Let me tell you a secret.
One of my biggest flaws that I learned to accept (because I gave up on trying to change my ways) is my propensity to overbuy.
I suspect that I got it from my early years of living alone with very limited allowance. I found it prudent to overstock on necessities when able as insurance for rainy days. (It is always a bonus if I get the items cheap or free so I could channel my savings somewhere.) There is nothing better than the feeling of security knowing that my pantry is full and I will not have to beg for food, or school supplies (that is why I have a box full of pens), and other necessities.
So how do I deal with this handicap to ensure that I still save in the long run? With some planning, organization and lots of room, I manage it.
First things first. I vowed to overbuy only on necessities or items that I cannot live without and will definitely use many times in the future. Examples are most grocery items, staple clothes and bags, school supplies. If I fancy items that I am sure I will not use much, I will only buy them if I can give them as gifts.
Second, I make lists. I list all items that I can buy and at what quantity. Then I match with my source of funds. If they are gifts, I try to match with recipients. I always make an inventory to ensure that I do not overstock, esp. on items that have limited shelf life.
Third, and this is the crux of all, I engrave a budget in my head and promised myself to buy only at certain pricepoints, which means deep discounts. If I see something discounted at 70% and I know where I will use it, I will buy the whole inventory!
Fourth, I try to remember the cheapest places and times of the year to buy certain items, like January, June-September for most items in the Philippines. And time my buys on these ocassions.
Fifth, I always allot a budget for these mini shopping sprees to prevent buyer’s remorse.
The plus side of my shopping addiction is:
(1) Psychological feeling of security I have explained earlier. After I have done my shopping, I am pretty sure that what remains of my money will stay as savings.
(2) I almost never run out of supplies. I hate to be bothered in my work or me time by little buying errands or worse, christmas stress shopping. Plus I always have something handy for birthday and christmas gifts.
(3) I usually score good buys, which adds to my overall happiness factor.
The downside are:
(1) Storage!!! I am lucky to have a spare room at home to house all my finds, and a very understanding husband.
(2) The constant need to update my inventory and my lists. Truth be told, I lose my lists. Sometimes I dont follow my recipient list. There are times that I forget to list down things only to “discover” a pile later on. Everything is a work in progress, but I enjoy it.
How about you, what’s your little secret? A peso for your thoughts?
apeso4yourthoughts 