Your money & Your shopping habits

Posted on August 21, 2013 by Kagem Tibaijuka | no comments

Shopping is something that we all do and there is no doubt that you have probably thought of things that you need to buy this week from food, groceries and buying phone credit. The British Retail Consortium found that in 2012 alone, the value of British retail was over £311bn. With this staggering amount spent on shopping, with Internet retail sales topping £29bn, it’s clear that we have a love affair with shopping. If you are someone who shops, you should keep reading this guide on how to understand your shopping habits and how to keep shopping in check with your lifestyle.

The psychology of shopping

From mood enhancing music to clear white walls, there are many ways that shops can inspire you to spend all of your cash. You need to understand how the psychology of shopping works. Take a look at some of these things to remember when you are shopping:

  • Don’t look at the escalator: Space around escalators in shopping centers can be used to promote products that you feel like you need to have. This is why you should always have your shopping list so that you are not prompted to spend any extra money on products that you were not thinking about before.
  • Stick to minimalist shops: Shops and department stores that have minimalist colours such as grey, white and black encourage you to spend less in a way because they don’t bombard your eyes with too many colours. Retail executives know that humans are inspired by colour which is why they offer shops with busy décor.
  • Don’t rush: You should think about taking it slowly when you are shopping. It can be tempting to rush especially when there is loud music pumping throughout the shop that you are in. By taking shopping slowly, you make it easier on yourself to survive with your wallet and purse intact.

Shopping checklist

  • Notepad and pen: Have both of these so that you can write a shopping list for all of the items that you need. By writing a shopping list, you make your shopping experience about organisation and planning in order to protect your personal finances.
  • Separate shopping lists: You should definitely have different lists for different things that you need to buy whether that is technology products, entertainment or food.

Shopping habits to curb

According to a new survey, four out of ten women have admitted to lying to their partners about how much money they are spending in shopping. This clearly shows that Britons have to change their relationship with money and shopping in order to make their personal finances healthier. Take a look at some of the shopping habits that you should watch out for:

  • Impulse shopping: This is a feeling that many of us have been used to when you buy something at the spur of the moment. Recognise it in the moment and try your best to avoid impulse shopping.
  • Buying items you don’t need:  Avoid this so that you don’t end up with a load of products that you don’t need.
  • Buy new versions of everything: This is something that big retailers want to convince you are right. If you have the old version of the iPhone, do you really need to upgrade if features are basically the same? This is the question you should ask yourself before you splash the cash on new versions of everything.

Shopping profiles – which one are you?

Peachy Loans wants to help you understand your shopping personality. Here are some profiles that you can use to see what kind of shopper you are. These profiles are fictional but are meant to help you understand what

Profile 1: Eric

Eric loves gadgets from the latest iPad and naturally the iPhone 4S. From glossy Mac Air Books to new TVs from Samsung, Eric could be just like anyone else who is immersed in technology. But as we know, these can be expensive products to buy whether you are buying them online or offline. Someone like Eric should think about having a technology pot of money that is saved every year and that can coincide with technology releases. Eric should also endeavor to write a list of technology must-haves compared to nice to have. An example of this would be something like a phone which is a must-have but a nice to have would be an iPad.

Eric should endeavor to only pay cash for technology purchases instead of giving into the tempting offers of buying iPhones, BlackBerries and TVs on loans. This avoids falling into debt while giving Eric and anyone who is tech obsessed the chance to indulge in their favorite tech products. Paying in cash also tests people like Eric to only choose products that they want.

If you have technology running in your blood, you are probably just like Eric. Let your passion for tech shopping grow by only shopping responsibly by buying tech products that you will use in your day to day life.

Profile 2: Maxine

Maxine is an example of what many British women love to experience: going shopping for clothes, clothes and more clothes. According to the British Retail Consortium, a third of consumer spending goes through shops. Fashion shops like Topshop and Miss Selfridge receive a lot of traffic from women like Maxine who love the soft leather jackets from high street shops and sleek dresses.

Fashion shopping is a great source of shopping addictions for thousands of women across the UK who succumb to borrowing and using store cards. Maxine likes to go to the high street but she also likes to shop on ASOS.com, one of the most popular online fashion shops online.

If you are passionate about fashion but you are on a budget, this means that you should not bankrupt yourself by using designer fashion products such as Chanel bags. You should shop affordably by focusing wholly on your budget so that you don’t overspend on buying clothes. Maxine is also someone who loves fashion and buying beauty and skincare products. If you find yourself shopping for similar products, force yourself to also have a budget so that you can manage your passion for clothing the way Maxine does.

Profile 3: Linda

Linda encapsulates the frugal sense of living that is experiencing a comeback in the UK. Since the recession, more people are asking serious questions about their shopping habits. People like Linda like to use vouchers in order to save cash at the till. People like Linda prefer to stay at home compared to eating out. However, it’s important to remember that you should be frugal in moderation. There is no use being frugal and then not paying off your bills. If you are like Linda, you should also focus on being frugal but also buying the items you need so that you can live your life the way you want.

As these three shopping profiles show, your shopping personality could be a bit of each or more than that. As long as you budget for the shopping that you want to do, you have made the first step to understand what your shopping personality is all about.

How to make shopping work for you

Peachy Loans is committed to helping you understand all of the nuances of your personal finances. Shopping is an integral part in how we all deal with money – by understanding how you shop, you will be able to take control of exactly what you need to buy.

About 

Kagem Tibaijuka is an outsourcing specialist that focuses on small business.

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