SHOPPING TIPS TO AVOID IMPULSE BUYING

If ‘add to cart’ is part of your daily routine, you may want to ease up on your shopping habits. Impulse buying can have dire implications for your finances. Try these helpful tips to give your shopping habits (and your wallet) a rest.

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SET (AND STICK TO) A CLEAR BUDGET
Overspending is too easy when you do not have a budget. Be clear on your budget and check in frequently to see if you are still on track. Once you know how much you have to spend, it is easy to hold yourself accountable when going shopping. One tip to ensure that you are shopping within your means is to pinch away money every month and transfer it to your savings account. So, if you slip up and buy something you did not plan for, there is something extra saved away to cushion the financial blow.

FIND HEALTHY COPING MECHANISMS FOR STRESS
Had a difficult day at work? Or have the kids had one too many tantrums? Do not run to the shops for retail therapy at every minor inconvenience. Find healthy coping mechanisms to manage day-to-day stressors. It is important to recognise when you’re shopping for a purpose versus using it to make yourself feel better after a difficult day. Take a minute before getting out your credit card details to make that online purchase when stressed.

Try breathing exercises, take a walk or make yourself a calming cup of tea. You will feel much better and rethink that pair of shoes you probably don’t need anyway.

RETURN ITEMS YOU REGRET BUYING
We have all been there – and have that one expensive skirt we never wear to prove it. Buyer’s remorse is more common than you think. When going shopping, do not wear your purchases immediately. When you get home, try on the items, and assess if you need or want them. That way, you can take them back to the shop if you feel regretful about your shopping spree afterwards. Make sure to check what the store’s return policy is before you buy the items.

SET SOME SHOPPING OBSTACLES FOR YOURSELF
Shopping online has become very accessible – too accessible, perhaps. Having access to your favourite shopping apps and websites 24/7 can cause impulsive spending habits. This can lead to shopping guilt and financial problems. Make it more difficult for yourself to shop. Disable the notifications from your shopping apps. Better yet, delete your favourite shopping apps from your phone and stay away from store websites. Doing this will force you to physically go to the store and allow time to make mindful spending decisions.

REMIND YOURSELF OF YOUR FINANCIAL GOALS
Splurging here and there will not put you in financial ruin. But what are your plans with your money? Do you have something specific you are saving up for? Impulse purchases can quickly derail your plans. Make sure to check that you are still on track with your financial goals before making that big purchase.

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