We’ve all been there, standing in front of an item that you just can’t live without but knowing you probably shouldn’t spend the money on it. Or we’re shopping for something last minute and end up panic buying something that we would never normally spend that much on. Even the most strong-willed shoppers can’t resist splashing out occasionally and once that impulse buy is in our wardrobe’s it’s hard to decide whether to return it or not… despite the fact we probably could do with the money going back into our account.
Are you a buy before you try kinda person?
With offers being sent straight to our emails and next day delivery ensuring that a new outfit for the weekend could be at our front door in a few hours, OTT spending is easier now than ever. However, if your spending is getting a little out of hand, there are steps that you can take.
The experts behind PIWoP, a price drop alert tool, have five excellent tips for avoiding OTT spending.
1. How much do you need the item?
Impulse buying usually happens when we buy something that we don’t really need. When we do need something, we tend to take more time looking at the best options and prices, for example, you’re unlikely to impulse buy a sofa! But think about everything you’re going to spend your money on in a similar way; do you really need it, is it worth the price and how often will you use it? If it seems like it’s not really worth it, however much you like the look of the product, avoiding spending unnecessarily will leave you more money for things you really do need.
2. Start a rewards system with yourself
Everyone deserves to treat themselves every once in a while and it always feels good to reward yourself for something when needed. However, if this is happening on a regular basis and your bank account is suffering for it, consider setting up your own little reward system. If you’re rewarding yourself on a weekly basis simply for going to work all week… it might be time to reconsider! Decide when you really need to spend money on or limit yourself to only treating yourself at certain times. Working towards a goal can make the end result or item feel even more satisfying.
3. Avoid buying what you don't really need at full price
If you still want to enjoy treating yourself or don’t want to give up certain items every month, commit to only buying certain things if they’re on sale. To ensure you do get the items you want at a discounted price, utilise technology such as tools that alert you when something has gone down in price. PIWoP allows you to create lists of items you want to buy, you then enter the prices you are willing to pay for each. The tool then monitors these items and will notify you when a product has reached your price point or below.
4. Wait until you buy
Rather than buying something on an impulse as soon as you see it, wait a few days or a week to decide if you really need it. This will give you the chance to consider how important the item is or if you can do without it. This will also help you to only buy things that are necessary and within your budget. Cutting out impulse buying is also likely to help you see how much money you have left at the end of the month when money hasn’t been spent unnecessarily, encouraging you to do it less in the future!
5. Change your perspective
Sometimes when we resist spending money or realise we probably should spend our money on something else, it can feel like we’re missing out. Many shoppers feel fed up when they have to put that pair of shoes back on the shelf, however changing your perspective can make you feel differently. Not splurging on a new bag or outfit is actually an opportunity to spend money elsewhere on something more useful or to avoid that feeling of having to always wait until payday!
For more money saving tips, visit www.piwop.com