Hi guys I'm Eileen. Today I want to talk about
how to seriously cut down on impulse shopping
once and for all. I have 9 very practical tips to share with you guys.
These tips have worked wonders for me. I used to make so many shopping mistakes
in the past and wasted so much money but in the last few years I've not
actually done any impulse shopping. I still shop for luxury handbags, shoes
and jewelry, but just being a bit more mindful
has helped me to save so much money and I'm also genuinely a lot happier
with what I already have. And now without further ado,
let's get right into it. So the very first tip
to cut down on info shopping is to ask yourself,
how many hours do I have to work to pay for this
item? Now it doesn't matter if you're working a job
or running your own business, essentially you do need some kind of time commitment
to generate an income. So in a way, we all have an hourly rate
and we are kind of using our time to fund for our shopping.
Now this will not sound sexy but every time you are tempted to buy something,
I suggest you to ask yourself the question,
how many hours do i have to work to pay for this
item? So let's say if you make £50 an hour, is it really worth it
to work 10 hours to buy this pair of shoes that cost
£500? Quite often, if you actually sit down and run through the number
you might realize you are getting paid less
than what's on the pay slip because of work related expenses
such as travel and clothing. This is when you will have to be very honest with
yourself because it will really put you into
perspectives and I promise you you will never see
shopping the same again. I mean I mostly like my job but just
like a lot of people, there are still days I wish I don't have
to go in. For example, when it's snowing outside, I
just want to snuggle up in my blanket and have a big cup of coffee. Essentially
for everything that you don't buy today, those are the hours you don't have to
work for to pay for these items and these hours
can be spent cuddling with your loved ones or doing a
movie marathon. Don't get me wrong, I still shop but just
asking myself this one question does make me think long and hard before
buying anything. The second tip to cut down on impulse
shopping is to ask yourself the question, would I prefer cash? So a while ago
I've read a book called Soulful Simplicity by Kourtney Carver
and I picked up a wonderful tip on how to cut down on shopping.
So the author suggested we should all make a fake
shopping list, so basically every time you're about to buy something
make a note of it and how much it costs. And do that for the entire month but
don't actually buy anything. At the end of the month, add everything
up and see how much these items would have cost you. Then ask
yourself the question, would I rather have this amount of money
in cash? Or do you still prefer the items?
Doing this will give you a clear picture of how much
impulse shopping could cost you financially.
I've done this myself several times and many times I actually chose
cash instead of my imaginary shopping list. Now if you find this
exercise a bit tedious to do, there's another way
to see if cash is more appealing to you. I would suggest to look in your closet
and in your room and see if there's any item
you would trade in for the full amount you paid for
if you have the option. If your answer is yes,
just try to remember this feeling the next time you're about to cave in
to an impulse purchase. Trust me, it works. The third question to ask yourself is,
can I pay for this in full? And if the answer is no,
walk away. I really don't think anyone should ever get into debt
for shopping because consumers debt usually comes with the highest
interest and it's just completely not worth it for something that's completely
discretionary. In fact, sometimes even when you could
afford it, it doesn't mean you have to buy it. In
the past, I used to go shopping on my paydays.
I certainly paid for everything in full but that definitely wasn't the best
thing to do because now I can hardly remember half the things I
bought. Now that I'm older, I actually enjoy the
self discipline I impose on myself and I truly believe
that choosing not to buy something when you
could afford it is sometimes way more satisfying than
actually owning the item. Tip number 4 to cut down on luxury
impulse shopping is to remind yourself that selling is
hard. Quite often, when you buy something
online or in the store, the sale is completed in a matter of
seconds. You add the item to your cart and then
take out your credit card and it's done. But when you bring the item home and if
for whatever reason you don't like the item
selling is never as easy. The easiest and quickest way to sell a
luxury item is to sell it through a consignment
service. However, it's important to bear in mind
that the right buyer will take some time to
show up. Also, the commission charged by the
consignment service can be quite substantial. In fact some
services are charging about 30% of the selling
price. You can of course avoid the commission
by selling the item yourself but it can be a time consuming task.
