Categories: Budgeting
Who doesn’t love shopping with friends? But before you head out, it can be helpful to plan and budget your trip. If your shopping outing is more social, that’s all well and good, but you should be thoughtful about how much money you’re actually spending. Here are some tips to keep in mind before you go:
Set a general budget
Okay, so you’re going to the mall on Saturday. How much do you plan to spend? Going in without a game plan is a recipe for overspending. What do you actually need? It might seem simple, but it’s easy to head out shopping without setting a limit mentally, or setting one and forgetting it the minute you set foot in a store. If you pause to think about how much you want to spend (and can afford to spend), your bank account will be grateful.
Set a per-item budget
In addition to setting a general spending limit, you’ll also want to do a bit of planning for the specific item(s) you want to buy. What are you looking for today? New boots? Sports equipment? How much do you anticipate each will cost? Do some research online before you go so you don’t overspend on something just because you fall in love with it.
Implement the 24-hour rule
Have you heard of the 24-hour rule? This comes into play when you’re shopping and find something that you HAVE to have…or do you? Give it 24 hours. Take a picture of it on your phone, and go home and think about it. If the urge is gone the next day, then great! You saved some money. If you’re still pining over that item, consider going back to purchase it if it won’t throw off your budget.
Shopping is when you have access to both cash and a debit card, which is easy with your first checking account.
Sign up for an online checking account – a new way to bank!