Four Ways to ‘Unspend’ Your Money

The battle to be a clever spender doesn’t stop once you’ve decided to buy something. In this article, we’ll explore a strategy I call unspending – getting money back after you’ve already spent it.  

There are several situations where you should be on the lookout for the chance to save money retroactively. These include taking advantage of a sale or better deal that comes along after your purchase, re-booking cancellable reservations when the price has dropped (especially common with travel plans), and even asking for forgiveness when you spend money by mistake. 

Let’s look at how these different situations work. I’ll share some personal examples and tips on how to take advantage of these opportunities.

Situation #1: When an item goes on sale just after you bought it

Have you ever purchased something and then discovered it’s on sale a week later? Bummer, right? Well, if it’s a recent purchase, you can usually get your money back by asking the store to give you a price adjustment. It’s just one more way to take advantage of sales. 

Example #1: I needed a new pair of hiking pants for a weekend trip to Asheville. I went to REI, my favorite outdoor store, and found a great pair of pants. But a week later, REI started their Memorial Day sale, and those same pants were now 30% off. I popped back into the store with my receipt and asked for the lower price, putting money back in my pocket.

Example #2: I bought three boxes of gutter leaf guards from Costco to save money on my gutter installation. Less than a month later, I noticed the same product was on sale for about $10 off per box. So on my next shopping trip, I stopped by the customer service desk and unspent $30.

There are three steps to taking advantage of a sale retroactively. First, save your receipt. Second, discover that the item is now on sale – you can find out about promotions by joining the company’s email list. Third, act quickly. Stores have different policies on how long they’re willing to offer a price adjustment, so don’t wait.

Situation #2: When you find a better price somewhere else after buying

Searching for the best deal doesn’t have to stop once you’ve swiped your credit card. I wouldn’t obsessively keep searching, but I suspect we’ve all had the experience of buying something and then finding out we could have gotten a better price somewhere else.

Example: I once ordered a bed frame online. The next day, I saw an ad for the same product from a different website for $100 less. The original order hadn’t even shipped yet, so I canceled that order and placed a new order with the lower-priced company.

As in the first situation, you’ll want to save your receipts and act quickly. 

Situation #3: When you forget to cancel something

Did you ever intend to cancel a subscription or recurring bill, but you forgot to do it, and now you’re kicking yourself because the charge posted? You’d be surprised how often there’s either a grace period or simply a customer service agent willing to extend some compassion. 

Example #1: I intended to cancel a certain credit card before the annual fee posted, but I forgot. When I saw the charge, I called customer service and they had no problem crediting it back.

Example #2: A website software plugin I had been using charged customers a subscription fee. I no longer needed the plug-in but had just been charged again. I emailed them and explained that I wasn’t using it, got the money back.

Example #3: I switched health insurance companies a few days after the old company’s monthly premium was charged. Since I hadn’t made use of the insurance, I asked if the old company could issue a refund, and they said yes.

When you’re in this situation, it’s always worth asking the company and politely asking if a refund is possible!

Situation 4: When a booking can be canceled or changed

Rental cars, flights, and hotels can often be re-booked when the price drops. There’s a lot to say about this one, so I’m going to go into detail for each category:

Rental cars

Rental car prices do not steadily increase as your dates get closer. On the contrary, it’s common to see rates drop because the agency realizes they’re under-booked and wants to attract last-minute business.

To take advantage of this, you need to have a rental car booking that can be changed or canceled without penalty. Most can, especially when booked directly with the agency. I would advise you to avoid non-refundable bookings because they don’t offer enough of a discount to justify giving up your flexibility.

I like to re-check my car-rental booking about once a month leading up to a trip, then again in the final week. A better price might be available with your original agency or with a competitor, and most travel websites will give you everybody’s prices in one search. If you don’t want to check yourself, the company AutoSlash will automate this for you, but keep a percentage of your savings. Either way, you may find that re-checking prices lands $100 or more back in your wallet!

Note: There’s currently a rental car shortage due to skyrocketing post-pandemic demand and car manufacturing delays, so falling prices may be less likely at the moment than usual.

Flights

The age-old traveler’s conundrum: Should I book my flight now or should I wait? Will the price go up or down? But don’t stop when you make your reservation! Here are two common ways most travelers can revisit their flight plans and save money:

Within 24 hours: All flights to, from, or within the United States are required by law to allow a penalty-free cancellation within 24 hours of booking, as long as you book more than seven days before departure. This rule applies even on restrictive basic economy tickets. So if you book a flight today, it’s worth double-checking tomorrow: maybe the price will have gone down, either on your flight or on a better flight. If it has, cancel and re-book.

Waived cancellation fees: As airlines try to make wary travelers feel comfortable flying again, many have started to offer new flexibility on changing or canceling tickets (Southwest has always provided this flexibility). Usually, you won’t get an outright refund, but you can convert your ticket into credit for future travel.

Example: Back in April, I booked a ticket for two people from Seattle to Austin. A month later, I noticed the same flight was $30 less per passenger. I canceled the original booking, which created a credit with the airline. I immediately made a new booking for the same flight at the lower fare, applying the credit. Afterward, I still have $60 in credit leftover to use by the end of 2022, which means I’ll save money on a future flight.

Caution: Be sure to understand your ticket’s rules around changes or cancellations, especially in basic economy. Also, if you’ve already paid for extras like seating, baggage, or other ancillary fees, these are often non-refundable and non-transferrable. For this reason, I prefer not to pay any extra fees until I’m sure I’ll be using the ticket.

Hotels

Like rental cars, prices don’t automatically go up as a date approaches. Hotel rooms are use-it-or-lose-it, and an undersold hotel will offer steep discounts to earn last-minute business. So if you’ve booked a refundable hotel reservation, it’s worth checking a few days before your trip. And if you’re flexible about where you stay (or even willing to take a Priceline or Hotwire mystery deal), the chance of finding a cheap last-minute rate goes up even further.

Bottom line

Unspending is an easy way to recover money in a variety of different situations. The two keys to success are identifying which purchases warrant a second look after purchasing and acting fast when you discover a lower price (or when you bought something by mistake). It doesn’t take much time, and when you find an opportunity to unspend, it’s easily a $240 an hour power move.

Do you have a story about a time you unspent money? I’d love to hear about it in the comments.