Tricks, Hacks and Strategies for Online Shopping

Finding budget-friendly shopping isn’t as hard as it seems. With today’s technology and a few simple steps, you can buy the items you want AND save money. 

While you should still operate with a frugal mindset and only buy what you need, this guide will help you save the most money when online shopping.

Steps to Take Before Shopping

Shopping is fun. Some even call it 'retail therapy,' but it has downsides, especially if you exceed your budget.

To ensure you make the best spending decisions, take these steps before shopping.

Ensure it’s Affordable

Before buying something, make sure the item is a need or will provide value in your life and that you can afford it.

Just because you want something doesn’t mean it fits in your budget.

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Give Yourself a Few Days

If you're making an impulse buy, aka something you didn't plan to buy but caught your eye, step back and give yourself a few days. Chances are, within that time, you will forget about it or realize you don't need it. If it's still on your mind, figure out how to make it fit your budget, which may mean saving and delaying the purchase.

Focus on your SMART Goals

Look at your SMART goals and determine if the item you want to purchase derails those efforts. Spending money without analyzing your budget and how the expenditure will affect your financial goals can be detrimental to your overall finances.

Keep your Spending Within the 50/30/20 Budget Framework

There are many budgets to use, but the 50/30/20 budget is the easiest to follow and ensures you stick within your restraints.

This budget allows 50% of your income for fixed expenses, 30% for wants or luxuries, and 20% for saving and debt payoff.

Ensure your shopping fits within the 30% category and any other categories you fit into your 30% to ensure you stay within your budget.

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5 Tips and Tricks for Online Shopping

After determining your budget for online shopping, here are some tips to consider to keep your spending under control.

Do Your Research

Don't just impulsively buy something. Instead, take the time to research the purchase, looking at its current and past prices and which stores offer it. 

• Look at what each store offers, including any sales, promo codes, or discounts to bring the price down further.
• Within your research, consider other brands or even non-name brand products that offer the same benefits but with a lower price tag.

Learn Where to Get the Best Deals

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Knowing where to get the best deals is the most important task in saving money when online shopping. Here are some ways to track the best deals:

• Subscribe to retailer’s email lists to get access to the latest deals.
• Keep track of the dates of promos on items you buy frequently to track their cycles.
• Search for promo codes and deals on coupon websites or apps.

Understand a Company’s Pricing Structure

Every store has a pricing structure, and the more you follow it, the easier it is to predict what will happen.

For example, some stores have tiered pricing for clearance items, originally putting them on clearance for 10% -30 % off but eventually knocking it down to 70%+ off if you wait.

Prices are highly dependent on demand, seasons, and manufacturer availability, but tracking a store’s prices will give you an idea of how it works.

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Watch out for Too-Good-to-Be-True Offers

Only use trusted sites when making purchases. The internet makes it easy to prey on people looking for discounts.

Always do your research, and if an offer doesn't seem realistic, avoid it and look at a reputable seller for an offer.

Combine Sales and Promo Codes or Cashback Offers

The best way to save the most money when deal hunting is to combine sales and promo codes.

If you can find an item you want on sale, have a coupon code, or can earn cash back using your rewards credit card or a money-saving app, you can 'double dip' on your offer.

5 Types Apps for the Greatest Discounts

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Many apps promise the best promo codes and rebates. Here are the types of apps to consider:

• Price trackers: These apps track the price of specific items across many retailers, allowing you to see the history and where you may get the best deal. Camelizer is an example of this type of app, specifically for Amazon.
• Coupon finders: These apps make it easy to find coupons. All you have to do is search for the retailer or product you're interested in, and they do the rest. Common apps include the Honey browser extension, Ibotta, and CouponCabin.
• Cashback/rewards: Some apps pay you to shop through their portal and even offer exclusive promo codes. Some examples include Rakuten and Capital One Shopping.
• Price finders: If you have a specific item in mind, price finders can find the best deal for you simply by searching for the item or scanning its barcode. Some examples include ShopSavvy and PriceBlink.
• Price Comparison: These apps do the price comparison for you, making it easy to find the best deal. Good examples include BuyVia and MyCartSavings.

Final Thoughts

Shopping is necessary, not only for needs, but wants sometimes too.

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But if you learn how to save money while online shopping, never paying more than necessary for items, you can have your cake and eat it too!

The key is to use popular money-saving apps, find coupons or promo codes, and budget properly for the items you want to purchase so you don't get over your head in debt but are able to have some fun shopping.