Shopaholic? Here Are 10 Financial Tips That Can Save You From Overspending

If you enjoy shopping, we understand how difficult it can be for you to save money. Your financial health can seriously suffer due to the habit of overspending. Although there is no permanent financial solution for shopaholics, there are a few money management tips that you can utilize. Even when you love spending and are obsessed with shopping, it is important that you do proper financial planning. This kind of planning will help you stick to a budget and refrain from overspending. Are you a shopaholic? Here are 10 financial tips that can save you from overspending.

1. Don’t Rely On Credit Cards For All Purchases

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Shopping with credit cards can adversely affect your budget and we can all agree on that. A shopaholic would tend to spend way more when they are using credit cards as compared to when they are using cash. It is human nature to be more mindful of spending when we see money leaving our hands. In the case of cards, we don’t see actual money leaving our wallet which makes overspending easier, and hence more probable. So, leave your cards at home and see your shopping habits transform.

2. If You’re A Shopaholic, Decide On Sanity Money

Deciding on sanity money is like making a budget. This is a financial planning tip that can make a considerable difference. Allow yourself a certain amount of money that can be spent while shopping. Also, make sure to stick to this amount and don’t spend more than this sum. Money management is easier when you allot a number to yourself.

3. Shop With Frugal Friends Or Family

One way to spend reasonably is to be accompanied by frugal friends or family. A shopaholic who is with frugal companions will tend to spend much less as compared to one who is not. A loved when can keep you in check and can help you decide whether spending money on a certain product is wise or not. This is among the financial tips that are least acknowledged but can work wonders when applied in practical life.

4. Make A List

Making a list while shopping might seem like a simple step, but it can be a lifesaver. A hand-written list of items that you need will help you avoid stuff that is unnecessary. Moreover, the list will also help you make sure that you don’t miss out on any important stuff. This way, your shopping trip will become more productive and less disastrous.

Also read: Clicky Online Shopping – All You Need To Know

5. Block Sites That Threaten Your Budget

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One way to avoid overspending while online shopping is to block your favorite sites. As difficult as this may sound, it can work miracles for your financial management. Chrome offers an extension that you can install named Self Control. This extension will enable you to block certain websites for as long as you want. Controlling and limiting your access to the websites that are most threatening to your budget will help you avoid overspending for sure.

6. Stop Notifications

Stopping store email notifications and unsubscribing from your store memberships can help a great deal in money management if you are a shopaholic. Try unfollowing your favorite brands on all social media apps and observe the difference in your spending habits. When you’re following your favorite brands on social media, there is a high chance that you’ll not be able to resist their ‘sale’ and ‘new collection’ notifications. Moreover, unfollowing brands will also help you from the feeling of missing out on something. Every shopaholic should give this tip a chance.

7. Sell Items That You Don’t Use

Shopaholics almost always end up with stuff that they don’t need and will never use. Therefore, selling items that you don’t use is one of the most successful budgeting tips. Selling the things that you don’t utilize will help you get at least some portion of your money back. Moreover, selling the stuff will also help you realize that you don’t get anywhere near the money that you have spent on buying those products. This can prove to be a successful way of preventing you from overspending in the future.

8. Save First, Buy Second

Here is a tip to help you trick yourself into thinking that you have less money. Let’s explore how you can do this. You can designate a certain amount of money that automatically goes into your savings account each month. As a result of this, you can save more than you spend. If you don’t see the money, you will be less likely to waste it.

9. Have a Cooling Off Period

Giving yourself a cooling-off period is a strategy that often works. If you avoid spending money on the spot, right after seeing something, there’s a huge chance that you can refrain from that purchase altogether. When you give yourself enough time to decide on a certain purchase you can make a reasonable decision, and this has been proven multiple times. Cooling off period is a regular practice among people when making big investments such as buying a house or a car. However, even when making small investments, this practice can help you from unnecessary purchases that you are likely to regret later.

10. Don’t Visit Shops Until Necessary

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This is the most effective among all budgeting tips and we have all benefitted from it at some point in our lives. If shopping enthusiasts visit stores, even when accompanying friends or family there’s a huge chance that they will come back with stuff that they don’t need. On the other hand, if you avoid going to stores, you can save yourself from the temptation of buying stuff. Plan your purchases, be it grocery, clothing, or any other item. Stick to this plan if you want to save yourself from overspending episodes.

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If you are a shopaholic these 10 financial tips can help you save your money. If you find this article helpful or have any other useful tips, please make sure to let us know in the comments.