Compulsive shopping is unhealthy. You end up wasting a lot of your hard-earned money without giving it a thought. We support retail therapy but only occasionally. If you have found yourself buying things excessively, you must analyze your patterns and make some changes in your life starting from today.
In this article, we will discuss six tips to shop on a budget every month that can help you stay on track:
1- Use an App to Record Spendings: There are many apps such as Mint, PocketGuard, Goodbudget, Clarity money, Personal Capital, and much more available on the App Store and Google Play that can help you record your spendings. You can research on budgeting apps, and find what fits your needs.
If you’re old school and still prefer notebooks, you can keep a record of your spendings and savings on a book.
2 – Restrict Yourself: New Gucci slides at the mall may be tempting, but you must restrict your self. You can’t always buy things randomly out of the blue. Frequent mall trips with the girls don’t mean you buy something every time—rule of Thumb: Practice control.
3 – Make a List of What You Need: Making a list of things you need will help you make wiser decisions. When going shopping, pull the list out that you have put together and then set an amount for the shopping trip. In this way, you end up buying things you need and spend the amount you have allowed yourself to use in the respective month.
4 – Differentiate between your wants and necessities: As an adult, you must be able to identify your ‘wants’ and your ‘needs’ in the list of things you want. You must set up a percentage of things you can buy in the specific amount from both the files (Needs vs. Wants). Make smart choices by maintaining a 1:2 ratio.
5 – Identify Priorities: We must also learn to prioritize what’s essential and what is not. For instance: gym equipment, medicines, grocery, and toiletries are more critical than junk food, clothes, makeup, shoes, etc. during the lockdown.
6 – Treat Yourself: After all, you must treat yourself too! Set an amount every month aside that can be used collectively apart from your savings and your monthly expenditure. This amount can be used on a spa trip, on makeup, on a gadget, etc. In this way, you will be able to keep up with the spending restrictions you have imposed on yourself.
Moreover, if you have a severe problem with compulsive buying, you must seek therapy that can help you resolve the issue or ask a professional for help.
The ongoing pandemic has already weakened the buying power of consumers around the globe. During these uncertain times, it is best to restrict spendings and save enough for any unforeseen circumstances.
Remember not to be too hard on yourself. Have something to add? Let us know in the comment section below as to how you shop on a budget.
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