Many of us are now looking to spend less and by using some simple tricks we can help avoid the spending splurge and focus on buying the things we need rather than thing we just actually want. Stores have an array of tricks to entice you into parting with your hard-earned money so here's some cleaver ways you can avoid falling into the trap:
- Know your spending habits: Identify what kind of spender you are. Do you mostly spend after a few glasses of wine? Then avoid shopping when you've had a couple and distract yourself by doing something else. Maybe you always go shopping when hungry which is not advisable as you'll usually end up spending more.
- Set a budget: Work out how much you can afford to spend and stick to it.
- Save first and spend later: Prioritise saving over spending and the money saved will quickly mount up.
- Only buy when necessary: Supermarkets and stores are designed to make people spend money. Avoid anything unnecessary or simply just don't enter the store to avoid the temptation.
- Avoid buying premium brands: Flashy packaging, brand names, and the matching higher price does not necessarily mean that a product is better than its cheaper rivals. Sure, it's fine to indulge yourself occasionally but cut out the premium brands where you can.
- Use new bank notes: People prefer crisp new notes to dirty, scrunched-up old bank notes, so they’re more likely to use new ones.
- Take a mindful “pause”: Stop impulsive purchase by taking a pause before you whip out the credit card and ask yourself do you really need it?
- Visit less stores: Simply, the less stores you visit, the less you will spend.
- Join store loyalty schemes: Shoppers at some stores now pay significantly more for many of the same items if they aren’t members of the stores’ loyalty schemes so sign up so you get the benefits.
- Take advantage of coupons, discounts, and promotions: Look online or on a stores app to see if there are offers and discounts that can help you save money.
The key to saving money is to be a mindful shopper and be aware of how much you are spending and where you can cut back. These are just a few tips but if you have any others let Money Moo know in the comments below.
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