Unbridled spending on shopping is obviously never planned for but happens often. You visit the supermarket with the thought of spending $10, but leave with a $40 hole in your wallet. Sometimes it could be items you come across while walking in the streets and though you had absolutely no plan of buying anything, you get home with something on your hands and an empty pocket. You are not alone. Here are some of the main reasons that keep you spending without plan and how to tame them.
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- Plastic money
Many people have their hands on credit and debits cards,,, which makes overspending a major problem. Many stores together with banks have devised ways, in the name of convenience to allow you to pay at the counter with your ATM cards. Of all the choices you make at the till, on your decision to pay with a card has the biggest impact on your bottom line. It is easier to spend more than if you had cash with the card. Most supermarkets have realized this and are adding cards from more banks to a on their accepted card’s list. Solution, leave your card at home and shop with just the amount you need.
2. Money transfer service
With the popularity of money transfer services keeping money in your phone in case of an emergency is a safe choice. but buying something you did not plan for is not an emergency ,or is it? be disciplined and use that money only for the purpose intended.
3. Falling for cleverer
pricing tactics
Marketers have clever ways of
making you think you are getting a good deal, you cannot blame them, it is
there job. One will tell to buy the first pair of shoes at $35- which you know
is on the higher side- but then add that any other, pair you buy will be at
half price. This is too good to resist so you buy the pair and 2 more pairs at
$18. First you did not plan to use $70 on shoes;
Second, when you calm down, you
realize you were overcharged as each pair costs $18. You overspent while
thinking you were getting a bargain.
4. Shopping
without a list
This is the one of the biggest mistakes people make. You
are more likely to buy only the things you need if they are written down in
black and white. If you are one to struggle with self-control, bring just
enough cash for what is listed and leave your credit or debit card behind.
5. Buying
clearance merchandise
There is nothing wrong with getting an item on sale. The
problem with the clearance rack is that items are limited. This leads to the
notion that if you do not get it now. It will not be there later. The fear of
missing out tends to make you less rational about evaluating your purchases, so
you end up spending money on things you did not want or need. Be sure of what
you are going in to buy so that you do not caught up in the frenzy of the crowd
6. Music
Listening to music is perfect for increasing motivation,
especially to spend. You are more likely to give into impulse purchases in
shops where instrumental or classic music is playing. Experts say loud music
impacts spending. It is said that louder music in restaurants push people into
eating faster, ordering for more and consuming more because they cannot talk to
each other over the noise. This may sound ludicrous but take the case of pubs-
have you ever wondered why among the revelers the most likely statements to be
heard will “give us another round?”
7. Dieting and
exercise
Dieting and exercise is vital for well-being. If really
you are careful enough you will learn to understand that good dieting and
exercise makes someone to be perfect on both sides ie. Physically and
emotionally. If you are watching your weight, watch your wallet too. The
promise of attaining that ideal look lessens your ability to restrain from your
impulses and you end up doing whatever you are presented with to attain the
look. “The look” gives you stronger urges to spend outrageously on products
8. Keeping up with
friends
Your friends have a direct influence on your money. At
point you hang out with those who wants to spend all day shopping for clothes,
yet you’re still paying the bills from the last time you went shopping or it
may be having lunch or a drink in a place where you are struggling to pay the
bill. Spending to bolster your image is bad for your finances. Get people
around you who mind about your financial welfare and have the same financial
goals.
9. Festivities
Theirs is usually a feeling that the Christmas season, New
year, Easter and birthdays, these are times to spend, so often end up over
doing it. The situation is not helped by the multiple sales offers around. If
you do not have a plan on how much you intend to spend during these
celebrations, you will end up overspending.
10. Not comparing
prices
How many times have you bought an item in one shop only to
walk past the next and see the same item is cheaper? If only you had taken your
time to compare prices.
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