Improve your spending habits to make 2021 better



Almost everyone would agree that they would like to be better financially in 2021 than perhaps you were in 2020. For some, it might mean drastic changes and for others it might be slight tweaks to their daily spending routines. One thing is clear, being more financially savvy with our spending is the place to start.
What is the main financial habit that people need to improve?
For almost everyone the most important financial move that needs improving is our shopping habits. We are all susceptible to making the common mistakes when we are shopping. And the pay-off for being a savvy shopper can be significant over 12 months.
What are the top three shopping habits for everyone to start doing?

  • Comparison shopping everything -  In today’s world when more of our shopping is done online, why not look at multiple places

  • Use rewards and frequent shopper cards – these are so easy to use and everything from fast food to retailers have these available.

  • Use coupons – whether you are shopping in store or online, it is so much easier to find coupons for about anything you are buying.

Are there any shopping habits avoid?
The first one to avoid is the habit of making impulse purchases. This is always the number one budget stressor. The next one will help you avoid making impulse buys and that not shop without a list whether it is at the grocery store or when shopping for gifts. Lists are like a min-budget that puts guardrails on your spending.
What other ways to be a more savvy shopper?
One of the easiest ways is to always wait for seasonal items to go on sale. For example, now is a good time to consider winter wardrobe make-overs but stay away from spring/summer clothes until later in the year. Seasonal items almost always go on sale and if you are seasoned bargain hunter you will always get what you want at the lowest possible price.
What is the greatest benefit of being a savvy shopper?
You will spend less on what you buy. Spending less without cutting back is the truest win/win scenario. These extra funds can then be used for other financial priorities such as reducing debt, increasing savings or building your retirement fund. A painless win/win effort.

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