Money Management Tactics for Shopping

: Chris Lee Law Firm

  Filed under: Money Management

money managementShopping, whether for grocery essentials or for pleasure, can be one of the hardest areas of money management for most Americans to keep under control.  Bad shopping practices and mismanagement of money is one cause of bankruptcy in America.  However, shopping doesn’t have to be an activity that is automatically hazardous to your financial health.  With the proper understanding of good money management practices, you can go shopping and then go home with exactly what you need for a price that fits perfectly in your budget.  Follow these tips to put good money management tactics to work in your shopping habits.

Tips For Shopping

  1. Make a list. Whether you are going to the grocery store or shopping for clothes before your family’s summer vacation, making a list before you leave home will help keep you accountable for only purchasing the things you need.  Lists help prevent impulse buying.
  2. Shop alone. When you shop with kids or friends you are more likely to be persuaded to buy something you wouldn’t purchase when going alone.
  3. Don’t go shopping when desperate or emotional. This money management practice plays out in different ways depending on the circumstances.  Don’t go to the grocery when hungry; don’t go shopping for luggage two days before your flight, etc.  Planning ahead for your needs can keep you from being under buyer’s pressure, and allow you time for finding bargains.
  4. Buy generic brands when at all possible.  This tip applies especially to grocery shopping, but is applicable for clothing and other purchases.
  5. Shop on a schedule.  Not only will you find that scheduling your trips to the store is a time saver, but it will also keep you from buying things that pop into your head on a daily basis.  If you make a plan to only shop once a week and stick with it, you’ll learn to make do with what you have at home.

Good money management practices will help prevent bankruptcy from being a possibility in your future.  Furthermore, it will make you a healthier and happier person in your daily life!

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