The trend of shopping online is increasing at a tremendous rate. With the increase in smartphone adoption and cheap internet packs, people have started spending a lot more time on their smartphones, which has been a huge positive for the eCommerce industry.
It is believed that people tend to overspend while shopping online as against visiting a store physically. The convenience of shopping through your phone, paying a few days later, and the temptation of flashy sales ads have all contributed to this cause.
Let us look at seven tips to avoid overspending on online shopping.
1. Follow the 24-Hour Rule - The 24 hr rule says that you should wait for at least 24hrs before making a purchase that you just thought of. It would help if you used this time to rethink whether you need the product that you are going to buy or not. This will save you from making a lot of impulse purchases.
2.Unsubscribe to Email Ads - Websites have a habit of recording your emails as soon as they get a chance. Make sure you unsubscribe to any mailing list that regularly sends you emails about sales and offers that you cannot miss. These are mostly marketing gimmicks luring you into buying things you probably don’t need.
3. Do Not Fall for Bundled Deals - You must have seen the option of buying one or two products that come bundled with the product you are about to buy on eCommerce websites. Do not go for these bundled deals to save money if you do not need the products that are being offered.
4. Do not buy a Different Product to Save Shipping - Most websites have a minimum purchase amount to qualify for free shipping. Many people tend to overspend to reach that limit thinking that they are saving money by avoiding shipping costs even though they are spending money on things they probably do not need.
5. Make Goals and Save Separately - You should set some financial goals for yourself and save for them individually. Whenever you feel the urge to shop online, you should think about whether you want to make this purchase right now or do you want to save for that financial goal or yours. Keeping that saved amount separate will also make it difficult for you to spend it and give you enough chances to rethink if you get too tempted.
6. Buy DIY - If you are looking to buy a product online, make it a point to look for a DIY alternative for it on youtube. You will be surprised to find simple hacks to build such great things to have fun building. You can do this for furniture, cosmetics, and many more products.
7. Use Comparison Tools - Many websites will help you compare the same product prices across different websites and sources. Earlier, these tools existed only for things like insurance and hotel bookings, but now these tools are available for various other products. Please use these tools since they will let you save money without even compromising at all on the product you want to purchase.