6 tricks to spend less while shopping
We are all guilty of getting carried away with our shopping and splurging our money where it’s not needed...
PHOTO: EXPRESS.COM
We are all guilty of getting carried away with our shopping and splurging our money where it’s not needed. With the festive season upcoming, it’s going to be even harder to control our spending habits. So, compiled from the Reader’s Digest, here are six science-backed tips on how to become a more mindful shopper.
1. Seasonal decorations are a trap
Around the holidays, store decorations may prime you to flash your cash, according to Kit Yarrow, PhD, Professor of Psychology and Marketing at Golden Gate University. Colours stimulate and energise, she explains, noting that waitresses who wear colourful, festive uniforms receive 14 to 26% higher tips than those in other outfits. Yarrow shares that retailers often put the priciest items toward the centre, where you’re likely to look. Further research shows you’re significantly more likely to buy something you touch.
2. Wear high heels when you shop
Wearing heels means you are probably, subconsciously concerned about not falling over. One recent oddball study found that when consumers’ minds were focused on staying balanced, they were likelier to choose a mid-range product instead of a pricier or low-quality one. If that sounds too uncomfortable, then shopping after a yoga class or even after riding an escalator had the same effect, the Brigham Young University study authors state.
3. Use new notes
Who doesn’t prefer crisp new cash over dirty old bills? You are more likely to readily part with the latter, according to a 2012 study in the Journal of Consumer Research. Participants were willing to spend more money when they had old notes to hand out than when they had newer ones. So before you head for your shopping spree, make sure to take new bills with you.
4. Carry a photo of your financial goal
Whether it’s a vacation to Bali or a brand new Mercedes, saving up for a significant purchase is much easier when you can picture it, experts say. Psychologist April Lane Benson, PhD suggests creating a vision board to give you something to aim towards. A photo placed inside your wallet or on your phone’s background can also create a visual (and motivational) reminder of your goal, according to Cathy Curtis, a certified financial planner.
5. Leave your bank cards at home
Research shows people are willing to spend more money with plastic than with cash. The less transparent the payment the easier people will spend it. So it’s a good idea to take a specific amount of cash and leave the cards at home.
6. Suck on a mint while you shop
Research shows that retailers use the magic of smell to trick shoppers into spending more money. In fact, one study found that pumping coffee scents into a gas station increased coffee purchases by 300%. Having something mint-flavored, while you browse, can block out the store’s scent; helping you avoid any impulsive buys.
1. Seasonal decorations are a trap
Around the holidays, store decorations may prime you to flash your cash, according to Kit Yarrow, PhD, Professor of Psychology and Marketing at Golden Gate University. Colours stimulate and energise, she explains, noting that waitresses who wear colourful, festive uniforms receive 14 to 26% higher tips than those in other outfits. Yarrow shares that retailers often put the priciest items toward the centre, where you’re likely to look. Further research shows you’re significantly more likely to buy something you touch.
2. Wear high heels when you shop
Wearing heels means you are probably, subconsciously concerned about not falling over. One recent oddball study found that when consumers’ minds were focused on staying balanced, they were likelier to choose a mid-range product instead of a pricier or low-quality one. If that sounds too uncomfortable, then shopping after a yoga class or even after riding an escalator had the same effect, the Brigham Young University study authors state.
3. Use new notes
Who doesn’t prefer crisp new cash over dirty old bills? You are more likely to readily part with the latter, according to a 2012 study in the Journal of Consumer Research. Participants were willing to spend more money when they had old notes to hand out than when they had newer ones. So before you head for your shopping spree, make sure to take new bills with you.
4. Carry a photo of your financial goal
Whether it’s a vacation to Bali or a brand new Mercedes, saving up for a significant purchase is much easier when you can picture it, experts say. Psychologist April Lane Benson, PhD suggests creating a vision board to give you something to aim towards. A photo placed inside your wallet or on your phone’s background can also create a visual (and motivational) reminder of your goal, according to Cathy Curtis, a certified financial planner.
5. Leave your bank cards at home
Research shows people are willing to spend more money with plastic than with cash. The less transparent the payment the easier people will spend it. So it’s a good idea to take a specific amount of cash and leave the cards at home.
6. Suck on a mint while you shop
Research shows that retailers use the magic of smell to trick shoppers into spending more money. In fact, one study found that pumping coffee scents into a gas station increased coffee purchases by 300%. Having something mint-flavored, while you browse, can block out the store’s scent; helping you avoid any impulsive buys.