Now i know lifestyles and preferences can change
over time so you might like something for 10 years and then decide it's time
to let it go but I think it doesn't do any harm to
practice a bit more intentionality with everything we buy. So really take some
time to see what you buy today will be something you'll be keeping for
a long time. I think that in itself will cut down on a lot of impulse
shopping. Tip number 5 is to sleep on it even if you have the
slightest bit of hesitation about something you are thinking to buy.
I mean at the end of the day things are just objects,
and so if you come across something perfect for yourself
by all means get it and enjoy it. But don't ever feel like you'll never be
happy again if you miss out on something beautiful
then rush into buying something really expensive.
I'm a firm believer that if it's meant to be, it will be,
at least for shopping. And so if I miss out on something today,
I will consider my money saved and I believe the better item
will show up one day. Tip number 6 is to consider the opportunity cost.
This is something iItalk about a lot on my channel because
I think it's a very straightforward way for me to gauge how much I love a
certain item before actually paying for it. So I often
ask myself the question, can this money be spent on something
else that might bring me more values or enjoyment? It can be
learning a new skill, going to a beautiful place,
or simply having the option to take four weeks off
at a time. You know how people say money doesn't buy you happiness,
I don't disagree but I think money certainly gives us
options, and so how we spend our money matters. Every time you commit to an
impulse purchase you are basically spending your options.
Worse still, you might not even like the item
in a few weeks time when the excitement passes.
Another really good tip that has worked amazingly well for me
is diversion. This is something I often do
if I'm tempted by something that's not exactly on my wish list.
So for example, I might go shopping today and come across
a beautiful Chanel handbag. I would then ask myself,
do I really want this bag? If there's any doubt at all
I will come home and transfer that amount of money straight into my
investment fund and consider I've given myself a treat.
This might sound really weird but doing that kind of
takes away the temptation right away and I actually feel
satisfied and even empowered. So I suggest you to give it a try as
well, so divert your money into your mortgage
overpayment, student loan, or anything that's a
priority in your life. And when you've done it
please let me know how it feels. Tip number 8 is to practice
the one in, one out rule. This is something i've been trying
to embrace especially for the big ticket items like
designer handbags and high-end jewelry. Essentially, before
I add a new piece, I first have to sell something from my
collection. At first I took this on because I was
really conscious of the insurance costs I had to pay to
cover all my luxury items. After a while though,
I realized I really don't have to expand my collection too much
to always look put together. In fact, I don't actually want my collection to
grow so large that it becomes a burden to me
physically, mentally, and financially. In the past, I
used to admire bloggers with very extensive
collection of luxury handbags, jewelries, and shoes. But now, I really see
the beauty of having a curated wardrobe. For those of you who are still building
a closet, you can also practice the one in one out
rule on your wishlist. So for every impulse
purchase you make, you will have to remove something from
your wish list. Doing this will really help you
prioritize where to spend your hard-earned money. Tip number 9
to cut down on impulse shopping is to recognize that
you don't have to have it all. Even though this is
technically a luxury channel, I have no problem
in saying that no one needs to dress in designer brands from head to toe
to look good. And so even if you enjoy luxury shopping
it really helps to identify where you would rather spend
your money on. For example, if you mostly enjoy luxury handbags,
don't feel obliged to buy designer clothes or high end jewelry
just because it feels like the norms on social media.
At the end of the day, only you know what works best for you
and your budget. The older I get, the more I feel like
choosing not to have it all can feel really liberating
rather than depriving. If you've followed me for a while, you'd know
I don't usually buy luxury costume jewelry or high heels,
I'm also not keen on having a big collection of
luxury small leather goods. When it comes to colors, I'm also
very picky, but for me choosing not to have it all
makes me realize what truly works for me. So those are the 9 very practical and
effective ways that can help you cut down on impulse bending.
I personally practice all these tips in my daily life
and they really helped me to become better with my money.
If you have any other useful tips to suggest
please leave them in the comment section down below, I would love to know.
So that's it from me, thank you so much for watching,
and don't forget to share, like, and subscribe.
I will see you in my next one, have a nice day.