Hello Grasshoppa,
Have you ever wanted to buy something so badly without having to wait for a potential sale or promotion? I know I have, but as many of us know, we shouldn’t buy based on a compulsive decision but rather we should give it a day or two before we make our purchase. Most of us will usually have the feelings of wanting to have the item NOW even though we know that we may not really need it now. We will be giving some excuses to ourselves on why we need it now rather than later but a few months later, those items may go on sale for a cheaper price. If that happens to you, will you regret making that purchase earlier? Over the years of making some compulsive buying, I realized that some of my purchases will end up being a regret purchase for buying it in the heat of the moment, seeing it on sale months later or it will end up being underused.
Since then, I have tried to learn to control myself better by giving myself more days to consider before I purchase some items that cost more than RM100 unless it is truly necessary. Most of the items or purchases that I made especially on those items that I want instead of need are those that are ON SALE. If they are not on sale, most probably I won’t buy them unless those items that will never be ON SALE. By observing my recent spending over the past few months, there is only 1 item that I bought that was actually not on sale which is my first Nike Air Jordan shoe which cost me around RM500. Being new to the Air Jordan hype, after surveying & wanting to buy it for over 2 months, I realized that they are either sold out or there’s no sale for it. I’m very sure that you’ve come across such items where it is limited & you won’t able to find any sale for it. How about those items that you are sure will be on sale? Would you wait for a sale or you will purchase it immediately? The other recent 2 purchases I made recently was for Chinese New Year where I bought items from the Adidas & Zalora website where most of my purchase are discounted items up to 50%. With some stackable promo codes, I am able to get lots of discounts for my purchase. Another purchase that I made was for my supplements where I am able to obtain a high discount which is way cheaper than the average purchase price. All I have to do is to WAIT for the right timing & right discount before I made my purchase. If the expiry date is longer, I will be buying in bulk since I am able to keep it for a longer period.
Based on my experience, the following includes some tips on how I can spend better whenever I spend my money:
1. Wait For Sales, Discounts, Promos
There will be a period where you truly want the item badly. During this period, ask yourself, do you need it or do you want it? If you want it, give yourself 1-2 days to consider your purchase. Aside from limited edition items, there will always be discounts for everything. All you have to do is to be patient & wait for the sale period. You will not regret it as you are able to get items at a bargain, especially during festive seasons, Black Friday, or other special months.
2. Buy In Bulk During Sales Period
It applies to almost everything. Shops like Watsons or Guardian have promotions every now & then for some items such as face products or toiletries. Whenever there are sales, buy more.
3. For Limited Edition Items
You can always wait for the next limited edition or give it a day or two. If it sold out, just wait for the next batch.
Compulsive spending may often lead you to overspend & cause you to be in debt. This is something that everyone should watch out for no matter how low or high your salary is. Often, we see some people with lower salary ranges having higher savings compared to those who have higher income. Why? It is purely due to the spending habits of those individuals. The more you save, the more money you have for your future or retirement. End of the day, we all deserve to reward ourselves but if do not control our spending, it will definitely affect our finances. Remember Grasshoppa, spend your money wisely & if you want to make any purchase on the item you want, follow these simple steps & it will definitely help you to save some money.
You can also check out my latest YouTube video on How To Invest Like Warren Buffett:
