Shopping with Smarts

Mid-July was marked by special event shopping days offered by large retailers like Amazon, Target, and Walmart. Days before the sales, these retailers inundated our televisions, email accounts, and social media accounts with reminders of the savings that we could reap on these special shopping days. As I started to make my wish list, it grew larger and larger and larger! I wondered if I would really save any money or end up buying all kinds of ‘stuff’ on impulse because I didn’t want to miss out on a bargain. While I am not usually an impulse buyer, I kept remembering the old sage advice that you should never go grocery shopping when you are hungry. I knew I had to make a plan to avert a financial disaster or setback.

I considered the following tips to ensure that I did not overspend. In addition to committing to stick to my shopping list, I reviewed my budget. Once I had established my budget, I prioritized the purchases I wanted to make. I also took some time to look around for better bargains before I completed my purchases. Once I had spent the budgeted amount, my shopping spree was over. While there are items that I still would like to have, by sticking to my budget, I will not incur additional credit card fees or worry about how I will make my payments when the bills arrive.

For many, impulse buying is difficult to stop. If you find that you often buy on impulse, give some thought to what triggers this kind of spending. Are you stressed, lonely, exhausted? Is it a habit that you have been managing for a long time? Track your spending for 6-12 months and see if you gain any useful insight that may help you advance your road to financial freedom.