This is a day (and week) where many people are opening their wallets to take advantage of Boxing Day sales and discounts. It’s also a great time for re-sellers to buy for cheap and turn a profit by re-selling those items online or in their own stores.
Boxing Day sales are great IF you practice conscious money choices in the process. The problem is, many people are out just to look for a sale and spend their gift money, and they’ll end up buying something they don’t really need, and get stressed from the crowded Boxing Day shopping experience and increased credit card bills.
So how do you do Boxing Day sales consciously? My gift today is to give you some key tips on conscious money decisions that I share in my Money Mindfulness Makeover program:
- Go prepared.
- Know what you’re buying, from where and how much it’s worth on a regular day. Some stores will jack up prices right before sales to make you think you’re getting a deal.
- Be prepared for crowded parking lots, stores and long lineups. You have consciously made a choice to have this experience, so don’t complain when faced with the crowds. I myself have consciously decided to stay away from all stores on Boxing Day (and the whole week if I can) because I do not enjoy the crowded parking lot and stores.
- Do your homework. Whether you’re shopping online or in stores, take some time to do some research on what you’re shopping for. Know that different stores will carry slightly different models of electronics, tools and appliances, and the price may differ as a result.
- Don’t get sucked into playing the “Keeping up with the Jones” game. Live your life, not theirs. Know what’s important to you, and what you’d like to have in your life regardless of what anyone else is doing or buying. I’ve watched far too many people become financially stressed because they’re trying to keep up with their friends (News flash: your friends may be over-extending themselves financially and stressing about it, and you don’t know it. Following them could put you into the same predicament.).
- Don’t fall for the bright shiny objects. It’s easy to get distracted, especially if your money archetype is one who loves to get a good deal or loves bling. When faced with an impulse buy situation, breathe, count to 10 and ask yourself these questions:
- Do you need it?
- Do you already have it or something similar?
- Does it light you up and bring you joy?
- Will It make you money? Is it an investment? (note: investing in you and your well-being IS an investment)
- Set a limit, stay within it! Decide how much you’re going to spend and take that amount of cash with you. If you are using your debit or credit card, keep a tally in your notes or money tracking app (Money Tracker is a good one) and leave the stores when you’ve reached the limit you set out to spend. This will keep the stress levels lower since you won’t be surprised when you get your credit card bills weeks later.
In addition to these 5 tips, to really say you’re making conscious money choices, consider the carbon footprint of your purchase. Our land and water systems are dying as a result of man-made products ending up in landfill or oceans that harm wildlife. Consider what impact your purchase will have on the environment (how it’s made, where, whether the packaging is recyclable, etc.) and whether there are more environmentally friendly options available to you. At the very least, consider how long you will own/use the item you’re purchasing, and how you will end up disposing of it.
When you practice conscious money choices, you end up spending less and keeping more money in your wallet or bank account (perhaps some of your saving can be contributed to a worthy cause to help humanity and the environment).
[author] [author_image timthumb=’on’]http://126.96.36.199/wp-content/uploads/2017/12/IMG_0012-resize-square.jpg[/author_image] [author_info]Linda Spencer is a CPA, CA, Canadian Tax Specialist and Money Mindfulness Coach. Her mission is to eliminate the stress and anxiety you experience around money and taxes, by empowering you with the know-how and mindsets to improve your business success and financial wellness, so you can have more harmony, joy and abundance in your life.[/author_info] [/author]