Sometimes the money spent bidding is more than you have and can stand to lose.
While bidding can be fun, it can be frustrating at the same time, so bidders really need to develop money management skills.
Not only do newbies need to keep track of what they spend, but seasoned bidders as well.
If you are not keeping track of what you are spending your penny auction experience could become very stressful, or, even worse, traumatic.
Here are some tips to help you to manage your money for better penny auction bidding.
Put these tips into practice now before you even start bidding, or continue bidding:
1. First, determine how much you are willing to lose. Set your weekly or monthly limits based on a small percentage of your income, say 2-5% of your income.
2. Get a pre-paid credit/Visa card and put the amount of money you want to spend on penny auctions.
3. Or – You could actually set up another bank account just for penny auctions. With a dedicated penny auction spending account you will be able to keep track of your spending better and spend only what you put in the account. Make sure you keep a good register, as you don’t want to overdraft.
4. Use popular money management tools like Quicken or the free service at Mint.com.
5. Create a Quicken spreadsheet. Set up site specific columns and each time you purchase a bid pack input the amount in your spreadsheet. Once you win calculate the win value, and add the value amounts and items in the spreadsheet. This will help you too, to keep track of when your items have been received. Create another column for received items and check the column off once you’ve received your wins.
As soon as you have made a budget for your penny auction spending you will be able to realize just how much you have been spending, and how much you’ve been winning.
If your spending outweighs your winnings, you may want to step back. Take a break and think about how you were bidding, where, when, against who, etc. before you continue.
Be an informed penny auction bidder.
Read the terms & conditions of the site before you even sign-up, search the site online to see what others are saying, join our forum and start a new thread with the site in the title and ask if others have bid on the site and what their experiences have been.
Remember, penny auctions should be fun, if they’re not fun for you – you need to come to terms with why they’re no longer enjoyable. I bet the biggest reason is loss of money.
Do you have more tips for managing penny auction spending? Let us know!
Photo Credits: Newton Free Library
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