{"id":6505,"date":"2020-09-23T09:48:41","date_gmt":"2020-09-23T13:48:41","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=6505"},"modified":"2021-11-08T21:46:43","modified_gmt":"2021-11-09T02:46:43","slug":"just-because-its-on-sale-doesnt-mean-you-should-buy-it","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/just-because-its-on-sale-doesnt-mean-you-should-buy-it\/","title":{"rendered":"Just Because It’s On Sale Doesn’t Mean You Should Buy It"},"content":{"rendered":"\n
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Sales are often our justification for buying. Those emails promoting an exclusive, limited time on enticing items can really reel you in. You might feel you’re missing out unless you shop. Of course, that\u2019s what sales are designed to do. They convince us that we need to buy something, even when we don\u2019t really need<\/em> it at all.\u00a0<\/p>\n\n\n\n

Now we\u2019re not saying you should avoid every sale. Sometimes sales can offer great rewards. For example, if you know your kids need new winter coats next year, you might shop an end-of-season so you have new winter coats for next winter without paying full price. If you\u2019re strategic, sales can be a great way to save money on items you or your family truly need. <\/p>\n\n\n\n

However, jumping on every sale just because \u201cit\u2019s a good deal\u201d doesn’t mean you’re necessarily saving money. If you go for the short-term rush without considering your needs and your overall spending, you\u2019re actually spending more than you need to. This can get out of control quickly.\u00a0<\/p>\n\n\n\n

There are a few things you can keep in mind to stop shopping<\/a> so much, and save instead.\u00a0<\/p>\n\n\n\n

  1. Track your spending<\/strong>
    This is so important. Pay attention to what money is coming and going of your accounts and where you\u2019re spending your money. Apps like     Mint<\/a> can be great for this. They help you categorize where you are spending over budget, and you can really visualize where your money is coming and going. This can help you quickly identify what areas of your life you need to cut back on.
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  2. Identify real needs<\/strong>
    Are you     shopping <\/a>because you\u2019re bored? Or because there\u2019s a great sale on? Or are you shopping because you legitimately need<\/em> the item you are buying? When considering needs versus wants, think about if you could live without this purchase. For example, you can\u2019t live without winter boots if you live in a snowy climate. However, if you already have a pair of winter boots, you can definitely live without buying another pair.<\/li><\/ol>\n\n\n\n
    1. Remove temptation<\/strong>
      If the constant inbox emails advertising sales are causing you to shop, unsubscribe. Removing the temptation stops the feeling of missing out. If you don\u2019t know the sale is happening, or that Zara has a really cute new top on offer, then you won\u2019t be tempted to spend your money on it.<\/li><\/ol>\n\n\n\n
      1. Reevaluate your money<\/strong>
        If you have the money to shop until you drop, take a look at your budget or savings. You may be able to allocate the money to a better use. For example, you may realize you have quite a bit of extra money in your account after you’ve paid all your expenses for the month. Knowing that you have this extra money could cause you to spend money on things you don\u2019t need. Adjust your budget to allocate these extra dollars into         savings<\/a> instead. Your money will be more productive and you won’t be as tempted to send as it’s not just sitting in your chequing account.\u00a0\u00a0<\/li><\/ol>\n\n\n\n

        Another issue that many people face is the influence of their significant other<\/a>. Perhaps your spending is under control, but your partner is always placing orders online and shopping non-stop. When you are sharing finances with a partner, this can be a burden that causes a lot of issues. It adds unwanted stress and often debt to your relationship. <\/p>\n\n\n\n

        If you want to consolidate debts for a fresh start, or you find you need to bridge a financial gap, consider borrowing online through GoDay<\/a>. However, you can do many things to improve your situation with your partner. Consider these options:<\/p>\n\n\n\n

