Online Shopping has become an integral part of our daily lives. It offers convenience, comfort, and a wide range of products at our fingertips. However, it can also have a significant impact on our income if not managed properly.
One of the primary ways in which online shopping can affect our income is by encouraging impulsive buying. The ease and accessibility of online shopping can make it tempting to purchase items we don’t necessarily need or can’t afford. This can lead to overspending and negatively impact our finances in the long run. So, It’s important to be mindful of your spending habits and only purchasing items that are within your budget.
The holiday season can entice the impulsive buying of online shopping more than normal. Here are some ways to help you shop mindfully this holiday season:
- Plan Ahead. Make a list of the people you need to buy gifts for and ideas of what you would like to give them. This will help you stay focused and avoid the temptation to make impulsive purchases. You can also add holiday party gifts or meals to this list.
- Set A Budget. It’s easy to overspend during the holidays, so it’s important to set a budget for your seasonal shopping. Instead of creating a “magic number” as your budget, try setting a budget for each person or gift you will be giving this season from the list you created in step 1. (Ex: John-$50, Jane-$50, Mary-$25, etc.)
- Shop Early. The earlier you start your online shopping, the better. Not only will you avoid the last-minute rush, but you’ll also have more time to compare prices and find the best deals.
- Avoid Flashy Deals. During the holiday season, many retailers mark up the price of items, then place a flashy “sale” on the item to entice shoppers into thinking they are getting a really good deal on the product. However, you might be purchasing this “deal” at the items normal price. These flashy deals are a strategic play into shopper’s impulsive purchases which is why it’s important to be mindful of them.
- Use Reputable Websites. Make sure you’re shopping on reputable websites that have a good reputation for security and customer service. Look for sites with an “https” in the URL, which indicates that the site is secure. The holiday season brings many scamming websites that try to retrieve your banking information.
We know the holiday season can be a difficult time to budget expenses. However, it’s important to understand the need for a budget during this time. So, try to stay mindful this holiday season and avoid impulsive purchases. It’s also helpful to avoid shopping when you’re feeling stressed or emotional, as this can lead to impulsive buying.
Again, online shopping, especially during the holiday season, can have a significant impact on our income if not managed properly. So, avoid maxing out those credit cards and overspending by planning ahead, setting a budget, monitoring the online marketplace, and being mindful of all purchases made during the holiday season.