Can you perceive your financial future to be in a mess?

Finally monsoons are here and so are the long awaited sales/ attractive discounts/tempting offers all over the town. & since then the phone calls from Shopaholic friends who want my precious time to accompany them to these sales.

Excitement is palpable. Invitation too tempting. Monsoons too enchanting!

So what should a resurrected shopaholic like me do? How to avoid such temptations which leave my bank account many thousands lighter and my credit card bills many thousands heavier. So why all of a sudden this enlightenment that “Money” is not meant to be splurged on impulse shopping?

I may owe to my being part of Apna Paisa workshops where anchor Harsh Roongta hammers all along the importance of being better financially planned and investment savvy. This has great impact on my thinking which was heavily tilted in favour of impulse shopping till few months back.

No..no he doesn’t say that you don’t indulge but how to shop in such a way so that you don’t land in a financial mess in future.

Following him, I took a session in my neighbourhood mall for my shopaholic friends over piping hot momos which was a surprise for them and I would like to share with you what happened on that great Sunday.

As I started telling them that what damage impulse buying can do to their finances, my hyperactive shopper friend Ritu shot back, what is impulse shopping? After all shopping is shopping.

I tried explaining her. Impulse buying is an unplanned decision to buy a product, made just before a purchase. If we  go by the research findings which suggest that emotions and feelings play a decisive role in making an impulse purchase and marketers and retailers exploit these impulses which lead to a shoppers instant gratification. Not only this your normal decision goes out of window for window shopping. Ritu was convinced.

Now it was Meenu’s turn. She said, “OK fine impulse shopping happens which leads to guilt sometimes besides scolding from husband.”

But how can we avoid this?  I knew this was coming in and I was prepared with my to do list.

My suggestions list rolled.

To begin with before stepping out for your shopping sojourn - make a list which you should follow to a large extent. By planning well and sticking to the shopping list (of course with 10-20% variations) you’ll visit those stores only from where you have to make a purchase. This will dramatically bring your expense down. We have noticed that even the most disciplined savers  find themselves buying unnecessary items when they are out shopping.

I know you all love shopping but you can cultivate some other hobby too which is equally satisfying. What could be the bigger pleasure to enjoy with your group of friends? Still it is important to know those friends who encourage you to shop for fancy things / fashionable stuff all the time. As a matter of fact all of us have such friends around who love to shop and with whom you end up spending lots and lots of money. Instead you can try finding ways to spend time with these people- like playing a game or indulging is some group activity.

If you do need to shop, take along a friend who will help you control your spending. This will help you avoid impulse buys and focus on what you really need. (Like my friends have decided to take me along oblivious of the change in me)

“Well taken”, quipped Meenu.