Smart shopping – Finance point of view
August 04, 2023
DD Planet
Shopping is an essential part of our life. Therefore, controlling impulsive buying and overspending, and saving as much as you can in a purchase is very important.
Here are the tips and advice to help you shop smart the financial way:
- Don’t buy on hearsay or when your friend encourages you. Assess your own need and buy accordingly.
- Identify the triggers that cause overspending and avoid them.
- Don’t buy things just because a cheap deal is available. Remember if you don’t need it, whatever you spend is actually an overhead and not cheap at all.
- Research on the market price.
- Budget realistically, plan your purchase and avoid going off more than ten percent of your budget.
- Always compare prices. Do not stick to just one seller.
- Explore all the available discounts and promo codes. If you can wait to buy, postpone your purchase to seasonal and festival dependent offers.
- While purchasing, use credit cards smartly to get those associated rewards, avail discounts and save on delayed payments. However, never consider it a ready personal loan.
- Pay credit card dues on time to save on penalty costs and avoid high interests.
- When it is for long durations, buying a quality product may be cheaper in the long run. For example, if you buy a cheap product that is available at half the price of a quality product but lasts one third of it is eventually costlier than the quality product.
- Avoid personal loans and overdraft facilities to buy things unless there is an emergency. These products not only have potential to cause overspending but can also lead to paying more.
- Shop online when there is a significant difference in the prices and the available item carries a similar warranty and has refund/replacement clause.
