Save yourself from impulse buying with these shopping tips
KEYWORD PHRASES: impulse buying
We all love shopping. The freedom to select something new to adorn ourselves makes us feel incredibly happy. Though impulse buying is usually linked with women, men too find themselves sucked into the consumerist trap of retail therapy. No doubt, shopping is a good experience but problems arise when you overdo it. Owing to the work-life stress, and effective marketing strategies, consumers are increasingly falling for impulse buying.
A survey commissioned by Chic Outlet shopping revealed that Singaporean women spent more than $200k on their shoes in a lifetime. And $200k is a lot of money. The study also showed that 46% of Singaporean women own shoes they’ve never even worn before. This just goes to show the shopping mania among most Singaporeans these days. Quite often these impulse buying habits end up affecting your finances, and in adverse scenarios lead to unnecessary debts. You too may have encountered moments when you end up over indulging and then feel guilty about having spent incredulous amounts on shopping.
Here are a few tips to keep in mind to save yourself from guilty spending:
Follow a compulsory waiting period
Whenever you are tempted to make an unnecessary purchase, ensure you have a mandatory waiting period. Wait for at least a week before you make up your mind to make the purchase. This mental trick gives you time to think whether you really need the product you are longing for. In most cases, people don’t end up going back to the store to make the purchase, and you save yourself from making an impulse purchase.
Keep track of your shopping expenditure
If you are reading this article, you are most probably a working professional or an entrepreneur. In that case, you have a limited income. So, it is always preferable that you keep track of your expenses. Maintain a diary for tracking all your expenses. Every time you make a purchase, you should make it a point to pen it down in your expense journal. This way you will be conscious of the total money spent at any point in time and be aware of your bank balance. Keeping a tab on your expenses will automatically prevent you from making unnecessary purchases.
Consider cleaning something
This might seem like a weird advice, but every time you feel like buying something you don’t need, you should clean your home. For example, if you’ve fallen head over heels for a particular shoe you saw online, you should try cleaning your shoe shelf. This experience will divert your mind from your temptation, and you will have a renewed sense of appreciation for your old shoes. By following this tip, you will be able to trick your mind to not fall for impulse buying successfully.
Learn to be more mindful
To avoid overspending, it is important to shop consciously. Before buying something ask yourself if you really need that. Make a list of all the things you want to purchase. This can be easily done for your grocery shopping and also try doing the same for your clothes, cosmetics, shoes, gadgets and all other shopping items.
Be wary of your weaknesses. If you know that there are certain stores that tempt you to splurge, then stay away from them. You can also make a list of things you purchased, which made you feel like a total idiot. These are things that you never really needed or used. Go through this list, understand your mistakes and be mindful enough not to repeat these mistakes.
Create a budget
Another way to save yourself from guilty spending is by creating a budget at the beginning of every month. Plan your budget smartly and allocate your funds wherever required. Once this is done, set some goals and spending limits for yourself and try to stick to them. With a basic financial overview in mind, you will orient yourself to spend less, thereby reducing any chances of impulse buying. Moreover, a budget will help you understand how much discretionary spending you can afford and how much you should save and invest.
Avoid Impulse buying when you are emotionally disturbed
Retail therapy is known to work wonders for people who are stressed, upset or emotionally disturbed. But this might not be a good idea for your finances. Shopping immediately after a breakup or a major event in your life can lead to overspending as you will be looking at shopping as means for instant gratification. No doubt, you will temporarily feel good while overindulging but after a while you will end up feeling worse when you will be left with a broken heart and no money left to pay your credit card bills. Hence, you should avoid shopping when you are emotionally disturbed.
We hope you will follow these shopping tips to refrain from impulse buying and thereby have better control over your finances.
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