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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