With the economy in its constant ups and downs, retailers are definitely suffering. With the winter season and Christmas quickly approaching many stores are meant to be putting out their fresh inventory to target the colder weather. The problem is that many stores can’t seem to empty out their inventory from the fall.
What does this mean for you as a consumer? Usually, great deals! However, with everyone struggling the way they are right now, it is important not to spend just for the sake of a deal. In the end, if you don’t have the money on hand, charging it to your credit card to pay off at a later date is definitely not the right decision to make. If things with the economy get worse, you may see yourself with a huge unwanted credit card bill.
Here are some important questions to ask yourself while shopping:
1. Do I really need this?
Let’s be honest, many things we buy as consumers we never really NEED, but you should definitely prioritize your spending. Make sure you have left room in your budget for the necessities before you spend on things you want (i.e. groceries, prescriptions, electric/heating bills, etc.) A new pair of shoes doesn’t typically fall in the list of things you need, unless of course you have none to wear!
2. Will I wear this more than once?
Sale items are always very tempting but are also usually impulse buys. Although a pair of jeans for $19.99 is very tempting, if you are only buying them for the price but don’t think you will wear them more than once then what is the point? Make sure you are going to get the most out of what you buy. You don’t want to be stuck with a bunch of unwanted purchases just because they were on sale at the time.
3. Do I have something similar to this already?
Consumers tend to repeat purchases because they like the same things. However, a black t-shirt is very similar to any other black t-shirt that you might already own. If you are in a crunch for money, don’t spend on things that you might already have. Do laundry more if you love that black t-shirt so much, but it is a waste to double up on something you already have (or something that looks almost identical).
4. Is the brand name worth it?
Yes, usually brand names carry quality with them as well…but they also have a hefty price tag! Consider places such as TJMaxx, Marshalls, Burlington Coat Factory, Loehmann’s and other such stores that sell a variety of your favorite brand names for a discounted price (usually 20% - 60% less than a normal retailer would charge). If you really need that brand name, these places are a great place to find them.
There are many other questions that you should consider, but this is a good starting point. Don’t spend money just for the sake of spending it. If you don’t have it, it is better to wait until a time when you do. Shopping is fun, but you don’t always have to buy. If you feel like to purchase things just for the sake of it, leave your wallet in the car and do some window shopping instead. It is always better to have saved your money than regret it at the end of the month when your bills come in.
Photo: Álvaro Daniel González Lamarque
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