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The Psychology of Spending: 7 Tips to Save You Money

Drinking water can stop you from overspending.

Shopping online or in a bricks and mortar store is filled with tricks and temptations to spend more money than we intended. Clever marketers are constantly at work looking for ways to get us to buy more stuff or spend on premium brands. Added to this is the fact that shopping releases feel good hormones that make us feel happy and result in an embarrassing amount of retail therapy. In order for us to keep a tighter grip on our hard earned cash we need to be able to make better decisions. Here are a few tips to help with keeping a straight head.

1. Pay with cash

5 ways to beat the psychology of overspending

Article / ByAnya Kamenetz

Paying with debit and credit cards makes the transactions seem less real.

2. Drink Water

7 Ways to Trick Yourself Into Spending Less

Article / ByJena Pincott

Drink 5 cups of water before hitting the shops. The effort of 'holding it in' boosts overall self-control leading to better money decisions.

3. Shop Alone

The psychology of shopping for bargains

Article / ByBBC

Have you ever been to a Tupperware or Ann Summers party? Peer pressure can contribute to you buying products that you just don’t need.

4. Shop in busy stores

Stop Overspending! 5 Things You Should Know

Article / ByKirsten Jadoo

People spend less in crowded stores. We’re more inclined to want to get out of a busy store fast, just grabbing the items we need and making a quick exit.

5. Do not shop when you’re intoxicated

Online Merchants Home In on Imbibing Consumers

Article / ByStephanie Clifford

Cheese and wine have long aided sales in galleries and boutiques. Now a relaxing glass of wine in the evening is encouraging online purchases. The busiests times on eBay are from 18:30 to 22:30 and comparison-shopping site, Kelkoo, said almost half the people it surveyed had shopped online after drinking.

6. Do not shop when you’re feeling down.

Sad People Spend More Money

Article / ByRay Jamali

Research shows that being sad and self-focused makes us devalue our possessions and ourselves and makes us willing to pay more for goods which we hope will enhance our self worth.

7. Avoid stores that play music

Tuning into your finances: How music impacts your money

Article / ByGina Roberts-Grey

Classical and instrumental music have been found to increase impulse buys as its slows you down and makes up spend more time in the store. You can counteract this behaviour by listening to upbeat music before shopping - the effects will last for up to 30 minutes. Or listen to your own music while shopping to stay in control of your decisions.

Related Books

Perfect Money Saving

Book / BySmita Talati

This book is a guide for taking control of your finances. "Saving and making extra money is not so much about mastering hard economic theory but about making small but effective lifestyle changes and acquiring new habits."

I am the founder of I love reading personal development books and try very hard to implement the stuff that resonates with me. For the most part I am paralysed by fear and indulge in the fine art of proscrastination. So it's small changes for me.

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