Life has taken us on a wild roller coaster ride, and it seems like shopping has become our go-to coping mechanism. In Part 2 of this series, we delved into how, amidst crises, we turn to shopping for a quick fix of retail therapy, a shot of dopamine, an emotional escape, social validation, and even a fear of missing out.
Now, the big question looms: How on earth can we shift towards more mindful consumption and regain our financial freedom?
Here's a bunch of practical ideas you can dive into right now:
1. Create a Budget
Before you set foot on any shopping spree, arm yourself with a well-defined budget. Determine how much you're comfortable allocating for discretionary spending. Get granular with categories like clothing, gadgets, and entertainment. This approach will help you distinguish what's truly essential, and it'll act as a shield against impulsive purchases that tend to leave your bank account sobbing for mercy.
2. Track your expenses
Ever wondered why apps like Lose It! have helped millions trim down and get healthier? Being aware of your daily caloric intake helps form healthier eating habits. The same principle applies to money.
Equip yourself with a simple yet potent tool: a dedicated expenses tracking spreadsheet. Challenge yourself to jot down every single expense for a month, from those daily coffee dashes to those spontaneous online shopping splurges. This visual representation of your spending habits can be a wake-up call, spotlighting areas where you can trim down and save. It's like having your very own personal finance microscope, revealing those sneaky money leaks.
A template for Household Expense Budget from SmartSheet
3. Unsubscribe & Unfollow
Guard your digital presence against the allure of shopping. Clean up your inbox and social media feeds by parting ways with those enticing newsletters and flashy ads. No matter how tempting marketplaces like Temu might be, if they're not on your shopping radar for now, give that app the boot and bid farewell to their barrage of messages. Trust me, they're sneaky with their multiple quests per day. Here's a quick peek at the clever persuasion tricks they employ.
A quick audit of Temu marketplace notifications that prompt one to buy more and more.
4. Pause before you buy
Before hitting that "Buy Now" button, pause, take a breath, and question yourself: Do you really need this? Step away for a day or two before revisiting your virtual cart. You'd be surprised how often the initial excitement dwindles, leaving you with a cart full of items you're no longer enthusiastic about. Ever heard of the 30-day rule? It's the one where you wait for a full month before splurging on something you desire. If your craving still lingers after those 30 days, go for it. But if it fizzles out quicker than last season's trends, you've just saved yourself money and some precious closet space. It's a win-win!
5. Mindful browser extensions
Tools like Honey and Rakuten are not just for snagging deals; they can also serve as gentle reminders to stay within your budget. When an extension flashes a coupon or cashback offer, ask yourself if it aligns with your financial goals. And if self-control waves goodbye when faced with the vast realm of online shopping, guess what? There's an app to rescue you. Browser extensions like "StayFocusd" or "Freedom" let you set time limits on specific websites. Indulge in your Amazon expedition for a set time, and when the clock strikes zero, you're out of there, unswayed by the allure of Prime deals.
Browser extensions like "StayFocusd" let you set time limits on specific websites
6. The "Do I Really Need a Giant Sock Monkey?"
Test Impulse buys are like those cringeworthy dance moves we unleash at weddings – regrettable. Before surrendering to that urge for a colossal sock monkey or a neon flamingo lawn ornament, pause and ask yourself: "Is this truly necessary?" Extra points if you do this contemplation in front of a mirror while sporting a monocle. You'll feel like Sherlock Holmes battling the villains of reckless spending.
7. Enlist a life coach for accountability
If you're seeking an extra layer of accountability, team up with a life coach or a money coach to become your partner in reigning in excessive spending. Through empowering conversations, you'll likely uncover personalized strategies and insights tailored to your habits and aspirations. Consider them your budgeting Jedi, steering you away from the dark side of impulsive splurging.
And always remember, it's time to let go of any shame around this. You're not alone in this journey. You've got what it takes to embrace change.
Cover art: myself + Midjourney