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Business News/ Money / Personal Finance/  Ways to beat impulse buying during online shopping festivals
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Ways to beat impulse buying during online shopping festivals

One can have a monthly budget for unplanned purchases or have one for upcoming online shopping festivals like Amazon Prime Day

Amazon Prime Day on 26-27 July. (Photo: Mint)Premium
Amazon Prime Day on 26-27 July. (Photo: Mint)

NEW DELHI:As states ease lockdown restrictions with a fall in covid cases of the second wave, some e-commerce platforms have begun planing shopping events. Amazon.in, for example, will be holding its Prime Day on 26-27 July, where it will offer discounts across different product categories, including smartphones, electronics, appliances, fashion, and daily essentials.

Online shopping festivals could help you save on products that you wanted to buy. However, they can also lead to impulsive spending due to attractive discounts and offers. Here are a few ways you can avoid impulsive purchases and stick to what is needed.

GIVE THE 30-DAY RULE A TRY

If you see something you want, wait 30 days before buying it. After 30 days, if you still wish to buy the item, move ahead with the purchase. If you forget about it or realise that you don't need it, you will end up saving that expense. Money not spent is money saved.

If you buy things on impulse, the 30-Day Rule can help you learn delayed gratification and help make savvy decisions with your expenses.

PLAN YOUR PURCHASE

Make a list of items that you want to purchase and stick to it. Don't buy things that are not on the list. If you do this, you can eliminate a lot of impulsive buys. Going through this process ensures that your purchases are more deliberate.

HAVE A BUDGET

If none of these works for you, try fixing a budget. You can have a monthly budget for unplanned purchases or have one for upcoming online shopping festivals like Amazon Prime Day.

In some parts of the world, it has been observed that individuals tend to spend more once the lockdown restrictions are eased. The lifting of restrictions makes people toss caution to the wind and celebrate by splurging, also known as revenge buying. Deciding on a budget and sticking to it will let you spend but within your means.

(Do you have personal finance queries? Send them to mintmoney@livemint.com and get them answered by industry experts)

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Published: 09 Jul 2021, 05:57 PM IST
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