This podcast discusses smart shopping and budget management. From this episode, listeners can learn smart and mindful shopping strategies, considering long-term needs, budgets, and whether purchases truly add value.
Meet Beatriz Pereira
Beatriz Pereira is a Senior Lecturer at Monash University Business School in Australia. Her research focuses on consumer well-being, particularly goal pursuit and emotional regulation. She examines how consumers make decisions related to health and finance, aiming to understand the factors that influence their choices. Beatriz’s work has practical implications for promoting healthier behaviors and enhancing financial well-being. She also teaches and mentors students in marketing and consumer behavior.
About the episode
During the episode, Beatriz defines smart shopping as the practice of carefully considering products and services to maximize current needs while keeping long-term goals and well-being in mind. It involves finding a balance between utility and enjoyment, ensuring that purchases align with one’s values and priorities.
She explains that smart shopping has a significant impact on productivity. By planning finances and careers in a way that supports life goals, individuals can allocate resources effectively. Beatriz also highlighted the importance of outsourcing unnecessary tasks to save both money and time. It allows individuals to focus on more important aspects of their lives.
During the podcast, Beatriz also discusses various budget-tracking practices. She mentions using spreadsheets with monthly allocations and tracking all startup costs over multiple months.
Before making a purchase, Beatriz recommends asking you a few key questions like “do I need this?”, “can I afford it?,” and “does it bring me joy?”. She argues that these questions help individuals evaluate the necessity, affordability, and long-term satisfaction associated with a potential purchase.
Beatriz offers specific tactics for avoiding impulsive buying. She suggests taking cash to physical stores instead of using cards, which creates a more tangible sense of spending. Additionally, she recommends putting items in the online shopping cart on hold instead of immediately making the purchase. This allows time for reflection and reduces impulsive buying tendencies.
These are excellent tips Beatriz provides for smart shopping:
- Make lists and stick to them: Creating a shopping list helps you avoid impulse purchases and focus on what you need. Window shopping without buying also can help curb impulsive buying habits.
- Thoroughly research big purchases: Research and compare options before making significant purchases. Consider the product’s features and aspects to make an informed decision.
- Look for prices both in stores and online: Compare prices both online and in physical stores to ensure you’re getting the best deal. When shopping online, look for coupon codes to reduce the cost further.
- Consider memberships with perks: If the savings outweigh the costs, consider joining memberships that offer benefits like free shipping or exclusive discounts.
- Analyze sales carefully: Determine if the items on sale are things you genuinely need or if they are just tempting you to make unplanned purchases. Be mindful of your shopping goals.
- Slow down big shopping decisions: Avoid making impulsive decisions by waiting a few days before purchasing. This waiting period allows you to evaluate whether the desire to buy the item persists or is just a fleeting impulse.
- Seek advice from reputable retailers: Consult knowledgeable retailers who specialize in the product you’re interested in. They can provide valuable insights and help you make informed decisions.
- Consider total lifestyle costs: When shopping, consider the overall costs associated with the product, including maintenance, accessories, and any other expenses related to its use.
- Balance needs wants, and savings: Find a balance between your needs, wants, and savings. Consider your current and future goals and well-being while making purchasing decisions.
- Outsource tasks that save money and time: Identify tasks that, when outsourced, can save you money or time in the long run. It allows you to focus your productivity on other areas.
In conclusion
The podcast offers valuable insights and practical strategies for cultivating smarter shopping habits that can positively impact financial productivity and overall well-being. Tools such as budgets, spreadsheets, and accountability measures can help minimize overspending and ensure that long-term priorities are not overlooked.
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