Why We Overspend: 3 Common Shopping Mistakes

[Yusra]

If you're like most people, you probably spend money on a lot of things that really don't make it worth your while. You might not even be aware of it! Here are 3 shopping mistakes that a lot of people commit:

1. Buying things we don't need

It's easy to get swept up in the thrill of buying something new and exciting and we all have that one friend who always seems to have the newest sneakers or the newest phone. But no matter how great those shoes look, they probably won't be worth your time or money in the long run.

2. Buying things we don't use enough

Who doesn't love getting a new shirt or pair of jeans? But too often, these purchases just sit in our closets and drawers and look like an ugly reminder that we're not using our clothes as much as we should be. If you want to prevent this from happening, set aside some time each week to do something with your clothes like give them away at a local thrift store or donate them to charity!

3. Not knowing your own value

Don't shop by price point. It's important to know what brands or products you truly love, so you can feel confident in making purchases before you leave the store. If you feel like you're getting ripped off by something that costs less than other brands or products, ask yourself whether it's worth it and if it isn't then don't buy it!

 

[Learners Quest]

One of the most common reasons why people overspend is because they have a hard time figuring out the trivial details of their finances. I will discuss 2 common shopping mistakes and how to avoid them in order to save more money.

Mistake 1: Spending without knowing your income:
It can be easy to spend money without thinking about the future, but this is just another way of wasting money and overspending. Without understanding what you make in a month, you may decide to go on a shopping spree in hopes that some steps towards total financial stability will magically solve themselves later down the line.

Mistake 2: Overestimating needs going into the store: Your shopping list should always be created before going into any store, no matter what you are looking for or purchasing.

 

[Mika]

Not many people realize this but one of the major reasons for overspending is the excessive use of social media. When you see someone wearing something on Instagram, you will rush to buy the same product. When you see something advertised on Facebook, you actually want that product and end up buying it. That’s how social media influence our spending. We buy things that we don’t need, and buy are buying things in order to impress other people. If you check the list of our recent purchases, we will find that 90 percent of purchases are useless. Stop purchasing decisions based on social media.

 

[Augusta]

Definitely, the reason why we continue to be broke is because of overspending. The truth is that humans are tilted to spending and making money. you look around you will see someone that doesn't want to make money but want to spend and even overspend that's just human nature So to avoid overspending it is important that we tried to stay away from spending especially on things we don't even need.

Budgeting will help because when you budget you only stick to the things on your budget which may might be very important so overspending can be reduce by not buying things excessively.