With inflation and rising costs, many people are cutting back on their spending. Financial experts say controlling your spending habits can help you stay on budget and save some money.
Valencia Higuera is a personal finance writer for her website, The Broken Wallet, where she offers financial literacy tips and money-saving tips that people can use in their everyday life. She also offers tips on how to maximize savings while shopping. She said it’s easy to make impulse purchases and overspend, and even the small purchases can add up quickly.
Higuera says the first thing to do is to check in with your emotions. If you’re stressed, or buying something to make yourself feel better, chances are, you probably don’t need it.
“If it’s an emotional reaction, do not shop, or if you know that you’re stressed or you’re sad, that’s pretty much your sign that you probably shouldn’t go, because you’re going to end up spending way more,” said Higuera.
Also be mindful of what you’re buying and when. For big purchases like mattresses, new furniture, or appliances, know the best time to buy. Consider sales and discounts around the holidays. For clothes, outdoor gear, and furniture, consider end-of-season sales.
To avoid impulse buys, she also encourages shoppers to take a moment before buying an item. Leave an item on the shelf while you walk around the store or leave it in your online cart fort 24 to 48 hours.
“Give yourself a moment to pause and put some distance between that impulse buy. Add it to your cart and just let it sit, because sometimes, too, you find that you already have something that’s similar, or maybe you bought something like that in the past, or you bought something similar that you no longer use, or you regret it. So, it just gives you time to just think, and that’s pretty much what being a more mindful spender is all about,” said Higuera.
Also consider shopping alone, and who you shop with too, instead of with friends or family who might encourage you to make impulse buys.
“If you’re going to shop with somebody, you have to make sure it’s someone who it’s not going to pressure you to spend. The best person to shop with is a frugal person or someone who you know doesn’t really buy a lot,” said Higuera.
You can also shop around and compare prices online. Sometimes the better deals are online, compared to in-store. Convenience stores also offer competitive prices and deals. Consumers can also stack coupons and clip digital coupons too.
Higuera also suggests creating a budget every month, and putting your money into categories like needs, wants, and savings. It’s an easy way to ensure you’re not overspending every month.
