Have a 75% average savings

“Start donating wins to local charities”

Stay out of the RED!”

“To have more cash than bids”

We all want to have more cash than bids and win items for less than retail, after all that’s why we get the penny auction rush, when we win that new Hi-Def TV for $10, or a new iPod for $50, but winning is not always easy and just because we’ve won a few doesn’t mean we can always win them all.

Remedies & Tips for Avoiding Penny Auction Burnout

 

1. Step back and take a break

2. Set Boundaries, Exercise self-control, and most importantly: Be money smart- know how much you can stand to lose and know when to stop. Always keep track of your bid purchases and compare them with wins

3. Buy it Now!

Check out sites that provide a 100% buy it now option. Not sure what these are? Check out some of the “Buy it Now Penny Auction Sites” thread in the forum. Basically penny auction sites that provide a buy it now option are sites that let you apply your bids spent (better if 100%) to purchasing the item outright at their listed retail price, research the price first to make sure you’ll be ok with going retail if you need to.’

4. Relax - see 1.) perhaps read a book, go for a walk, anything to step away for a little while.

5. Take bidding seriously, but have fun

If you’re not having fun you may need to change your strategy, perhaps bidding less could help you win more.

6. Bid on items that you know you have a need for, sometimes we bid on items we don’t even want and end up spending more than we want.

7. Do you have tips for avoiding penny auction burnout? Share them with us!


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4 comments… add one

  1. silence4me

    OMG! Whoever wrote this must have seen me today, way overbid on a little item….I just got caught up in the battle, and didn’t want to lose, even though I didn’t need the item (broke Rule # 6 above) and I just feel foolish. Seriously need to go do Rule # 1!

    Just writing it here works as a little bit of therapy. Live and learn.

    1. Amanda

      Yep, that can happen very easily! happy bidding & good luck :)

  2. Chris

    Check out sites that provide a 100% buy it now option. Such as BigDeal.com …. <<< They are not the only one's offering the "Buy It Now" option. It is amazing how it is always the same site that are continuously publicized over and over…

    1. Amanda

      It’s my blog and based on my experience bidding on penny auctions I’ve had a good experience on BigDeal and have not been ripped off.

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