I’ve been one of those people who always believes in instant gratification and I like to buy things on the go.
Whenever I go shopping I know what I want to buy I pick that up and I also pick up something along with it if I find that cute or on a sale.
The word sale is like a calling to my heart and soul and it just gets very crazy when there is one because that is the moment where you justify yourself that it is for a lesser price and you need to buy it. You also say to yourself that there wont be another sale for a long time and it is okay to buy it now.
I’m sure you must also have brought something impulsively at some point in your life and it is normal human behavior to want to ‘have it all’ but at the cost of what? Standard of living? Living and buying in the present like there is no tomorrow?
I am not saying shopping is bad or wrong. Its all about what you really need at that time and fill in that void with an item you buy.
Here are 14 points which are helping me and I want to share that with you all:
1> Make a list of what you want to buy and what you need to buy.
Making a list in a book or an app always helps. Make a separate one for needs and wants.
Needs get first priority and wants need to be planned and fulfilled according to when and how you need that particular item.
For example: I need to buy fruits that should be done first and in the wants list I have a Keyboard to buy, I will plan for this purchase take time and then go for it. How to go about it is all written below 🙂
2> Ask these questions to yourself.
My friend suggested this to me and I added a few points which my mother told me as well below:
They told me to ask myself these questions before buying anything:
1) Is it really necessary to buy this? Can I go on without it?
2) What is the longevity of the product which I want to buy?
3) Do I already have this with me?
4) Is it worth paying x amount for this product?
3> RESEARCH
Once you are done with 1 and 2, sleep on it and the next day research on them. Keep researching and see if you are really satisfied to go on with the purchase.
4> Can you afford it?
Ask yourself this question, and if it is yes then go for it.
Do not buy it on unnecessary credit cards and EMI spends.
5> For clothes
Buy good quality clothes which will last for a long time. Even if you are paying more upfront you could use it for many years and feel good about it. For example: A good pair of jeans/ jacket/blazer.
6> Skincare and beauty.
Buy products which work well with your skin. Affordable good skincare is the best way to go, it depends on what budget you set up for this.
Keep the moisturizer simple with ceramides and peptides which help strengthen the skin barrier and they must not consist of multiple actives. This is to make sure it will not clash with your serum and react differently.
Simple and clean routines is the best and keep using your sunscreen. Don’t skip it.
I mentioned points 5 and 6 as an example for those categories, similarly for each criteria you need to decide and note down what works best for you and follow the simple approach for it.
7> Budgeting always helps:
X amount for Savings
Y amount for Investing
Z amount for Expenses ( personal needs+ EMI’s + Bills) all of it
Keep a ratio for this for example :
50/30/20 -> 50% Invest and Save
30% -> Bills/ EMI’s.
20% -> Monthly expenses ( includes everything that you spend for food, travel, lifestyle, clothing, skincare, petrol etc.)
This way you save, invest and make sure you enjoy your earnings as well.
Always remember, never let your money sit idle. Let money make more money.
8> Education is an investment.
Anything books, online courses, upskilling is an investment. Keep learning and growing and spend money over there and utilize the course well. Knowledge always helps at whatever stage of life you are in.
9> Use an app or a book to plan your expenses and earnings.
Add in each expense made and evaluate it every week and every month.
See where you are spending a lot and try to consciously bring that down if it is not necessary.
10> Have an emergency fund.
Try and save 6 months of your salary in your emergency fund.
This will help you incase you wish to try something new and need to explore different options you skip being dependent on others and rather depend on yourself.
11> Never underestimate the power of compounding and consistency.
You don’t need to invest lakhs of rupees or millions of dollars. Even 10 dollars or rupees help. Keep investing and saving consistently and it will take you to a greater financial zone.
12> Keep one product, finish it or use it fully and then buy another one. Do not replicate the same product again. It only occupies space and creates a frenzy in your mind to keep buying more and more inviting unnecessary expenses.
13> Sale – they always come in during various seasons and festivals, if you skip this one you can always buy what you need in the next seasonal sale. It is like pressing the snooze button as much as you can until you click the okay button and go for it.
14> Save money for traveling.
Travel a lot, document it, keep a travel fund and save money for this every month. These are priceless and beautiful memories you create in your lifetime and no material can match this feeling of thrill and excitement of exploring new places.
Lastly, do not be too hard on yourself, its all about balance between spending, saving and investing.
If you get the ratios correct, have the right platforms and seek the right help from experienced people you can save and build wonders along with having a lot of fun and making all your dreams come true.