Smart Moves

4Spending money

HOW TO SHOP SMARTER

Shopping is both a necessity and a weakness for many of us. We are constantly inundated with advertisements from our favourite brands and new products trying to grab our attention that it can be easy to splurge and go over budget. It is, therefore, important to make smarter shopping decisions so that the money you do spend is worthwhile. Seeking value for money is not about finding the cheapest options. It is about finding the best option for what you need. This may be choosing to hire a dress instead of buying it, opting for a higher quality version of an item so it lasts longer or questioning whether you need to buy the item in the first place.

QUESTION YOURSELF

Before you buy something, ask yourself the following questions:

• Is it a want or a need?
• Does it align with your financial goals and values?
• Is it within your budget?
• Do you have something similar already?
• Do you have space for it?
• Is it worth the price?
• Is it high quality?

Reflect on your answers to each question and assess whether the purchase is still necessary or worthwhile.

CALCULATE HOURS OF WORK

A super effective strategy to help you decide whether you truly need something is the hours of work calculation. Instead of asking how much something costs, ask yourself how many hours of work you need to work to pay for it.

Converting the purchase price of the item puts the ...