This week’s post is all about resisting the urge to purchase everything that may be on sale just because it’s a good deal.

Is it not such an amazing feeling when you save a bunch of money on an item you purchased? I know that feeling all too well, as I rarely buy anything full price. You can read more about all the easy ways I save money here. However, trying to get a good deal on something can actually hinder our ability to save money and meet the financial goals we have set for ourselves. The saying, “We are going to go broke with you saving money,” could not be more true in a consumeristic society.

The key to living a simple, intentional life is being mindful of what you consume and how it aligns with your core values. If you are new to the intentional living movement or are just starting to organize your finances and start budgeting, you could fall into the “deal” trap rather quickly. Are you constantly budgeting, but somehow end up exceeding your budget or still can’t figure out where your money is going? Do you find yourself constantly de-cluttering your home wondering where all the additional stuff came from? 

Intentional living is often associated with de-cluttering your life (mind, money, and material possessions) so that you can spend your time, energy, and money on things that are most valuable to you (family, travel, philanthropy, etc.). It involves asking yourself “why“. Why is your life the way it is? Why do you do what you do everyday? Why did you choose the career your chose? Why are you with your partner? Why did you buy [insert latest purchase]? Why do you live where you do? Etc., etc.

Living with intention means defining your values, beliefs, intentions, and purpose and determining whether the answers to your “why” questions align with those values and beliefs. If not, you re-evaluate the choices you make to better align yourself with what you want your life to be.

Intentional living is not perfectionism. It’s striving to be the best version of ourselves and that process is constantly evolving by being mindful. However, sometimes that mindfulness just slips through the cracks, and companies use our weaknesses to increase their profit.

Companies know that offering sales, cash back, or rebates gets us to buy more merchandise than if we were to pay full price for the same items. According to DCR Strategies in 2017, over $500 million in rebates go unfilled every year, yet rebates make consumers 75.4% more likely to make a purchase. That’s less money in your pocket and more material possessions to maintain.

If you aren’t being mindful of every purchase, the line can become easily blurred between items that are “must-haves” and those that are “fluff”. For example, you might have an item on your “must-have” list that you have been waiting to buy until it drops in price or goes on sale. When it goes on sale you add it to your shopping cart. It’s 40% off and that’s an amazing deal! You should be proud that you were mindful of what you needed and made sure to do the appropriate research before purchasing. You also patiently waited for a discount. Yet, before checking out you notice a few extra items in your “suggested” list or in an aisle that you walked by that are also great deals. These are “nice-to-have” but were not on your original shopping list. They could be all new products that you never even thought you needed but are now intrigued by them. Next thing you know, your checkout total now exceeds the original price of the item you were intentionally buying along with the additional “fluff” items that will most likely end up collecting dust in your garage.

OR maybe you buy in bulk because it’s cheaper, however the quantity is more than you will ever use. The majority of it will get wasted along with the money you thought you were saving.

Does any of this ring true for you? If so, you might be going broke trying to save money and it’s time to evaluate your purchasing and spending habits in more detail. After all, according to Yankelovich, Inc., the average person is exposed to ~5000 advertisements per day! Yes, that is PER DAY!

But there is hope for us! Rather than losing control of our ultimate goals, we can create a routine for purchases. We can stop and assess our items before checking out, leave it in our online shopping cart for at least 24 hours, establish guidelines between you and your partner on what you can and cannot buy without consulting the other, and/or find yourself an accountability partner.

To help you create better buying habits here are 7 questions you can ask yourself for more mindful purchases:

1. Why am I buying this item?
2. Is there anything else in my cart that was not on my original “to-buy” list and why am I buying it?
3. How long did it take me to earn the money that I am spending on this purchase?
4. What else is this going to cost me? (ex. time, additional upkeep, money etc.)
5. How often will I use it?
6. Where do I intend to store it?
7. What else could I be spending this money on? For example, maybe you could spend your money on experiences with family that aligns more with your values than buying random nicknacks in the checkout line.

If you want more tips to save money and not go broke doing it, read my article for regret-free spending.

As always, I’d love for your to share your experiences on this topic and whether this was helpful for you!