Shopping is a favorite pastime for many people and some would even classify themselves as shopaholics. However, with so much shopping taking place on a regular basis, you may find that your wallet is suffering from your shopping habits. Have no fear; there are plenty of ways you can get your shopping fix without breaking your wallet.
You just need to have a little bit of budgeting know-how and a lot of shopping finesse. Patience is helpful too. To get your shopping fix without breaking the bank, here are some helpful tips that are designed to help you next time you get that unshakable desire to go shopping.
Shop the Clearance Racks
Many people cringe when they hear of the clearance racks. Fortunately, there is nothing wrong with the clothes that are on the clearance rack, they are simply clothes that are going out of season. Stores will move the prior season’s stock to the clearance rack in order to make room for the new inventory.
This rack is where you can find bargains that are sure to please your wallet. Shirts that you may have paid full price for during the season can be found on the clearance racks for as low as $3.00 ensuring that your wallet is still full, even if you buy several items. If clothing is not your vice, you can usually find a clearance aisle in most department stores.
Put Aside Envelopes for Shopping
One surefire way to make sure you have enough money to pay your bills is to keep envelopes labeled with the amount due and with each paycheck divide your money amongst the envelopes. If you have money left over, put some aside in an envelope especially marked for your shopping expeditions.
Because you were never relying on the money for anything other than shopping, you are less likely to miss the money and it is less likely to hurt your wallet. Also, with this technique, you are using cash to fund your purchases and you can only do that if the cash is readily available.
Skip the Credit Cards
Yes, we know, sometimes you need that credit card to buy what you do not have the cash for. Unfortunately, shopping with credit cards is not feasible for most people because of the high interest rates that come with them. That outfit that you charge $50 to your credit card with can end up costing you several hundred dollars when you factor in interest.
Instead of using credit cards to splurge, save up cash using the method mentioned above. You will not have to worry about a credit card bill in 30 days or the added interest. You will also have peace of mind knowing that your items are completely paid for.
Scour the Sunday Ads for Coupons
It may sound trite and you may think that coupons are solely for food, but many major department stores and retailers offer coupons on a regular basis if you know where to look. Sunday ads are jam packed with coupons for retailers, some offering as much as 25-30% off your purchase.
Make sure you heed the restrictions and only buy items which the coupons apply to, otherwise you’ll find yourself paying more money than you expected.
Being a shopaholic does not necessarily have to mean that you are broke as well. By utilizing the effective budgeting tips listed above, you will find that you save hundreds of dollars a year on your shopping expeditions. What you do with this extra money is up to you – you might even decide to treat yourself to something nice!
This is a guest post by Ripley Daniels. Ripley works for Passport Genius, a nationwide travel document expediter specializing in Rush Passports, Same Day Passports and other time sensitive travel documents.