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HOW TO STOP SPENDING MONEY 馃捀 (15 tips to stop impulse shopping + save money with minimalism) - YouTube
Channel: Ria Karan
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Five thousand, four hundred dollars a
year. That is $54,000 in a decade! That is
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money that could go towards retirement
savings accounts, emergency funds and even
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a mortgage down payment. So if you feel
like you're wasting your money buying
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things that you don't need and the
impulse shopping is getting out of hand -
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then this video is for you. I'm going to
share 15 easy and practical tips things
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that I've done and I hope that they help
you too.
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Hello hello! Welcome back to The Whole
Happy Life. I'm Ria. So I wanted to
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create this video because I used to be
such an impulsive shopper when I was
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younger. I spent so much money and I wish
I have known these tips before because I
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could have saved maybe thirty or forty
thousand dollars in my twenties. So I
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hope that these tips can be useful to
you. As always, with money things are a
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little bit different for everybody so
take what you want from this video and
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leave the rest out. And before we begin,
let me know in the comments below what
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is your biggest impulse purchase. The one
that you regret the most. I'm really curious
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to know - let me know in the comments
below. Let's begin. Tip number one - don't
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shop when you're emotional or when
you're really stressed. I think it's so
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easy to use shopping as a way to feel
better - as a quick pick-me-up... retail
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therapy.
But the problem is shopping and retail
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therapy is not effective. It's short-term -
you'll feel good for maybe a couple
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hours... maybe even a day or two but after
that you're back to your normal self. So
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I think retail therapy is prohibitively
expensive if you're an impulse shopper
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and it's just a good idea to find other
things to do to deal with those emotions.
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So let's say you're feeling sad - instead
of going to the mall maybe talk to a
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friend, watch a funny movie on Netflix
that you enjoy - do something else that
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doesn't involve spending copious amounts
of money. And if you're feeling stressed
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there are other things that you could do
that don't involve spending money. Go for
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a walk in the park. Go for a workout. Do
some self-care at home. Things that you
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could do for free.
Tip number two - don't shop out of sheer
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boredom. I can't tell you the number of
times I've gone to the mall because I
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was bored. I thought I was only going to
window shop and that window shopping
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quickly became real shopping. When you're
at the mall, you're in a place of
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temptation and if you're someone who has
a tendency to purchase things
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impulsively it's really hard not to buy
things, so don't put yourself in that
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position. Don't go to the mall when
you're bored - find other things to do. So
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as an example if you're an introvert -
maybe journal writing, reading, watching a
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movie at home... that might be something
you could do when you're bored. Or if
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you're an extrovert, you could go out in
the city and find free things to do.
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There's always something to do for free
in every city or town - just find those
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things to do and don't go shopping.
Because if you go shopping you're
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probably going to spend money that you
don't need to spend. Tip number three -
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shop with intention and with a very
specific list. I've noticed that when I
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shop without a list, I tend to get
carried away and I do make a lot more
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impulse purchases, but when I make a list
and not just a generic list but a very
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specific list... I'm less likely to get
carried away. Tip number four - when you're
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shopping online, avoid creating an
account and storing your credit card
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information. So a lot of times when you
shop online, shops want us to create an
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account. That way you have the name,
address and credit card information
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stored, so the next time you want to shop
with them it's just the matter of a
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click of a button and it becomes so easy
to shop. The problem is if you are an
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impulse shopper, it's a little too easy
to shop. So if you want to avoid those
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impulse purchases, my suggestion is check
out as a guest- not as someone who has an
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account. By checking out as a guest you
have to physically enter your name, your
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address and your credit card information
and let me tell you, I have abandoned so
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many shopping carts in the past because
I was too lazy to get my credit card out
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of my wallet. So there we go.
If you're an impulse shopper, this can
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act as a deterrent, so just try to avoid
creating accounts
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and check out as a guest instead. Tip
number five - embrace aspects of
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minimalism. I think out of all of the
tips in this video the one thing that
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helped me the most is becoming more of a
minimalist. I do recognize that it is not
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for everybody but at the same time we
don't need to completely become
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minimalists. Some of us may just want to
embrace aspects of it. I think minimalism
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is a spectrum - we can all do it in our
own way and if it can help you become a
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little more intentional, help you become
a little more aware and mindful of your
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purchases - why not? If you're interested
in learning more about practical
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minimalism, I do have an e-book and
workbook on it which I'm going to link
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in the description. And don't buy the
workbook impulsively. I don't want you to
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do that! Buy it if you really feel like
it's going to help you and it's gonna
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add value to you, otherwise you don't
need to get it. Tip number six - try to buy
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from stores that have a return policy
and keep the receipts. I can't tell you
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the number of times I have purchased
something and then I've quickly
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regretted it the next day and I couldn't
return it because store did not have a
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return policy or I lost the receipt or I
took the tags off. So my suggestion is
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don't take the tags off, keep your
receipts for at least for 7 days and try to
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avoid buying things from places that
don't have a return policy. My philosophy
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now is if it doesn't have a return
policy, I'm not buying it. I don't buy
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things on final sale because that is how
you end up buying things you don't
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really need. Tip number 7 - sleep on the
decision especially if the item is above
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$100. So I have a rule - if an item is
above $100, I do not buy it the day I see
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it. If it's at the mall or online I won't
buy it. I will sleep on it for at least
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a day if not two or three nights and I
can't tell you the number of times I've
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completely forgotten about the item in
two or three days. So give yourself a
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little time to think through that
decision and who knows you might change
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your mind.
