Sales and retail therapy can feel instantly gratifying but, in the long term, can be detrimental to your purse strings. There is nothing wrong with splurging on nice things now and then, but doing it too much can become problematic. To avoid shopping impulsively, here are seven tips to implement:

Take A Day

This can be challenging because impulses can be strong, but if you see an item you absolutely love, take a day to think about it. Usually, after 24 hours, you may be able to make an informed decision on whether you should buy the item.

Photo Credit: Jasper Garratt

Weigh The Pros And Cons

Does the item serve a continued purpose? How often will you use it? These are some important questions to ask yourself if you are considering an item. Just because you have the money in your bank account does not mean you can afford it in the long term. Weigh the pros and cons of the item and consider its use.

 

Photo Credit: Elena Mozhvilo

Limit Social Media

Yes, we love our influencers and the new items they introduce us to; however, following them too closely can hurt your finances. Social media, in general, holds a lot of temptation. One way to curb unnecessary shopping is by taking some time off social media or cautiously limiting it.

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Don’t Shop Based On Emotion

Shopping may not be good when you feel emotional, angry or sad. When you are not in the right state of mind, it can be easy to talk yourself into buying something to make you feel better. Instead of using money, try a physical activity or watch your favorite TV show.

Calculate How Many Hours You Would Need To Pay For That Item

Most of us work hard to make a living, and although work can be fulfilling, it takes time, effort and dedication. If you are looking at an item you want to splurge on, calculate how many hours it would take you to make that amount.

Invest In Experiences Instead

Items we spend on can easily become clutter in the long-term and lose their luster. If you are looking for a way to spend your money wisely, consider investing your funds in experiences such as travel instead of shopping and accumulating extra stuff.

 

Photo Credit: Jernej Graj

Disengage. Unsubscribe. Remove.

Signing up for retail newsletters can be a big money sucker. If you are tempted by the barrage of constant emails telling you about the latest deals, then it may be time to disengage from all the emails and save money.

Photo Credit: Brian Tromp
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