I enjoyed the movie Confessions of a Shopaholic. I haven’t read the book yet but the movie… it was hilarious and honest at the same time. I am not a shopaholic. I do hauls on my beauty blog but I do that once a month. Of course I do this end of the month reward trick just to motivate me in my saving goal. Most of my end of the month reward items are makeup and beauty stuff that I really love. I am the type who will feel easily guilty spending even just a single centavo for something. Even if I have more than enough, I will still feel doubt whether to finally buy or not. Most of my end of the month reward items are makeup and beauty stuff that I really love and to tell you honestly there are times when I do the haul video, film and edit it and I feel like feeling sorry I bought it.
So to counter this trait of mine I started to become a smart shopper. Let’s be honest, most of our desires are big-priced and luxurious items. A new gadget, a branded bag or ticket for foreign travel hence if you will not learn how to become a smart shopper, you will be trapped by your desires and your finances will surely suffer. A negative balance payday after payday that will make you mentally, physically, emotionally and of course financially unhappy.
Back when me and my siblings were still young, our mom will always say to us that money does not grow on trees. True enough because if they grew on trees then there will be no room for insufficient cash. Although money does not simply grow on trees, a change in your money principle can do the trick. Sharpen your financial literacy, create money habits, be a risk taker and enjoy budgeting, saving and investing. More importantly practice becoming a smart shopper.
Now these 5 simple steps can make you handle the shopaholic syndrome better. I hope that if you find any of the tips helpful you may be able to share it via Facebook and Twitter. You can also subscribe to SavingsPinay via RSS.
Here are the 5 things that will make you become a Smart Shopper!
List down your needs, desires and financial urges. What is/are the things you need to buy? Jot down through pen and paper or make an excel list with the item and the price for further inventory. When you have a clear view of what you need to buy you can better assess the second step.
Separate the needs with the wants. Create a criteria for each item. Decide whether the item on the list is a need or a want. If it is a need then define on another column the reason why you ought to have it. This is to compose you heart and mind in saving for that item. If it is a want then defer it and schedule buying for another time. It could be for the next pay day or when the bonus is already with you. This way you can focus on your needed list and act specifically on your wants.
Create a Financial Plan. Now that you have a list ready that is fully examine you can now create your own financial plan. State the date that you need the item. Now compute for how much your daily rate is. Knowing your daily rate is highly beneficial for you to know whether buying the item is really worth it. If your income does not feet for the date that you needed the item then postpone it, adjust and cut back on your expenses or find another means of income.
For a quick share I opened a BPI Express Teller Account before for my past job. Instead of ending it now that I am using my Metrobank Payroll, I decided to use it as my Financial Goal Fund. All my events (hosting, coordination, projector rental etc) go to this BPI account. Now on my Metrobank Payroll I put all excess from my cut off fee since I budget every cut-off. I apply the 50-20-30 Rule when it comes to my daily office job and what’s left on my payroll account I use it as my Throw Away Money.
My Financial Goal Fund is reserved for items that will help me abundantly especially on my goals and passions. The monthly fee for my laptop is what I get for this account because I know that now that I have a laptop I can blog conveniently anytime, anywhere. My Throw Away Money is what I use for little items that I see in the mall such as a new skincare product that I want to try and I can review for my beauty blog or for buying a new bag etc.
Research and Ask from Others. Before buying that needed or wanted item, you might want to research first how others are finding the said product. Again as a personal example, before I buy a product especially if its high priced I search first on comments in forums and other beauty blog. This way I can determine if buying will be worth the risk. I also ask others help if they already tried it or not. There’s nothing wrong in further investigation.
Find Alternative. If you can’t afford it then try to find alternatives and other solutions available but in the lower bracket. I for example will go to bookstores and read already opened financial books, that way I don’t have to buy it because I intelligently scanned it already. I also continually find another source of income aside from my daily office job so I can sustain an abundant financial cycle. Live minimalist and frugal, contented and well-defined and shop smartly.
List down your to buy stuffs, separate the needed to the wanted, create a financial plan, research and ask from others comments and find necessary alternative! Again these are 5 Steps that have helped me become a smart shopper. I hope these very things will transform your shopping routine too. Comment below and share your thoughts about this post.
Do you have any question in mind?
Are you a shopaholic or a smart shopper? I’d love to get to know you!
Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at www.izzaglinofull.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her firstname.lastname@example.org