6 easy ways to keep more money in your wallet while shopping
There’s this store in Boston called Primark I decided to check it out and see what the store had to offer. One of my friends warned me not to go. She said “Candice this store is like Heaven in a bottle. I’ve gone there three days in a row. Everything is really stylish at a really great price.” Of course I didn’t listen to her. I thought I could have self-control and go inside the store and not purchase a thing. I was wrong. I made the mistake of not having a set amount of money to spend and using my credit card. Don’t get me wrong I pay off my credit card balance in full each month so I avoid the interest, but I really just want to be done with credit cards and just pay cash for everything. Anyway here are some tips you can use to help you go shopping this year while still being able to keep. money in your wallet
#1 Plan for your shopping trips ahead of time
If you know a certain season is ending and you want to add new clothes to your wardrobe you can set up an extra savings account and put money aside each time you get paid. You can even plan your holiday shopping this way. At Cap one 360 you can set up multiple saving accounts for free.
Have a plan for your money versus just spending it
Many people ask me how do I stay within my budget? How do I save money? Your money goals must be more important than your impulse shopping. If you don’t have a plan for your money it’s easy for it to end up in the hands of the store. In the book A millionaire by 30, one strategy the author used to save money was he opened up a separate bank account on the other side of town that wasn’t easily accessible and threw away his debit card. He then went to HR to have 40% of his income automatically put into this account. This forced him to live below his means and automatically save money.
With Rize I like that I get to be in more control of how much money I’m saving towards my goals. I also get to set up multiple goal buckets. Which you know I love because when your money is jumbled into one account it’s hard to really separate in your mind which amount of money goes to what. One account you can use to automatically save your money is called Rize. With Rize you get normal interest which is currently at 0.91% APY compounded monthly.
With Rize I can decide how much I want to pay for their service. If a platform is helping make your life better you should be happy to pay them. Plus they’re letting you know upfront. If one month you want to pay $0, and the next month you want to pay $5.00 it’s totally up to you because again with Rize you’re in control. Sign up for Rize today to start automatically reaching your money goals.
#3 You make your money goals by figuring out what do you want to accomplish?
What is really important to you? Is it saving to buy a house? Is it paying off your credit card debt? Is it being able to help your mom with her bills? Is it being able to travel to New Zealand? What ever is important to you it needs to be included in your budget, so that you can begin to set aside money to pay for them. Once you have a clear direction and focus on where you want your money to go your goals will become more important than useless items that you probably don’t even really need.
#4 Have a set amount of money that you plan to spend at the store before you even walk in
This is extremely important. Give yourself a specific amount of money you can spend. To force you to stay within this budget only bring the cash amount that you can spend. If your plan is to spend $100, only bring $100 cash with you to the store and leave your credit cards at home.
When I went to Primark on Saturday my checking account said I had $68.00 in it yet my credit card said I have a $5,000 limit. So does this mean I have $5,000 to spend? No, it means I have $68.00. People get trapped in the credit card debt cycle when they buy things they can’t afford.
How credit cards work
“It’s not free money. Every time you charge something, you’re borrowing money until you pay it back later—either that month or over a period of months. If you choose to pay the money back over time, the credit card company adds interest to your account that you must pay along with the purchase amount.” – CitiCards.com
# 6 Stop buying things just because they’re on sale
I remember one of my friends telling me “Candice just because it’s on sale doesn’t mean you need it.” Chances are if it’s on sale and you still don’t end up wearing or using the item it still money wasted, money that you didn’t plan to spend. Money that could of went towards your money goals.
# 7 Ask yourself do I want this or do I need it
Before you go shopping it’s a good idea to take inventory of the outfits you already have. You will be surprised just how much you really need. We convince ourselves that we need a new coat, or jeans, when we already have plenty. Instead of buying a whole new wardrobe try to mix and match new items with the old items that you already have. Look at me sounding like a fashion blogger; let me stay in my finance lane.
I love what J.money from Budgets are sexy says “Anyone can buy that”
“It’s called “Anyone can buy that”, and you remind yourself of it anytime you come across the following situations:
- When you roll up behind a Land Rover/Benz/Bimmer
- When you walk past a mansion/mcmansion/megamansion
- When your colleague rocks anything Coach.
- When you’re actually sitting in coach staring at first!” – Budgets Are Sexy
I love this because it is really a change of mindset. People buy things because they want others to know that they spent a lot of money on it. They want the finer things in life, but you too my friend can buy the finer things. You’re just choosing not to.
# 8 Instead of throwing away clothes, can you sell them on E-bay?
A few months ago I bought a $10.00 dress from a thrift store and sold it on e-bay for 31.00 + 6.99 for shipping. (Although I should of charged more for shipping because it ended up costing more than 6.99 to ship to Cali) If you sell some of your old clothes on Ebay you can use that money towards your money goals or to buy new clothes. The choice is yours my friend.
Pinterest can be dangerous
Last week I was pinning cute fall outfits. When I walked around in Primark suddenly my brain started thinking about all the cute outfits I had pinned. I was seeing similar items inside the store and I wanted all of them. Be careful of looking at cute outfits before you go shopping. It may make you spend more.
These are just a few tips for you because I want you to flourish. Remember having money goals is extremely important and they should keep you from making useless purchases (At least most of the time, nobody’s perfect). Are there any shopping tips that you use?
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