Everyone loves buying new stuff! Shopping can be a great social activity and even provide stress relief… if it’s within your budget. The problems begin when you find yourself constantly overspending or purchasing things that you later regret. It can be challenging trying to determine if you really are making a good decision when you buy something. In this practical guide we’re going to discuss how to make better purchasing decisions so that you never suffer from post-shopping regret again!
1. Consider the price
In general, the less you spend, the less you’ll potentially come to regret your decisions later. It’s a no-brainer that it’s easier to regret spending several hundreds of dollars rather than a few dollars on an impulse buy at the cash register. If you’ve decided on an item you need to have, stop and take a moment to make sure you’re getting the best price possible. Compare different stores to see if one is offering a better deal. If you find an item listed for cheaper somewhere else, ask your local store if they have a price match policy.
Lasty, consider buying used or from a budget retailer like Aliexpress. Aliexpress has an amazing selection of budget-friendly items, and if you shop with a coupon code, you’ll enjoy even bigger savings. Use this AliExpress discount code here to enjoy a discount on your next purchases!
2. Question your motives
Whenever you’re considering making a new purchase, it’s always a good idea to check your motives. Discovering why you want to buy something can guide you towards making better spending decisions. The next time you need to buy something, consider these questions:
- Why do I want this item?
- How often will I actually use it?
- Can I just borrow it or come up with an alternative?
- Will I still use it a year from now?
Asking yourself these few questions before making a purchase can help you reduce those tempting impulse buys and help you focus on the purchases that really matter.
3. Consider the full purchase price
If you’re spending a lot of money on your credit cards or other financing, it’s important to consider the total purchase amount before you buy something. When you pay for something in cash, there are no hidden expenses. When you’re purchasing items on your credit card, especially big ticket items, make sure you include the interest you’ll be paying in the total purchase price. When you consider the actual amount using credit will cost you, you might be less tempted to splurge.
4. Calculate cost per-use
Cost-per-use is a great way to determine if you’re making a good purchasing decision. In fact, financial experts consider it to be one of the best ways to prevent you from wasting your money. To figure out the cost-per-use of an item, you simply divide the cost of the item by the number of times you anticipate using it.
For example, let’s say you’re interested in buying a new TV. The TV you like costs $600, but you really enjoy watching your favorite shows, so you know that you’ll be using your TV daily. When you divide $600 by 365 days, you get $1.64. That means it will only cost you $1.64 per use to enjoy your TV. Not such a bad investment for daily entertainment, right?
5. Practice making good decisions
It’s important to remember that you need to practice making good purchasing decisions for it to become a habit. Don’t expect perfection right away. Willpower is like a muscle that gets stronger the more you use it! Practice these strategies for making good purchasing decisions and you’ll feel confident the next time you have to buy something.