It’s always exciting to see a great product or deal when shopping. In fact, studies have found that retail therapy might help improve your mood and mental health. For example, research from 2014 published in the Journal of Consumer Psychology shows that shopping makes people happy almost immediately and helps them overcome feelings of sadness.
However, it would be best if you were mindful of engaging in excessive purchasing or compulsive shopping. The Annual Retail Trade Survey estimates a whopping $815 billion in e-commerce sales for 2020, up significantly from 2019’s $571 billion.
Shopping is an art form that calls for practice, concentration, and deliberation. Get the most out of your money by adopting these practices if you want to become an expert hopper:
1. Plan Ahead
When going shopping, it’s essential to have a game plan. However, Researchers have shown that between 20 and 70 percent of all grocery spending is unplanned. You’ll almost certainly overspend if you don’t have one.
In addition, shopping can quickly become expensive due to the various brand options available. Fortunately, you may reduce the likelihood of going overboard on expenses by creating a budget in advance.
If you’re planning on taking children with you to the supermarket, sit down with them before you go and have them help you develop a shopping list. Setting a budget cap per person forces you to prioritize where your money can do the most good.
Planning on purchasing a warranty is a good idea if you invest in high-value items. In addition, it may be a cost-effective investment considering the potentially high cost of repairs. If you want to ensure that any necessary repairs are quick and easy, a sears home warranty is a good option.
2. Shop Online only When it is Absolutely Necessary
Online shopping saves time and effort compared to visiting a physical store. However, there is always a chance that something may go wrong when you make an online purchase, especially with all the extra fees and taxes that can pop up. Therefore, it is more advisable to make an online purchase if the item is very difficult to obtain in stores near you or if you can get it for a significantly lower price.
The best part of shopping in a physical store is being able to touch and try on the items you’re considering buying. For example, buying clothes in a store allows you to try them on for size and see how they fit before committing to a purchase. Ensuring the item fits properly will save you time and energy in the long run.
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3. Go Shopping Without Your Credit Card
Using a credit card is a time-saving and hassle-free option. However, occasionally you feel inclined to make foolish purchases with your credit card. Interest is also charged on credit cards, especially if payments are late. Experts recommend keeping your revolving debt to no more than 30 percent of your available credit.
Using cash instead of a credit card can help you resist the need to make impulse buys. A cash-based budget can better facilitate regular spending and saving behaviors. When you stick to your spending budget, keeping tabs on your expenses is much easier.
4. Compare Brand Costs
Do your homework thoroughly before settling on a final buy. If you’re willing to try out new brands, you can save money without sacrificing quality. Before spending money on a name brand, make sure you’ve done your homework. Several reputable brands offer equivalent products at a lower price.
It’s vital to go around and find the best price because sometimes the generic store brands are at par with the bigger brand in terms of quality.
5. Shop at Favourable Times
It would be best if you held off on making any purchases until the timing is right. In general, you shouldn’t pay full price for something if you know you’ll be able to get it for less at a later date. Timing your shopping is crucial; if possible, consider skipping weekday nights and weekend afternoons.
Heavy foot traffic during such hours can ruin your shopping experience. The sales that happen around Thanksgiving, Labor Day, and Memorial Day are some of the best periods to stock up on supplies.
Make A List
The simplest solutions are sometimes the most effective. Create a shopping list of everything you’ll need to get started, and then decide how much money can be spent on each item. If you stick to your list, you won’t spend more than you planned. Consider what you need most, such as food, drink, medicine, snacks, and the like, before you go out on a shopping trip.