Forbes found a poll of 2,000 women about their shopping habits. It was found women spend about 50 hours per year window shopping alone. 40 hours a year are spent on shoe shopping excursions. (check it out here)
Are you one of these avid shoppers like I was? What if I told you I had One Foolproof Trick to help you change this habit, would you try it? All you need to do is move the money you want to use to buy that unexpected item and put it in your savings account. Then wait until next month to purchase the item.
Keep reading to see how it works!
How it works
This trick taught me how to stop spending and start saving. It is so easy anyone can succeed with it. What is so perfect about it is you can start using it at any time. All you have to do is say no for right now.
The next time you are out shopping when you come across an item you want to buy, but didn’t plan for. take note of the item and the price. Then when you get a chance move the price of that item from your checking account to your savings account.
Then all you have to do is wait until next month to purchase it.
Now, next month when you choose to buy the item withdraw the funds from your savings account to cover the cost so you don’t accidentally short yourself next month.
Sale items: When it comes to items that are severely discounted you have to consider a few things.
- Do you reeeeally need the item? I mean seriously, does your survival count on it?
- Will you be able to pay all of your utility bills and your rent/mortgage?
- Can you really afford to purchase this item at the sale price without putting yourself in a tight financial spot in the following months? (Definitely ask yourself this question during holiday shopping sprees.)
Unless my survival depends on purchasing a sale item I usually set the money aside and wait for the next sale season. If you are an avid shopper you already know when the next one is.
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Why it works
Here are the reasons why saving now to purchase later works:
- You aren’t stealing from yourself.
- You can still pay your bills during months where you accidentally overspent.
- Finally, you can see how much you actually spend splurge shopping.
- Eventually you will be able to say no altogether.
- You won’t feel shopping deprivation.
- There are no budgets involved.
Let me know if this sounds familiar, I make more than what I owe in bills but I can’t seem to afford to pay them. Where the heck is my money?
I have struggled with this from time to time. Once I implemented this technique I discovered where my weakness was; exercise DVD’s and equipment. I spent $200 to $500 a month on anything I came across in the fitness industry.
I wish I was kidding! Beach body was my personal money gremlin.
Those advertisements were always on TV, on websites, and YouTube. I couldn’t get away from it. The upside is I actually used what I purchased. That is how I justified the purchases.
But when I started using this technique and I saw where the money was going I knew I had to stop. I wasn’t 100% successful with this at first but the more I practiced it the better I became.
Even when I fell off the wagon from time to time it was easy to jump back on.
I no longer feel the urge to splurge on anything from the fitness industry. I have learned to recycle what I have to keep things interesting. Then I sold what I wasn’t using so it didn’t take up space, cha-ching!
The only danger of using this trick
Moment of truth, the only danger you need to watch out for with this trick is having a savings account at the end of it all. J Ha ha, scared you didn’t I?
When you look back at an item you had saved for the previous month you may decide you no longer want it; which is a great thing to discover! Instead of spending the money on something else try leaving it in the savings account.
You are already used to living without it why not try to leave it for a rainy day. The first 90 days I started using this technique I was grateful. Even though I hadn’t actually purchased the items I found that I had overspent.
I also had forgotten to pay my end of the year property tax bill. I was able to recover the money I needed from my savings account to pay those taxes on time. If I had actually spent the money I would’ve been slapped with a hefty late fee by Uncle Sam.
Final Piece of Advice – Journal Everything
My last piece of advice when you start to use this technique is to start a journal. I know it sounds tedious but I have a silly reason for doing this.
It helps you remember what the heck you wanted to buy!
Seriously, the first few months I looked at my savings account and was impressed by how much was in there. Then I got to thinking about it and realized I had no idea what I was planning to buy from the previous month.
Here is a very good sign that you don’t actually need the item you want to splurge on, 30 days later you can’t remember it.
All the journal needs to have in it is the item, the store, and the price. It can be something as simple as google docs on your cellphone.
Concluding Thoughts
What makes this trick so foolproof is the fact you won’t feel shopping deprivation. There is no requirement to learn how to budget to find out where your money is being spent. Once you start mastering this foolproof trick you will have a savings account.
Your previous habits of purchasing unexpected items will become a thing of the past. You’ll even see a boost in your financial comfort. I was able to turn this technique into a habit within 6 months.
Are you up for the challenge?
Remember, you are not alone on this journey!
If at any time you have questions please don’t hesitate to email me at ask@howtobudgetnow.com. I started this blog to help others in any way I can. 🙂
Also, if you would like to keep up with all of my posts or want a FREE copy of my ebook on How to Save Money on Your Utilities” subscribe below. My ebook contains ways of saving money you won’t find anywhere else.
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