Money Matters, Simplified.
Avoiding Shopping Hangover
Now that the festivities are just round the corner, you would all be getting ready to shop till u you drop. Read on for tips to avoid shopping hangovers.
Thu, 09/23/2010 - 10:42 by Gauri Retarekar
Shopping hangovers have to do more with the financial aspect of shopping rather than the physical or mental trauma associated with it. Gifts, wardrobe-makeovers or home décor, there is so much to shop for. But, before you can take the plunge, work hard to ensure that you can get the most of your mullah and don't end up with a shopping hangover.
Alternative Gifting Ideas
Think differently. There are scores of brilliant ideas for substitute gifts. These personalized gifts will not just help you save a heap but will also give you an opportunity to spend quality time together and are hence invaluable.
1 Spend a day sledging with the kids or plan a weekend trekking. This will help create valuable memories while spending less in the process.
2 Try arranging a potluck dinner or dessert gathering.
3 Plan secret Santa. Ask the adult relatives in your family to participate. Each person chooses a name out of a hat and buys a gift only for that person.
4 Make personalized photo albums, name plates or photo frames. You could also try your hand at making artificial flowers for the purpose of gifting.
5 Spend a complete day with the children’s grandparents, this could possibly be the best gift for them.
Shopping hangovers have to do more with the financial aspect of shopping rather than the physical or mental trauma associated with it.
No matter how much one shops, still there is an urge to shop more. As a result many usually end up committing shopping blunders.
The Money Times brings you a list of ‘must dos’ before venturing out for shopping, so as to be able to avoid its aftermath.
1. Make a List
Before you step out to shop, you should have a clear idea of what it is that you are going to buy and for whom.
So, first put efforts into preparing an all inclusive list comprising of all that you wish to buy.
2. Budget Your Shopping
Set a budget for your shopping. Visiting the malls without a clear budget is the greatest blunder and a sure signal of an impending over spending.
For instance, if you plan to buy gifts, your budget should be based on the number of people you wish to buy gifts for. It would be wise if you can allocate a different budget for each person including your family members, friends and of course, you.
You could also create a shopping budget for your kids. This will not only keep your spending well under control, but also train your kids to spend their money wisely.
However, simply budgeting is worthless unless you also solemnly vow to stick to it.
3. Refrain from Self Gifting
Buying for self is so satisfying that it never seems to be enough, but if you wish to keep your bank statements healthy, avoid giving yourself too many gifts.
According to a survey conducted by American Express, more than three-quarters of consumers buy something for themselves while shopping for others.
This tendency can be avoided only if you stick to your list religiously and take the budget seriously.
4. Save Throughout the Year
Why not save all round the year exclusively for shopping and spend only when the malls offer your desires on sale?
You would already have had a fair idea by now as to how much you need to buy for others and how much for yourself. Make the most of the discounts offered during Thanksgiving or the end of season.
5. Make Payments in Cash
Cash always reigns supreme. Although the financial market has devised enough alternatives for cash but all of them have their own drawbacks.
Credit cards are something to especially beware of. Leave them at home when you go shopping, to be able to shun the temptation of going overboard with your shopping.
Pay attention to these minor details so as to be able to enjoy the festival time without having to worry about repaying your shopping bills through your nose.
