The Less You Own, The Less Owns You

Are you a shopaholic?

We’ve all had that feeling — we make an impulse purchase and then immediately regret it With online shopping becoming more convenient, impulse purchases are harder to avoid. This is your reminder to stop clicking the ‘buy now’ button and put the breaks on spending your hard earned money!!!

Here are some tips for shopping w/purpose:

Plan:

Before you go on any shopping trip (online or in store) make sure you (1) set a budget, (2) prepare a list of what you need, (3) search for coupons/best deals amongst retailers. This may seem a little extensive for simple shopping trips like groceries, but you’d be surprised how easy it is to get carried away once you’re in the store.

Tip: Purchasing products that you use often (e.g. groceries, toiletries) in bulk from supply chain stores/monthly subscription services allows you to bargain hunt a few times annually rather than weekly.

Keep a ‘Wish’ List:

Living frugally doesn’t mean you have to live an ascetic life, it just means you have to prioritize what you want because you can’t have it all.  Keep a list of items you ‘wish’ to own but don’t necessarily need. Every so often take a look at the list and prioritize what you really want. Decide on a few items to treat yourself to once a quarter — but you can’t use credit, you must purchase the item in full!

Big Ticket Items:

When purchasing a big ticket item evaluate the following:

1) How will I use it? Determine if you really need the item and how often you will use it. Items you use on a daily basis are a worthwhile investment; however items that will rarely be used should give you pause.

2) Is it quality & will it last? Buy to last a lifetime! Don’t purchase something just because it’s on sale — sacrificing quality ultimately leads to more money being spent and waste!

3️) Where & when can I get the best deal? Plan big purchases around holidays or in the off-season when retailers have big sales.

Want more advice? Check out this episode from one of our favorite podcasts — Money Girl: Ep 528 14 Tips to Kill Impulse Buying & Save Money