The Spending Trap
I watched a video by a fellow creator whom we call “Money Mom”.
Dawn talked about the fact that we suddenly feel the need to buy stuff when it comes on sale.
One thing she mentioned is that this is a way for the companies to get you to buy, by having sales that will soon end.
This puts an urgency to get it before it runs out.
But it also gets us to buy stuff that we might not really need.
So I decided to go down a list of things I do to get away from the impulsive buying that represents bargains.
1. If it is nonperishable item, is it something you have bought before or will use or are you just buying it in case you might need it. If the answer is no, I don’t buy it.
2. If it is a perishable item, will the quantities you buy be consumed before they go bad? Buy only if you know you will be able to pass it before it goes bad.
3. Is the item for you or someone you think might need it? Do you really need to spend money on others if your funds are limited? How about buying things for a holiday or birthday, then I would go ahead and purchase it and scratch the name off your list. Charitable donations of any kind excluded. Giving is a great form of being a selfless and kind human being.
4. If it is an item that you can store for a long period of time like food items and you are getting a good deal like half price, this is one of the times I would suggest to go for it. What you spend on today could save you lots in the long run.
5. Try to stick to the items on sale when you are offered a deal. Many times retailers know that if you go into their stores to get a sale item, you will probably leave with more. So keep your resolve strong and only buy what is on sale. (if anyone can figure how to do that one let me know…I still have a hard time with that one)
6. Equal your expenditures to the amount of time you will have to work to pay it off. If all else fails, this one definitely helps me stay on track.
Over the last couple of years, I have really looked at shopping in a different way. I see the tricks and sneaky ways the stores try to get you to part with your money.
The thing you have to keep in mind is that it’s not how much money you make; it really is how much money you save. The least you buy the better it is when you invest it and compound it to make more.
That needless .50cents you spend today could represent hundreds of dollars later.