Studies show that 6% of people face a shopping addiction at some point in their lives, while other research believes that this number could be even higher. Budgeting for your shopping habit can make it affordable and stop it from defining your finances, but you’ll need to do some planning and be prepared to stick to your budgets to have the best of both.
Deal with debts
Some shopaholics may find that they’ve spent more than they could afford. You don’t have to go cold turkey on your shopping habit, but if you find yourself with debts then it’s a good time to factor them into your budget to get yourself out of it. If your debts are on a credit card you can use alternative forms of personal funding to secure a better rate. For example, you could transfer them over to a different credit card that has 0% interest for a set period of time, usually 6-12 months. This can reduce your monthly repayment amounts so that they’re more manageable.
Set a limit
Go through all of your monthly incomings and outgoings, such as wages, bills, and money for fuel and food. Figure out how much you have left at the end of each month and allocate yourself a set amount for shopping. There are plenty of apps that can help you to do this. A good way to ensure you stick to this is by putting that amount on a separate prepaid card so that once you hit your limit you can’t spend any more. Alternatively, you can take the amount out in cash and keep the money separate. Cash is a good option for a lot of people as they can physically see how much they’re spending, making them more accountable for it than paying with a card.
Take advantage of discounts, deals, and coupons
Websites and apps like Groupon and Groopdealz make it easier than ever to do all your favorite things and go on shopping sprees without having to spend an absolute fortune. If you’ve got your eye on something or you’re planning a day or night out, look for deals first and make plans based on what’s available. Many businesses offer discounts on certain days when they’re quieter, such as cinemas, and restaurants will often have discount vouchers for midweek dinners.
For many shopping is a social hobby that makes them feel better, but you don’t need to jeopardize your bank account in the process. Set yourself a budget each month and find discounts and deals that can make shopping just as fun, but a lot cheaper.