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6 ways to stretch your dollar while shopping
By James Yeo
Everybody loves to shop for food, clothes and other accessories. But if you aren’t careful, you may end up spending more than your budget.
Not only can spending beyond your means become an unhealthy habit, it can also disrupt your bank balance.
The good news is, you can change all that by learning some of the useful tips listed below:
1. Make a list
If you really want to stay on track with your budget, always stick to your shopping list. Although creating a list may take a bit of time, it will restrict you from overspending. You can even reward yourself at the end of the month if you do not exceed your budget.
Once you have created a list of all the items, think about how you can shop smart. For example, you can stock up on consumables and toiletries in bulk for cheaper prices. And if you are buying clothes, wait until the end of the season or purchase off-season clothes. G2000 clothes are marked down by 70 per cent during the end of the season.
2. Look for substitutes
You can also source for cheaper substitutes in the event your desired item exceeds your initial budget. For example, instead of going for Lays potato chips, why not consider buying supermarket house brands? You may be surprised by how delicious and wallet-friendly they are.
3. Expand your shopping arena
Do not restrict yourself to one shopping centre. The best way is to check out what you would buy at the department stores and then buy the item online. There are always a number of websites that offer goods at reasonable prices. You will also be spoilt for choice with the variety that the online stores provide. For example, on blogshops you can find swathes of stylish clothes and accessories at very low prices.
4. Find coupons
Coupons can be a very useful option that allows you to save a lot of money. By using coupons, you can save extra cash on items that are already on sale. You can visit a number of websites to get the coupons online, such as Groupon.sg or deals-singapore.com and more.
5. Avoid shopping with your friends
Shopping with friends is a whole lot of fun but there is a downside. According to research, adults tend to spend more cash when they are out with their friends, because of peer pressure and ego (wanting to show off).
On the other hand, spending time with your friends does not mean that you have to go out and spend money. Instead of shopping with your friends, try alternatives like inviting them over to your house or having a picnic.
6. Calculate your budget and stick to it
It has been said before because it’s true. Stay focused and adhere to your defined budget and you’ll greatly reduce overspending.
James Yeo is a finance professional in the Asset Management industry for more than 6 years. He also founded an investment blog at www.smallcapasia.com which is dedicated to helping retail investors find winning stocks.
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