Whenever I want to make a new purchase – whether it is for my wardrobe, jewelry collection or anything else, I like to be pragmatic. And, as with all areas of my life, also strategic. Here are my 4 easy tips to be smart & savvy with your finances when it comes to making new purchases.
1. Shop online instead of in-store
There are clear advantages to shopping online instead of in store, generally speaking, but also – especially in the current circumstances.
– Pros of shopping in-store: you can touch and feel the fabrics, outfits, items directly and see how they would look on you.
– Cons of shopping in-store: you may feel pressured to make a choice on the spot. You may be influenced by your earlier dessert in the mall, the strategically upbeat music, or the tight spot your next errand is creating for you. The bustling crowds may also influence a quick decision, even if it’s not a good one.
– Pros of shopping online: you can take as much time as you like sitting on that wishlist tab open in your window. After all, websites are open 24/7 right? There’s no pressure, you can shop on your own terms. You can do as much research as you want, comparing products, reviews, ratings and prices.
– Cons of shopping online: you can’t touch and feel the items, but that’s where the research bit comes in.
As someone who is not a fan of bustling crowds, loud noise or making rushed choices (or stuffing my wardrobe with unnecessary items I don’t even like), opting for online shopping is a no-brainer.
2. Create a monthly budget
Making smart financial choices begins with knowing where you stand, and how to manage your finances on a monthly basis. When you know your income, expenses, necessities, any financial commitments (debts and more), then you know the budget for your leisure spending as well. This category is for spoiling yourself, getting items on your wishlist, some new fancy shoes, jewelry or whatever has caught your eye next.
When you’re clear on your monthly budget for this, you’ll feel more relaxed about your purchases, and you’ll also spend more joyfully! And what’s the point of buying something you want, if you’ll just hate spending per se? It makes no sense, right? So get clear on your financial obligations and how much you can spend on yourself, so that you can treat yourself like a princess without any worries or second thoughts.
3. Bookmarks are your friend
Instead of buying on the spot and then meditating over the choice later, do the smart thing by going the other way around. Ask yourself, do you really need that item? Will it provide value in the long run? Is it a priority to purchase right now, or can it wait weeks, months, maybe another half year or more?
My shopping strategy is to bookmark every item I want to add to my wishlist. If the product is still in my thoughts days, weeks or months later, and I still want it – then I’ll actually purchase it. However, if I can’t even remember what it is I wanted to buy, or shrug the thought off altogether, then clearly it was just a caprice, and most likely a waste of money.
This method works for me all the time. As such I have a routine in place for any new purchases. I can take my time researching similar products, finding out which one is the best for me. If I’m undecided which to get or forget about it altogether, I hold off any decision making.
4. Creating a wishlist
This is optional, but having a wishlist document or Excel helps me stay organized in my glow up journey. To be exact, my Wishlist Excel sheet keeps me on track with my priorities, what areas of my life I’ve already upgraded, and which should be the next focus.
This way, I already know I’m set when it comes to the one particular category or other, and I can make the next purchases or investments at ease because my wishlist is organized.
Conclusion
And having this routine in place also helps with any pressure or anxiety. You don’t have to sit with a dozen wishlist tabs open in your browser, wondering whether to go through with them or not. You’ll already have them in your bookmarks and in your wishlist document, to take your time making the right choice.
After all, it’s your money, and you should spend it as you please, in a way that brings you joy. And trust me, if you buy something that you’d initially forgotten about, or randomly picking one out of a collection of items simply because you couldn’t make up your mind, it’s not going to bring you as much joy as with an intentional decision to spoil yourself because you deserve it.
Happy spending, babes! ✨