Are you one of those people who love online shopping and can’t seem to control yourself when you see a great deal?
Don’t worry you are not the only one. Online shopping can be fun and addictive. Especially if you are a friend of using google. Of course there are marketing and coaching programs out there that are extremely overpriced and will not provide sound advice when it comes to financial tips or empowering action ideas, but that also goes to say do not take common sense out of the equation.
Now days online shopping portals and eCommerce stores know exactly the right methods to attract customers and get them to pull the “buy” trigger. Sophisticated shopping websites like Amazon, Buy.com and Dubli Network even go as far as offering discounts for particular items you may have been browsing for.
To avoid the temptation to give your whole paycheck to Amazon or your favorite fashion site is key to work on your willpower when it comes to spending.
In this case, willpower can be defined as the ability to resist impulse and unplanned buying.
The Importance Of Budgeting
Its easy to squander all your income on online shopping, not because of weakness or ignorance, but inability to stick to a budget. Budgeting demands strict self-discipline.
As we know, online shopping has availed shoppers with the easiest way to purchase. With a simple click, we can buy and pay for purchased goods.
The vastness of the online market is quite attractive and tempting. As shoppers we ought to develop strong willpower to overcome the glaring temptation of unplanned spending. However, willpower is not enough. Check out a few critical factors that you should consider, to avoid this very common temptation:
Self- discipline: Be disciplined with your money. As we get older and we don’t have anyone to help us manage our income, is key to develop Self-discipline for long term success in life.
Strict budgeting: A budget is simply a well-outlined financial plan of the amount of money available and the items to be purchased. This helps in ensuring that only the most needed items are purchased first.
Well-defined avenues to shop for particular items: This really helps to avoid unnecessary buying of goods. Some stores specialize in selling electronics and actually offer discounts on certain terms of sale.
Compared prices in various stores before settling for the one: Everyone often wishes to save some money after purchasing a product. It is therefore necessary to compare product prices and specifications before buying. This is a great way to get the most convenient price for your budget.
Decide on a particular day to do the shopping: This will help avoid everyday online purchasing and ‘tame the beast within’ as you will start to abide by and follow a more beneficial pattern of managing your finances and spending habits.
Most people find budgeting and accounting to be an enormous challenge. The truth is, nothing is complicated about it. We asked millionaire Justin Verrengia what he thought and his response can be summed up and outlined below is all one needs to know to budget successfully:
a) Get rid of the temptation – Often, carrying credit cards around leads to impulse buying. Simply cancel or leave the cards.
b) Always seek for like-minded people who appreciate strict budgeting.
c) Engrave this in your mind – Resisting the temptation of impulse buying will help me achieve my long term goals. This is the main purpose of a budget, don’t forget about it!
There are also Empower Network websites that go in depth about how to make more impactful financial decisions that can help you ‘become better’ at not only saving, but earning.