I loved Kohl’s. Everything is always on sale, and it’s a rush to head up to the register and earn Kohl’s cash and discounts on the pile of stuff that I place on the counter. And I loved my Kohl’s card back in the day. I mean 30% off!!! Who wouldn’t love that kind of discount on everything you need. I’d stock pile my lists, await my coupon and strut into the store prepared to do major damage with a tiny piece of plastic.
Then I read The Total Money Makeover, and worse, so did my husband.
In the summer of 2007, we drew a line in the sand and decided that we were going to stop using credit. We weaned ourselves off of our Amazon sponsored Visa Credit Card that offered $25 gift cards for every $2,500 we spent. We cancelled all the random charge accounts we had opened to get an immediate discount or t-shirt. And then, we turned to that maroon card that was left. Ugh. It was so hard. In the end, my Kohl’s card was cut and closed as well, and I mourned.
When people begin cutting credit cards in Financial Peace, there is ALWAYS someone, usually a woman, who can’t wrap her heart around closing this account. I’ve heard, (and long ago presented) all the arguments. The 30% off coupon is too good to pass up. Kohl’s cash is amazing and you can’t give away free money. Right?
The answer that has made me most confident in my breakup my Kohl’s charge is the phrase, “It’s not you, it’s me.” As in, my thinking, behavior, and values have changed and this relationship just doesn’t fit anymore.
When I am thoughtful about my spending at Kohl’s, I’ve come to see that we aren’t really talking about giving up a 30% discount, but more like a 10% one. I can logon to kohls.com any day and find the coupon on the front page offering me 10-15% off my purchase, WITHOUT using a Kohl’s charge. I can also sign up for their rewards program and emails that will offer me 20-25% discounts a couple times a year. Today I got a free $10 coupon just for Mother’s Day! I am also still able to earn Kohl’s cash at the same pace as those carrying a card. If I choose to make a purchase from home, I always start with ebates.com to earn an additional 1-10% cash back. Today the offer is 6% of each dollar spent! Of course I could save a bit more using a Kohl’s charge, but we’re talking about 10% of the purchase.
Changing my behavior and shopping with cash and a budget saves me much more then 10% at Kohl’s with each shopping trip. Cash has allowed me to feel money in a way that the maroon card never allowed. I don’t overspend or pick up another few items outside of my budget to reach a certain dollar amount for more Kohl’s cash. When the money is gone, I’m done shopping. We are able to work towards our financial goals without getting derailed by a sale or coupon.
My values have shifted so dramatically since starting our total money makeover that I have a lot of peace with my breakup with the Kohl’s charge card. My husband and I are so focused at reaching our financial goals that chasing a discount feels more like a distraction than a tool. Truth be told, my Kohl’s cash often expires now because I don’t want to get sucked into buying something extra just to use the “free money.”
The marketing department at Kohl’s knows exactly what they are doing, and they are excellent in that manner. I’d rather not chase money in that manor, and focus on having my budget reflect the bigger picture in my personal finance story.
Have you broke up with Kohl’s? What are your thoughts looking back on the relationship?
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