Have you noticed you no longer have enough space for all the brand-new dresses you recently purchased? Or you’ve got a dozen and more mugs in your cupboard than you ever need? Perhaps your spending habits are out of control. You love shopping so much, and it is not healthy anymore. You’ve got more liabilities than assets, and if you do not start saving now, those dresses and mugs and other knickknacks will do nothing to save you from your addiction to shopping.
PSST.Ph shares effective ways to help curb the temptations to spend money.
Money-savvy tips for the shopaholics
Make an inventory of your possessions
Find time to organize your things and sort out your closet. Check on jeans and shirts you still can wear and those that are too outdated already. Go through your pantry as well and refrigerator. You might discover you still have stocks of expired goodies that are eating up space.
Organizing your stuff gives you a good look of things you still have and items you would be needing. Sometimes you purchase stuff thinking you need them but then you already have one neatly tucked inside your drawer.
Recognize the purpose
A sure way to stop wasteful spending is identifying the purpose of your buying. “I need a pair of shoes to go with my evening dress for Wendy’s party” is a reason. If the intention for your other purchases seems ambiguous, drop the item. You do not need it. You just want to add it to your many collections.
Get rid of the plastic card
You’ve read it. When you got your card, you promised yourself you would use it in emergency cases only. What happens now is that every visit to the mall becomes an emergency. A credit card can be a real temptation to spend more that you could afford. Adopt the cash only policy. You will surely survive without those plastic cards, and your life will be more stress-free.
Limit activities on weekends or after work
Going straight to the mall after work would only tempt you to eat and even have a dessert, buy a dress on sale, or grab those stilettos on display. Avoid temptation. The best way not shop is keeping away from places where you would usually spend.
Put the item on hold
When you saw a beautiful bag on display, you automatically pay for it. But how about instead of buying it right away, put the item on hold for a day or two. You may ask the store personnel to keep it for you as well. After sleeping through it, you will realize you don’t need it in the first place. It is your eagerness to bring home something new that pushes you to buy the item and not because of the need for it.
Bargain items are not savings
Acquiring a new set of DVDs on sale is not savings. It is a liability. What happens after you’ve seen the movie? You will just put it in a box or on your shelf. Your other DVD collection occupies too much space that sometimes, looking at them is not a pleasure anymore. Remember, sale items do not mean you need to buy them. Your buying needs to have a purpose.
Open a savings account
A vital factor of a good personal financial plan is having a savings account to deposit a certain percentage of your earnings. It wouldn’t hurt as well if you deposit there your extra cash instead of spending it on unnecessary purchases. Another option is getting paper assets such as stocks, bonds, money market accounts, and similar types of investments. Starting in paper assets is easy as it can be done online.
Money-savvy tips for the shopaholics
A shopaholic goes on a spree compulsively. She feels she has no control over her behavior, but the truth is, she just enjoys the feeling of flashing those newly bought items. Exerting a little effort in applying these tips to control the temptation of spending money may help bring back the real pleasure of purchasing a need over wants. Remember, you are not missing out on anything if you do not buy.