smart spending

6 smartphone shopping app traps

Shopping apps give you a great feeling of power
Shopping apps give you a great feeling of power

Don't you just feel smart standing in line, using an app to check the best price or get a great coupon deal before you buy?

"Using shopping apps on a smartphone is so attractive," says Vincent Schiavone, chairman and CEO of ListenLogic.com, a company that studies the business of social media for brands. "It gives you a little feeling of power in the palm of your hand. Wherever, whenever, you can find deals, check reviews and prices, gain product information, earn rewards, invite friends and pay with just the tap of an app."

IPhone shopping app impressions grew by 249 percent in 2010, according to a Mobclix study. Another survey by Prosper Mobile Insights in August 2012 found that 66.5 percent of smartphone users say they have made a purchase using their smartphones. So what's the problem?

"Unchecked use of mobile shopping apps can also have you spending more each time you tap," says Gary Belsky, co-author of "Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons from the Life-Changing Science of Behavioral Economics."

"The biggest trap with any digital buying mechanism is impulse buying," he says. "Simply enforce the 'do-it-tomorrow rule.' Slow yourself down, let the impulse pass. If you still want to buy it tomorrow, then buy it."

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed, 0 point 4.30%  0.13 4.43%
15 year fixed, 0 point 3.30%  0.03 3.27%
5/1 ARM 3.34%  0.12 3.46%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.38%  0.09 4.47%
50K FICO-based HELOC 4.11%  0.06 4.17%
100K FICO-based HELOC 3.96%  0.03 3.93%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.63%  0.10 2.73%
48 month used car loan 2.90%  0.07 2.97%
60 month new car loan 3.17%  0.05 3.22%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.90%  0.01 0.91%
2 Year CD 1.09% --0.01 1.08%
5 Year CD 1.74% --0.00 1.74%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.66%  0.01 15.67%
Cash Back Cards 16.36%  0.03 16.33%
Low Interest Cards 10.87% --0.00 10.87%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us