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.
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.
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:
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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