In the wake of the new year, it’s common to practice different habits with the goal of maintaining a healthier, more organized lifestyle. Starting with a clean slate at the beginning of the year is an ideal time to introduce these daily changes, and the objectives can range anywhere from getting more exercise to creating and following a personal budget. Leaving behind the habit of spending excess money is one of the more difficult tasks that many practice, but when using reason and practicality when shopping, saving money can become second nature. Ask yourself these questions the next time you find yourself making an impulse purchase.
Do I really need it?
Most shopping sprees are filled with “oohs” and “ahhs” when looking at the latest products to hit the stores, but these moments of intrigue should not dictate the patterns of your spending. Instead of shopping by want, shop by need. If you already own multiple pairs of your favorite jeans or a full bottle of perfume at home, there isn’t a need to purchase more. Waiting until items are completely empty or worn out before purchasing more is the easiest way to use what you have and avoid excessive spending. If you are looking to budget, limiting spending on new clothing and material items is an effective way to save a bit of money that will build up over time.
How will it be helpful to my daily life?
When deciding to make an investment or a larger purchase, it’s important to reflect on if the item will be money well spent or if it will simply collect dust. If you enjoy the morning ritual of working out or having a cup of coffee, things such as gym equipment or an espresso machine are practical products to purchase that will actually be of use based on your day to day activity. It’s easy to pick up hobbies and abandon them in a couple of weeks, so make sure to buy the things that you know you will stick to before making a more significant purchase. Even when buying mundane items such as kitchen utensils or cleaning supplies, the habit of using them until they need to be replaced is a useful rule of thumb to remember.
Is this product worth the price?
There are more factors to shopping than just the appeal of an item followed by a transaction. Each spontaneous purchase begs the question of if you actually know what you’re purchasing. Make sure to read into product details about the quality and lifespan of items before swiping your card, as it may not last you as long as you expect. Could you get the product somewhere else for a lower price? Is the amount of money worth the result that the product will give you? In order to save money on basic items, it may even be more beneficial to buy the more expensive option off the bat to avoid having to replace it multiple times later on. Just because something is cheap doesn’t inherently mean it’s a steal.
The next time you pick up a shirt that you already own in four different colors, consider these tips before heading to the checkout line. Spending money isn’t a bad thing, but it’s helpful to note that each unnecessary splurge avoided allows for more money to be saved for important purchases down the road.
