We are in the first month of 2020. Although celebrations are officially over, people are still in the shopping mode. Thanks to the lucrative sale offers.
While it’s too difficult to resist “Up to 80% Off” or “Flat 70% Off” sale offers, but if you keep on buying what your eyes love, then you’ll surely be in financial trouble this year.
If credit card debt caused a lot of stress in the last year, then you should take steps to avoid it by all means. And, the first step involves staying away from reckless shopping.
When you’re a shopaholic, it’s too tough for you to restrict yourself from impulsive purchases. But this is something that needs to be done anyhow.
1. Do I have enough money to buy this product?
So the offer on the smartphone on T.V is awesome. It’s too good in fact. But do you have money to buy it? Ask yourself and search for an honest answer. If there isn’t enough money in your bank account and you can buy the product only with a credit card, then it’s better to not buy it.
The compounding interest on a credit card can cost you a lot. It can compel you to spend more than the actual price of the product.
2. Do I want to buy this product just because there is a good discount?
Just because Amazon is giving a big discount on a smartphone, it doesn’t mean that you should buy it. Ask yourself, “Do I need a new smartphone now”? If the answer is negative, then don’t buy it. Many consumers end up spending a big amount when there are big discounts on multiple items. Don’t make this money mistake this year.
3. Shall I use the item frequently?
Whenever something draws your attention, ask yourself, ‘how often will I use it”? Think if you’ll use it regularly. Try to control your buying urges when you’re in a store. If you need a pair of jeans, then buy that thing only. You don’t need to buy a whole new wardrobe for that.
4. Is the quality of the product good?
Can you afford to buy the product with cash? Yes.
Is there a big discount on the product? Yes.
Will you use the product frequently? Yes.
So far, you have got only positive answers to all the questions. But do you know anything about the quality of the product? It would be wrong to buy any product based on a discount offer especially when you’re buying online. You should always check out the online reviews of the product before spending a penny.
See what consumers are saying about the product online? Are they happy with the product? What do they like about the product? And, what do they absolutely hate about the product?
If you’re buying a product directly from the store, then also you should go through the online reviews once. If it’s apparel, then go to the trial room and try it once.
5. Is there any cheaper alternative option for it?
There are 2 versions of any item. The first one is the generic brand. The other one is the branded one. For instance, jeans. You can find both the generic and the branded version. Now, it’s up to you. Ask yourself, “Do I want branded jeans or unbranded denim jeans? Am I ready to pay a hefty amount for the branded jeans”? If you’re getting good quality unbranded jeans at a moderate price, then you can go for that.
What else should you ask yourself?
Sometimes, rationality leaves our mind when you go out shopping. If we like something, we tend to buy it no matter what happens. Seldom do we ask ourselves “Will this product add value to our life? Is it worth the price?” Even if you get an affirmative answer, you should ask a frugal friend about his/her opinion on the product. You’ll get an honest answer and genuine feedback.