Everyone has that special niche of products that will always tempt them, no matter how frugal or economical you are. For some it’s fashion, for others it’s travel or dozens of other areas that sneak into our bank accounts and dwindle the savings away. But what if there was a way that you could purchase the things you love without breaking the bank? With these three simple tips, you’ll find yourself saving money as you shop, so you can still enjoy your favorite purchases without suffering financially in the long term.
Stay aware of the financial landscape
Most people nowadays don’t read financial news. Our media is consolidated on social media, so you might miss out on bits of news that are outside of your bubble. But if you’re going to be making smart financial decisions, you should be aware of roughly what’s going on in the world of finance. Listening to advice and opinions from people like Mark Wiseman is one smart way to do so. As an investment manager with experience as a senior advisor and membership on the board of several non-profit organizations, Mr. Wiseman is primed to give valuable advice on economic growth and economic policies. His wealth of experience in advisory roles is perfect for those of us trying to understand the economic changes from the last year and in recent months. Once you can begin to see the bigger picture, it will help to inform you on how that affects the prices of consumer goods, what interest your savings accounts will see, and even how much money you should be putting in your pension fund. Essentially, making truly lasting change to your economic status shouldn’t just be happening in the moment of shopping; it should be a greater effort to truly understand where your money comes and where it’s going.
Take your time and shop around
When it does come to the nitty-gritty of actually making a purchase, steer clear of impulse decisions. There are a few actions you should be taking before you finally buy. If you are purchasing dressy jackets for women from Chico’s, for example, you’ll be able to see all of your options and the prices easily, as their women’s jackets are laid out clearly online. This is the key advantage of shopping online rather than in person. Various organizations also offer free returns and next day delivery when you buy online, so taking the time to shop online doesn’t really delay the shopping experience much at all. You can compare deals, look for online sales, and do more research to make sure you’re getting the best deal for whatever you’re buying, whether it’s women’s coats, women’s blazers, of a matching suit jacket and skirts.
Get all the facts on your spending
You can’t control how much money you are spending if you don’t know what it’s going on. Using an app or even tracking your spending in a spreadsheet is a great way of breaking down exactly where your money is going. Separate your outgoings into entertainment, clothing, travel, food, and bills, so you can see where the big drains are. Some you won’t be able to change, like your rent or your bills, but others can be leveled out to make sure you have enough for the essentials. It could also help you to see areas where you can ask for help. For instance, you can look for discounts in certain areas, like clothing if that is a big spend for you, or you can request gift cards for certain stores as future birthday presents. Knowledge is power when it comes to money, so once you have a clue as to what you’re spending, you’ll be in the best position to act smart when it comes to handling your money.