• Wednesday, May 29, 2024
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How not to overspend when shopping

How not to overspend when shopping

On a sunny Saturday morning, Ronke Adewale, a Lagos based banker decided to go shopping at a popular Lagos Island market for new dresses and shoes.

The market provides a bouquet of commodities ranging from shoes, bags, cloths, jewelleries and other consumable commodities. The attractions from the market forced Ronke on an unplanned decision where she overstretched her budget by using most of her savings on the items that she unplanned for.

This typically happens to every Nigerian who fails to abide by the rules on avoiding impulse buying that is unplanned purchase.

To avoid being in Ronke’s shoes, here are few simple tips to help you dodge the temptation to overspend.

Survey the market or shops:

The first thing that you need to do before going to market is to survey for prices that you need for the items. This is very important as it helps you to know the prices and to plan your budget based on those prices. You can make the trip to the market few days or weeks before your shopping.

Prepare a shopping list:

Before you run your errands, make a list of everything you plan on buying. The rule is that you’re not allowed to buy anything unless it’s already on your list. It’ll help keep your impulse shopping to a minimum.

Make a budget and stick to it:

Making a budget will help you know how much to spend. With a plan in place, you’ll be less likely to give into overspending.

Watch where you shop:

Make sure you shop at a place where there is no temptation to over spend. Locate a place where there are good, quality and limited items that you need.

Bring the cash that you only need to spend:

Try and make sure to bring the money that you budgeted for, for your shopping. Let that money cover all the expenses that you’re doing. If the money runs out, you’re shopping spree’s done for the day. Don’t spend what you don’t have.

Shop alone or bring someone with you:

If you are comfortable shopping alone, then try not to go with friends or family members that will pressure you to overspend. And if you don’t trust yourself to shop alone, go with a sibling or friend who is willing to get tell you to your face not to buy something that you don’t need or not on the list.

Avoid taking your debit or credit cards:

Most people that do impulse buying are that ones that take their credit of debit card to the market. To avoid this, try and put them in a place that is not readily accessible to you. You can keep them at home. And also keep your mobile devices that you can use to do money transfers for purchase.

Keep your goals in mind:

Always keep your goals in your mind. If you are buying that particular item, let it be just that item. Giving into impulse buying won’t help you achieve your goals. Overspending will eat up any extra money you were saving to put toward those goals.