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Retail therapy and spending of any kind expose us to a mini high. Studies reveal that we encounter a boost in serotonin. It’s short-lived, of course. Nonetheless, spending our hard-earned cash can make us feel good. Which is fine, up until it pushes you into credit card debt, or you have an abundance of things you don’t need or use, which don’t add any real value to your life.
Part of saving money is about being meticulous over your spending habits. To quieten that impulsive feeling that pushes you to buy, consider the below. To help you make smarter purchases, that won’t damage your financial health.
Do You Need It?
Assessing whether something you were going to buy is necessary is a valid question. If you do need something, think about whether you’ll get much use out of it. For example, if your friend is getting married and the dress code is gowns and tuxedos, do you have something in the closet you could wear for one day? Maybe a friend who can loan you a suit or hire one from a store?
Smart wear may be a necessity for one day, but buying a brand new outfit isn’t. To curb your spending, always try and think of alternative ways you can gain the things you need, and in turn, you’ll save a lot of money along the way.
Research and Compare
Some things, you can’t borrow or loan. Such as home insurance and car insurance. For these kinds of purchases, always remember to do three things – research, compare the quotes, and note them down to help you choose which one is the cheapest and best package.
If you’re reading this, you have access to a device and the internet, which means you also have access to a plethora of insurance, mortgage, and energy providers from across the country. With that said, don’t limit your scope to companies you’ve used before. Because sadly, loyalty to the same company doesn’t save you any money. Instead, venture out, find new businesses, survey new offers, and save a lot of money while doing it.
Sleep On It
Making decisions when you’re tired or hungry, particularly when food shopping, is damaging for your bank account. It’s important to make spending decisions with a clear head. This is why sleeping on it will always help you to make a better decision. Taking time to mull something over, also gives you space to analyze its necessity, and whether there are other routes or methods, you could choose to save money. For example, if your favorite jumper has a tear. Rather than replacing it with a new one, you could fix the one you have.
Saving money is essential for big purchases, not to mention big emergencies. Getting into a habit of spending less by using the above points will help you build your wealth fast. While also making you appreciate the things you have. As it shall also help to get rid of the “throw-away old broken stuff, and buy brand-new” mentality most of us have.
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