Tip number eight - avoid joining email
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lists. A lot of times when you shop
online or even in the store - stores will
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ask us for our email address in exchange
for a coupon or something of that sort
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and the problem with that is while that
coupon may seem very nice in the
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beginning they're going to keep sending
you emails again and again and you're
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going to end up buying more things. Things
that you don't need. So my suggestion is
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to unsubscribe from all of those email
subscriptions so that you don't have to
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face temptation all the time. I think for
an impulse shopper the biggest thing you
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can do is remove the temptations. By
removing the temptations you're just not
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going to shop as much. Tip number nine -
don't shop with friends that push you to buy
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things that you don't need. Now we all
have friends that help us make really
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good decisions - go shopping with them but
then we also have friends that make us
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buy things that we don't need. They kind
of push us into impulsive purchases and
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they tell us that everything looks good
on us... when in fact it really doesn't. So
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don't go shopping with those people. I
actually bought a pink poofy wedding
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dress ten years ago. It was horrible.
I got persuaded by my friends and my
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husband had a look at that dress and he
was just like" oh my gosh what were you
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thinking? ". So thankfully that was not
actually the wedding dress I wore on my
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wedding day but I learned a lot from
that experience.
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Do not go shopping with people who you
don't really trust in terms of their
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opinion and who push you into making bad
decisions. Just avoid shopping with them.
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Tip number 10 - always check reviews for
items that are above $50. So I've a rule -
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if an item is above $50 I won't buy it
until I check the reviews even if I'm in
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the store. I will take my phone out and
I will try to check the reviews because
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this way I'm not making a purchase that
is somewhat expensive without knowing
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everything about it. I think the thing
with reviews is you've got to check both
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positive and negative. It's so easy to
just read the positive ones and think
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"hey this item is great". No. Read the
negative ones too have a balanced view
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and then make your decision. I have
purchased a lot of things without
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checking reviews and then I deeply
regretted it later, so try to avoid that.
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Stick to that
rule whatever dollar amount it may be.
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For you it might not be 50 - it could be a
bit different but stick to that rule.
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Don't buy it unless you checked the
reviews. Tip number 11 - remind yourself of
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your financial goals before you go
shopping. If you don't have financial
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goals then I do suggest having some - just a
number and what you're saving it for. I
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think it can be very helpful in changing
your mindset about money. I didn't have
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financial goals before so I used to spend
because I didn't really care but now I
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do
and I remind myself of my financial
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goals regularly and because of that I'm
less likely to make impulse purchases. So
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my suggestion is if you don't have goals...
sit down and think about what your goals
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might be. It could be something really
simple- I want to save $5,000 for an
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emergency fund. Whatever it may be just
write it down and think about it
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regularly so that you know what you're
trying to do and you're going to be less
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likely to get carried away with your
impulse purchases. Tip number 12 -
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re-evaluate what you already own the
next time you're shopping. So as an
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example let's say I'm shopping for jeans
and I see a nice pair of jeans... it's very
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easy to get carried away thinking "hey
it's on sale. It looks good. I need it." But
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then take a moment to re-evaluate
whether or not you already own something
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that's similar. Sometimes you actually
have the exact same color at home and
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you don't really need that extra pair.
Tip number 13 - think about your worst
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impulse purchases and make a list. I made
a mental list of the worst impulse
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purchases I've made and that list really
really helped me change my mindset. I
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realize how many impulse purchases I
forgot about and once I made that list
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it reminded me of how much money I had
spent and how much I deeply regretted
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those purchases. So if you're someone who
makes a lot of these impulse purchases
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just make a list and take it one step
further. Put that list in your wallet so
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the next time you're actually tempted to
spend some money you're going to have
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that list right in front of you. And
maybe ...maybe it will act as a deterrent
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and you might not end up making that
impulse purchase. Tip number 14 - get to
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the root cause. If you have tried
everything in this video as well as tips
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from other people and you're still
struggling with your impulse spending
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maybe it's time to take a step back and
figure out the root cause. It could be
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something like anxiety. It could be
something like sadness. It could be a
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multitude of different things but you
need to figure out the root cause so you
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can work on a solution. If you need help,
maybe it's time to talk to a therapist.
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Tip number 15 -make it a game with a
jar method. So this is something that I
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recently started and I've been enjoying
it. So every single time I avoid an
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impulse purchase, I write down the item
and the dollar amount and put it on a piece
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of paper and stick it in the jar. And
then at the end of the month I look at
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all of the little pieces of paper in the
jar and tally up the amount that I
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avoided spending. So last month I avoided
spending two hundred and fifty dollars-
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which is not a small sum of money. It
actually is quite a bit especially if
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you end up saving that much each month.
So I'm going to continue doing this and
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hopefully by the end of the year I might
have a couple thousand dollars saved up.
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This is just a fun little thing that you
could do to reward yourself every single
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time you avoid an impulse purchase. Thank
you for watching this video, if you
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enjoyed it please do give it a thumbs up
because that helps me a lot and if you
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haven't subscribed already, please do
consider subscribing. And you can find
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the link to my minimalism ebook in the
description as well as the pinned comment I
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will see you in the next video which
will be about boosting your iron levels
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naturally without pills. See you then. Bye!
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