Money, Money, Money
Shopping is not a new concept. It is the action or activity of purchasing goods from stores.
The reality of the economic challenges since the pandemic hits harder and harder daily. Families have had to adjust their spending habits.
If you come from a well-to-do, or wealthy family, with a legacy and successful investments, “old money“, then this does not impact you as much.
How does one survive this wonderful world of goodies? Everywhere you go there is a display of products and services on billboards, flyers, and TV Ads.
What is your shopping style?
Do you know your shopping style? There are eight types of shoppers depending on your personality style. Identifying the type of shopper you are, is a step forward to changing bad spending habits that are not beneficial to your financial life.
Where are you financially?
It is vital to evaluate where you are financially. No household is the same. Setting priorities and planning will be a great step forward. However, there will be days to reward yourself but that would be after you have planned, and are not spending more than you earn.
Is the shopping pressure worth it?
What our eyes see, registers in our mind, whether we are aware of it or not, and that is the seed, which creates the desire to have and purchase. People shop to feel good about themselves, others do it to fit in a social class, and some do it, to compete or show superiority.
Notwithstanding, there are basic needs like food, clothing, housing, and transportation, which cannot be ignored. The question to ask yourself when about to do shopping is, is this a want or need? Can this wait?
Some projects or purchases require an individual to make an informed decision after weighing options. Never let pressure from anyone or yourself influence your decisions.
These tips will help you control your spending:
1. Keep a Wish list,
2. Create a Shopping list,
3. Shop with the list,
4. Create a budget,
5. Set a timeframe for making certain purchases,
6. Pick the best time for you,
7. Do not shop when hungry, upset, bored, or exhausted, and
8. Make sure you need that item.
In my opinion, this topic is broad and there are a couple of ways to manage finances. The crux of the matter is to consult the experts, take courses, and read books that will educate you on how to manage your finances responsibly, and not go into debt. Your credit card will thank you later.
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