Are you trying to curtail your online spending? With the increase of COVID-19, shoppers are avoiding the in-store shopping experience more than ever. People have spent more online this year than in previous years. The problem is whether you are shopping for your family, yourself, or your business, it’s easy to get anything you need with just a few clicks. Here are a few helpful hints so you can shop online without overwhelming your bank account:
1. Add your online spending to your monthly budget.
When it comes to shopping online, it’s easy to forget you are spending real money, especially if you are using your credit card. Over the course of a month, keep a close eye on your spending habits with a spreadsheet, smartphone app, or a notebook and write down all of your purchases. By the end of it, tally up how much you are spending shopping online. For the next month, make a realistic budget for yourself and how much online spending fits into your plan.
2. Unsubscribe and unfollow temptation.
Look over where you spend the most money. Is it with clothes? Shoes? Toiletries? Toys? Home office supplies or equipment? Wherever you spend the most money, it’s time for you to disconnect and remove yourself from any of that temptation. Consider the email newsletters you get each day. Often, those include very tempting discounts you can utilize. So, time to unsubscribe. As for social media, unfollow or unlike companies selling products you are tempted to purchase. Even if you don’t impulsively shop through these methods, you’d be surprised about the impact it has on our purchasing habits.
3. Take a break before you buy.
As we draw closer to deals and deep discounts that encourage holiday shopping, it’s easy to feel like we – or someone in our life – will need everything we see. So, if you are actively trying to cut back on online spending, take a breather before you buy. Give yourself 24 hours before you click the purchase button. You’d be surprised at how much you can live without that item you wanted to buy.
4. Organize your stuff.
If you can’t control your online shopping habits, you probably have too much stuff. Don’t think so? Take the time to declutter your closets, including any hallway closets, storage spaces, garages, and anywhere else that has become a dumping ground for purchases. Once you start going through your things, you’d be surprised at how much is there. It turns out you might not need all those extra decorations and clothes.
Online shopping has been a tremendous help throughout this year. As COVID-19 continues, it’s wonderful to know we have an easy way of getting our household essentials, gifts, entertainment items, and more. However, it’s easy for this type of spending to get out of hand. With these tips in mind, you are sure to curtail your spending habits and maybe even save a little money. Contact us at Davis Thorpe & Associates if you are interested in optimizing your credit to its best possible score.