It is a well-known fact that going food shopping when you are hungry can lead to you buying extra food and not necessarily the right type of food. The same is true of shopping for personal items and this may be something to be aware of the next time you are popping out to the shops.
The chances are that if you are feeling stressed or just in a rush you could end up spending more on impulsive purchases. Retail therapy is all well and good but not if it is to the detriment of your budget for the entire week.
The feel good vibe you get from that impulse buy can be achieved in other ways, such as going for a run or meeting a friend for a coffee catch up.
While grabbing that brand new pair of shoes may make you feel amazing in the short-term, it is likely to put you further behind in your saving plans.
In this instance you may want to consider getting some advice from a financial planner.
There is no shame in asking for guidance because not everyone feels the same way about money.
Your money habits are often linked to your parents and not everyone is brought up valuing frugality.
Below are a few ways that may help you to reduce your impulse spending.
One way to limit your outgoings may be to write down a list of things you need before you leave the house and try to stick to it.
If you are unable to find what you need, try to fight that urge to just buy something for the sake of it. This may help to abate the number of items you purchase spontaneously.
Sometimes taking a break while shopping can also help to curb spending. This can be done simply by taking the time to think about how much you actually need the item before you buy it.
One good idea is to go and grab a coffee, consider the purchase and if you still want it – then buy it. A good rule of thumb is if in doubt, leave it out.
Another good suggestion is shop around because the more shops you go into the more chance you have to find either a cheaper version of the item you want, or in some cases decide that you actually don’t need the item as much as you thought.
When possible, think twice before entering a shop solely because they are having a sale.
At first glance this may appear like a good way to reduce the amount of money you spend – it actually won’t, because you could spend more and buy more items because they have been discounted.
It is worth remembering that retailers are constantly having sales in their stores – whether it be for the entire shop or just a few racks.
Try to stay away from trying on items such as clothing or shoes because once you have them on you may be tempted to buy them.
ipac is one of Australia’s largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.