How to Protect Yourself and Your Wallet During a Pandemic
The COVID-19 pandemic has induced a lot of stress from restricting outside activities to worrying about your and your family’s health. It isn’t surprising to find that people turn to retail therapy to relieve stress. It gives people something to look forward to in the form of plastic-wrapped packages.
In Australia, more than two-thirds of shoppers reported that it made them feel moderately to a great deal in control, happy, and a sense of normalcy. Over half reported that it made them feel less lonely, bored, and stressed. However, this sense of relief comes with a price, literally!
How to Avoid Falling Prey to Retail Therapy
We’ve been victims of retail therapy even before the pandemic. You can’t deny that it is relaxing to scroll through your favorite online shop. There’s a sense of thrill in checking them out and waiting for them to come. But you have to be mindful as it could lead to “addiction”.
Here are ways to help you:
1. Spend Less Time on Social Media
Social media is the boon and bane of the modern world. In this case, social media may influence you to buy things you don’t even need just because they were promoted by the people you follow. There have been so many shops on social media lately that it is so difficult to look away. Furthermore, according to the Deloitte report, consumers are four times more likely to spend more on purchases if social media is involved in their shopping process. So, close those apps now!
2. Unfollow or Block Those shops
Aside from social media, some retail websites can also tempt you. It is so easy to fall into their grasp after a long day of work. Especially since most of us just face our laptops all day, it isn’t too difficult to open a tab and scroll. Doomscrolling has been an unavoidable behavior because of the pandemic as well. And it often results in rushing towards a shop to relieve stress. It’s a deadly combination.
There are ways to curb this though, you can look up apps that can block these retail websites for you. Better yet, look for ones that can help you stay focused by blocking an entire genre of websites.
3. Wait It Out
Opt for delayed gratification. Most of the time, stress renders us impulsive resulting in checking out stuff that we would regret buying later. So, when you chance on something that makes you immediately check out, wait. Wait for at least a week.
If you still can’t think about it after seven days, maybe it’s worth buying. However, make sure to evaluate whether it would drastically affect your budget for the month.
4. Save Money in an Entertaining Way (So You Can Commit)
With all the temptation that we’re exposed to, it isn’t surprising that people find it hard to save money. This is why people are going to need these 9 personal finance tips to see you through COVID-19 that can hopefully help you avoid these temptations. Although, there are also entertaining ways to save money.
One is printing a hundred memes and putting monetary value behind them. Then, whichever you pick for the day is what you will put in your piggy bank or just put aside. The memes are supposed to make you laugh while it helps you keep your money for the future. However, make sure you aren’t spending more money on printing than you are saving by buying the cheapest printer ink available here!
5. Keep Yourself Active
Spending so much time on social media or just the internet, in general, is what keeps us getting trapped in a cycle of impulsive buying. So, spend less time on your gadgets and turn to books instead. You can also do indoor exercises to get some of those endorphins instead of chasing the high of online shopping.
The Importance of Saving Money
In the times that we’re living in, it’s smart to save money. This is so we’re prepared in the event of a financial emergency, especially because of the pandemic. Saving money also helps lessen financial stress and improves the quality of life.
Hence, it is better to be smart with finances instead of being impulsive. It lessens the event of stressing over monthly bills and, at some point, would probably save your life. Everything is acceptable in moderation, this also applies to retail therapy. However, if you depend on it too much that you end up living beyond your means, take a step back. Rethink your choices and re-evaluate the things that are important to you.
That may mean more financial freedom in the future or just being able to actively pursue your other goals in life. Having financial freedom widens your choices in what you can do in your life. So, start thinking about your future and close that online shop.