        1. Communication <\/strong><\/li><\/ol>\n\n\n\n

          Communication is key in all aspects of a relationship, but especially when it comes to finances. When you agree to share finances with a partner, you need to discuss who is responsible for what and where your money is going. You\u2019ll also want to have a deep dive into spending habits so you both understand where your joint money is going.<\/p>\n\n\n\n

          2. Take debt seriously <\/strong>

          <\/strong>Some people are perfectly fine with carrying debt, while others can’t stand it. It\u2019s important, no matter what level of           debt<\/a> your partner or you have, that you are completely transparent about how much it is and how you plan to repay it. You may also want to discuss if you will pay this debt back together or if a single person in the relationship is responsible for it.<\/p>\n\n\n\n

          1. Create a savings plan\u00a0<\/strong><\/li><\/ol>\n\n\n\n

            When it comes to saving, everyone has their own method as well as different savings goals. Chat through your personal goals with your partner. Also determine what your goals are together as a couple. Is it to buy a car? A house? Have kids? Retirement? Discuss these goals and determine how you will put money away for them.\u00a0<\/p>\n\n\n\n

            1. Separate bank accounts<\/strong><\/li><\/ol>\n\n\n\n

              Some couples think that the best way to avoid issues is to separate their finances completely. Both of you have your own bank accounts for your pay cheques and then you split the cost of bills as they come in. However, this isn’t ideal.<\/p>\n\n\n\n

              This can lay the groundwork for financial problems. Couples in great relationships and marriages talk about their money. Remember, it is a partnership and you should have full financial transparency. Keeping things apart prevents that.<\/p>\n\n\n\n

              5. Different lifestyles<\/strong>

              <\/strong>Maybe you are perfectly content with shopping at thrift stores, but your partner likes brand-name clothes. If you have an income that doesn\u2019t support these habits, you\u2019re going to run into problems. Plus, you’ll quickly develop resentment towards one another. <\/p>\n\n\n\n

              Marriage is all about compromise. If you are attached to shopping a certain way, consider how you can cut costs, or how you both can change alter your habits to better align your finances.\u00a0<\/p>\n\n\n\n

              <\/p>\n\n\n\n

              As we mentioned earlier, saving is important. It\u2019s okay to \u201ctreat yourself\u201d, but you also need to ensure you aren\u2019t spending beyond your means. <\/p>\n\n\n\n

              We often look for instant gratification through shopping, and avoid thinking about the long-term. Saving money for retirement for example, can feel so far away. Saving can feel like your money is going to \u201cwaste\u201d or that it\u2019s taking forever to accumulate. That\u2019s normal. <\/p>\n\n\n\n

              However, when you\u2019re saving for your future, you won\u2019t regret it in the long run. What you will regret is looking back and realizing you blew all your money on things you didn\u2019t need. Here are some reasons that you may have trouble saving:<\/p>\n\n\n\n

              You\u2019re not keeping track<\/strong><\/p>\n\n\n\n

              Maybe you\u2019re avoiding creating a budget, and not developing the habit of keeping track of where your money is going. Consequently, saving doesn’t even cross your mind.<\/p>\n\n\n\n

              You have a \u201cmaybe later\u201d mentality<\/strong><\/p>\n\n\n\n

              You\u2019re living in the present, which is great, but not so great for your wallet. It can be hard to see past next week let alone think about decades from now when you can retire. However, the only way you are going to prepare yourself for those milestones is to start now.<\/p>\n\n\n\n

              You\u2019re lifestyle isn\u2019t practical<\/strong><\/p>\n\n\n\n

              You may be living outside of your means. You might be a \u201cyes\u201d person and go out for every meal, shopping whenever you want something, etc. It\u2019s okay to have fun, but it\u2019s important to remember to live within what you are able to afford.<\/p>\n\n\n\n

              If you answered \u201cyes\u201d to any of the points above, it\u2019s time to take a look at your spending habits and asides from having a budget and acknowledging your spending habits and cash flow, here are some additional things you can start paying closer attention to:<\/p>\n\n\n\n