Six Tips To Shop Smarter
Posted September 22, 2010 – 3:41 am in: LoansNext time you go shopping try to keep these hints in mind to protect your financesand wallet!
1. If you are doing all of your shopping in one store,be careful! Studies show that when all purchases are done in one place consumers are more likely to buy more. This is because of the “what the heck” effect. If you are planning to spend four hundred dollars on clothes, what is another fifty dollar pair of jeans going to do to hurt your finances any more?
2. Bargains may not always be what they seem. Clinical research shows us that we tend to buy more when items are marked down. Also, we have a tendency to fall for schemes such as “Buy one Get one FREE!”
3. Always try to pay with cash and put credit cards on hold if possible. When you use cash you see the amount of money that you’re spending as your wallet gets smaller. Credit cards on the other hand can be deceptive and often times you can fall prey to the attitude that “I already have debt might as well add more.”
4. Studies show that your emotional state can have an effect on the amount of items you purchase. Being in a cranky mood can cause impulsivity which leads to spending money on items you may not need.
5. For a lot of people shopping is a means of socializing and exercising to relieve stress. It may be a good idea to take up some hobbies to keep your mind off of shopping and spending. Try hobbies such as jogging or a book club that don’t entail spending money.
6. Watch out when using your debit card because it can encourage more spending on small ticket merchandise that do not seem like a big deal at the time but add up after the fact.
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