Money Saving Tips For Shopaholics

Hi guys! My name is Alissa and I am a recovering shopaholic. For years I have been coming up with money saving shopping tips on how not to overspend and only buy things that I really need. It hasn’t been easy but the tips I’ve come up with and learned along the way have helped my finances tremendously. Now, I’m still a work in progress but I’m not where I use to be 10 years ago. So, today I wanted to give you some of my saving tips for shopaholics.

Photo Credit: Edelle Kenny

Right now our country is going through an uncertain time with the COVID-19 virus. Since we have to be stuck in the house all day for the next few weeks, it’s easy for shopaholics like you and me to excessively spend. Especially since retailers are pushing their sales on us via newsletters and social media ads, more than ever before.

Money Saving Shopping Tips For Shopaholics

If you’re at home browsing the internet and feeling triggered every time you see a sale, checkout these tips. My tips are not focused on eliminating shopping altogether. They’re focused on being smarter and more strategic when you buy. Which is why I’m calling this “Money Saving Tips.” However, if you know you don’t have any additional money to spend, DON’T BUY ANYTHING. Close your wallet and save your coins sis. Now, let’s get into these tips.

Tip #1: Shop Your Closet

Chances are if you deem yourself a shopaholic you probably have a lot of stuff that you haven’t worn. Before buying anything new, shop your closet. Try on things that still have tags on it and determine if you like it or still want it. You may just find an item in your closet that you were going to waste money on buying.

Shopping your closet is also a great way to purge things you don’t want or can’t fit. This will allow you to see what you have and avoid buying the same things over.

Tip #2: Sell Old Clothes To Buy New Clothes

When you are trying to declutter your closet, expert organizers will tell you when one item comes into your closet you should take one item out. I’ve used this same ideology when it comes to my shopping tips for shopaholics. If I need (or want) a new dress, shoes, or bag, I go through my closet to find items I no longer want and sell them. This has helped me save so much money.

There are a few buy and sell companies where you can sell your clothes and accessories. Places like Buffalo Exchange are a buy, sell, or trade company that will offer you 30% of their selling price in cash or 50% in store credit on-the-spot. Another great way to sell clothing and accessories is through Poshmark. You can also sell on Ebay, Thred Up, ASOS Market Place, and Facebook Marketplace.

If you have luxury items to sell then checkout The Real Real, Tradesy, and Fashionphile. In addition to the buy, sell, and trade companies, you can create your own online store selling your gently or never worn pieces. Sites like Shopify and Big Cartel have low monthly fees to sell your items.

I live in NYC so I often sell my clothes to Buffalo Exchange. In addition, I have my own online store via Big Cartel to sell clothes I no longer can fit or wear. This is where I only sell clothes never worn or that haven’t been worn more than twice.

Tip #3: Try The 24-Hour Waiting Period

This is an oldie but honestly a tip that works. Whether you’re browsing the net or shopping in store, give yourself 24 hours before buying. The beautiful thing about online shopping is that you can add things to your cart and save it. Quite a few online retailers even allow you to create your own wish list of items without buying. To help tame your spending utilize these online tools.

When you’re done browsing and adding to your cart, save the items and log out of the site. Give yourself 24 hours to see if you still want the items. While waiting the 24 hours you’ll probably realize you no longer want it. Often times you’ll forget about the item altogether. MONEY SAVED!

Tip #4: Open A Shopping Account & Create A Spending Budget

We have savings accounts for vacations, retirement, and emergencies. So, why not have a specific account for shopping? Every month or week after paying your bills and saving for your future, set aside some money in a separate account. This account should strictly be for when you want to shop. Do not rob Peter to pay for your shopping habit. Once the money from your shopping account is gone that’s it for that month. No more shopping.

It’s important to create a spending budget because it will help you with overspending. Set aside a percentage or specific dollar amount that works for you and your lifestyle. Then take the money you allotted for spending and put it into that shopping account.

Tip #5: Unsubscribe From Retail Newsletters & Turn On Ad Blocking

If you find it difficult to curb your spending because of all the newsletter emails and pop up ads, then unsubscribe and block. Unsubscribe from sale newsletters and block pop up ads on social media. This will help eliminate you being triggered to shop when you don’t need to be.

Tip #6: Don’t Fall For The Save Money By Opening A Store Card Pitch

If I had a penny for everytime I’ve almost succumbed to opening a store card just to save 15%-20% I would be rich. Listen folks! You don’t need a store card to save money. Unless you’re going to pay it off the same month. Retailers use their associates to push opening a store card.

The sales associates get some sort of financial gain out of it and all you’re going to get is more debt. Plus, if you set money aside (as mentioned above) to shop then you won’t need that store card. You should only be shopping when you truly have the money to spend and it will not be missed or needed for something important.

So, the next time you’re standing in line about to checkout and a sales associate tells you that you can save and additional 15% today by opening a store credit card, politely say no thank you and go on about your business.

Photo Credit: Edelle Kenny

All the money tips for shopaholics I shared today I’ve tested myself. These tips have kept my spending under control and has helped me create a better wardrobe filled with items I actually want to wear.

Feel free to share some of your shopping tips for shopaholics below.

Photo Credits: Shuttershock

1 Comment

  1. nubian_puerto_rrrrican
    March 30, 2020 / 10:26 pm

    Girl!! I needed to read this because Inam out of job at this moment but was spending and I shouldn’t have… The money save tips is what I use to do & Ned to go back to it. Love your blog/magazine.

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