Today I went shopping for some clothes with my wife. She liked something apart from the usual stuff we decided to buy. I asked her to wait for a week and if she still wants it, we will buy it. See what I did there? 馃槀
Have you ever gone shopping & ended up spending way more than you wanted to? Or bought a product that you never used, or even returned it for a full refund? You鈥檙e not alone! In fact, many people have the same problem. To avoid overspending, I鈥檝e developed some helpful tips that will help keep your wallet heavy. Read on for my favorite hacks to avoid overspending and end up with only what's best for you and your bank account.
Set A Budget
By setting a budget and sticking to it, you can make more informed decisions about your spending and avoid overspending or going into credit card debt. It can also help you to save more money and reach your financial goals more quickly.
To set a budget, start by determining your income and expenses. Take into account all of your fixed expenses, such as rent or mortgage payments, and variable expenses, such as groceries and entertainment. Next, subtract your expenses from your income to see how much money you have left for discretionary spendings, such as shopping.
Find Cheaper Alternatives
Setting a budget is the only piece of the puzzle. Next, you must look for cheaper alternatives. Shop around, consider buying second hand or use coupons. Some membership or loyalty programs offer crazy discounts if you are a serial shopper like my wife. And you are compelled to buy everything from one place. This not only avoids going to different places, but it will also help you add up more points with your purchases. Buy in bulk when you can because you get an extra discount at some places.
Seperate Needs And Wants
While shopping, you have to constantly ask yourself whether you need the product or not. My wife clearly didn't need the extra pair of clothing. By the time one week passes, she would realize that she could do without the thing she wanted to buy. I use this hack every time I get carried away by all the bling while shopping. If you don't need it, don't buy it. If something is cheap, doesn't mean it's a great buy.
Shop With Cash Only
You cannot bring loads of cash into your pocket. But a small credit card with high spending limits can easily drive you into buying things you cannot afford. Only use credit cards, if you can control your impulse. Or when you have a solid plan to pay bills on time. I use credit cards for big purchases so that I also get redeemable points. Otherwise, I don't because I get carried away easily.
Rent or Borrow
Renting clothes might sound like an insane idea but consider this. If you are shopping for a dress that you would only wear on special events like marriages and birthdays, consider renting it or borrowing it from your family or friends. I still remember the Indian traditional dress I got for my own wedding, it is sitting in my store room. You cannot even wear it every day. So why waste a shit ton of money on something that you cannot properly use?
Conclusion
I hope you found these tips helpful! Remember that the key to avoiding overspending is to find a balance between what you want and what you need. To do this, make sure to budget, set financial goals, and save money before you spend it. And if all else fails, there鈥檚 always our handy trick of asking yourself if buying something will make your life better or not!
Follow: @finguru
Twitter: https://twitter.com/finguru6
Discord: finguru#4062
Not financial advice. For infotainment purposes only.