Financial Wellbeing: 5 Ways to Help Reduce Spending Money Online
Welcome to Be Your Own Date - a space dedicated to all things self-care and wellbeing. If you haven’t already done so, I encourage you to take a look at my other posts; I hope you’ll like them and find them useful too!
As part of the Financial Wellbeing series, this blog post is about simple ways to help you reduce spending money online. I previously shared my Conscious Spending Checklist, which introduced the benefits of being more intentional and thoughtful about spending money through taking the time to think about the things that I really need and, in turn, saving more money. Mindfulness and the idea of living in the present moment can certainly be applied to improving our spending behaviours and being more in tune with our needs and distinguishing them from our wants - the living expenses vs. lifestyle expenses referred to in my Budgeting Checklist.
Spend less money online | Photo by Starling Bank and Lensi Photography
Women in finance
I chose the image above because it has been captured as part of the #MakeMoneyEqual campaign, bringing attention to how women and men are spoken to differently about money, as well as the need for better representation of women in the media in relation to money and finance. This resonates with me and I would like for you to know that part of what motivates me to write about personal finance and financial wellbeing is to deepen my own understanding and keep myself accountable. Furthermore, I am keen to open up more conversations about money - including the uncomfortable ones - and to help normalise them. I am also inspired to contribute to financial inclusion, amplifying diverse voices in finance, and, ultimately, help you to feel better about your finances.
Spend less, save more
I am deeply invested in my financial wellbeing, sometimes referred to as financial health and financial wellness. This is because I firmly believe that looking after our personal finances forms an important part of our self-care and wellbeing. Personally, I have found learning and practicing money management skills to be a truly transformative experience and it is an ongoing process. In particular, understanding how to budget, spend and save money effectively really does help to boost my financial wellbeing. Discussing money matters does not have to be dull and dreary and, if anything, can be extremely motivating. Trust me! It’s such a great feeling to make wiser financial decisions and to watch my money grow, using it to help reach my personal finance goals. This mindset has nothing to do with the amount I earn, rather it has to do with the delight in pursuing my goals in the short-term, medium-term and long-term.
I wanted to write this post in particular because I have found that whilst it can be incredibly useful, spending online has become so easy, perhaps too easy, especially during the various lockdowns. In response to this, I am making a conscious effort to try and spend less and save more. As a result, I have seen a substantial decline in my spending, with fewer impulse purchases. Plus, I am a little fed up with returning the vast majority of what I order online, especially when it comes to clothes. The typical scenario being, I would get carried away with my online shopping basket, only to keep one of the ten items ordered, and that is on a good day. What a disaster! Can you relate?
So, here are my thoughts on how to reduce spending money online...
5 ways to help reduce spending money online
1. Get off the computer/laptop/tablet/mobile and do some shopping in-store - Yes, you read that right, as long as you feel comfortable to do so! When it comes to buying clothes, shoes and accessories, there's nothing quite like experiencing the shape, flow and feel of different fabrics, which simply cannot be replicated online. Even if you have to try items on in front of those distorted dressing room mirrors, under the equally bad dressing room lighting (sigh). Perhaps we'll spend less if we mix it up a little!
Tip: When you get to the till - and before handing over your hard-earned money - especially if you happen to strike up a good rapport with the staff on the shop floor, ask if there are any discounts available. There may well be some great opportunities to save some money that you weren’t aware of. I have no shame in doing this, and nor should you! Although, don’t use a discount as an excuse to buy more, try to save the difference instead!
2. Unsubscribe from some marketing emails -
I try to be more selective and stick to a few brands that I really enjoy, whilst keeping an eye out for new ones, as it’s just too tempting otherwise, right?
DON’T sign up to any more stores or brands unless you really feel that you need to.
DO subscribe to my newsletter to help keep you motivated and on track for financial success, whatever that means for you.
3. Use cashback websites/comparison websites/promotional codes - I try to remind myself that if I am going to spend online, I should at least use a cashback website and/or comparison website while doing so, as well as have a quick look for a promotional code before purchasing. If you can do all three together, even better! I use TopCashback when shopping online. It is a free service enabling you to gain cashback and you can sign up to the website using my referral code, at no extra cost to you.
4. Try the cash envelope system - admittedly, this isn’t for me, but for those of you who prefer spending money using cash over card or an online payment system, the cash envelope system might be worth considering - how very Dave Ramsey of you! Essentially, in line with your budget, you put your cash into separate envelopes according to the different allocations in your budget planner. So, for example, you might have an envelope for food and another envelope for clothing, and you would withdraw from each one until they are depleted. Once each envelope is empty, that’s it for the week/month until your next budget comes into effect. Perhaps using this system may help to delay immediate gratification and could therefore form a useful part of your conscious spending routine.
5. Consider your emotions - Now it’s time to get a little more serious...In theory, I find it useful to think about my emotions and how I am feeling before I spend online (or in-store for that matter), although I don’t always have this insight at the time, and probably more often than not, I reflect afterwards. Have you thought about how our spending is linked to our emotions - whether feeling happy, sad, bored, or even anxious? Or how about the desire to self-soothe or to do something that makes us feel better about ourselves? Now, don’t get me wrong, it's nice to buy things that make us feel good, whether it is a necessity or a treat - I am an advocate for guilt-free spending by the way! However, when it's more about trying to fill a void or make up for something that is hard to put into words, maybe it’s time to pause and think before making that purchase. You might find my blog post on budgeting during the pandemic, or a difficult time in general, useful.
Tip: If you are worried about your money or spending habits, it might be worth seeking some advice and the Money Advice Service could be a good start - it’s a UK website set up by the government, offering free and impartial money advice.
Tell me, what techniques do you use to spend less money online? What was your last online purchase and was it worth it? Let me know in the Comments section below and connect with me on your socials.
💎 My Personal Finance Gems
These resources have proved invaluable in my personal finance journey:
Books
The Total Money Makeover by Dave Ramsey
I Will Teach You To Be Rich (2nd Edition) by Ramit Sethi
Your Money or Your Life by Vicki Robin and Joe Dominguez
Unf*ck Your Finances by Melissa Browne
Money School by Lacey Filipich
Rich Dad Poor Dad by Robert Kiyosaki
Research
Financial literacy research by Professor Annamaria Lusardi
Save money online
I use TopCashback when shopping online. It's a free service enabling you to gain cashback from a variety of shops. Sign up to the website using my referral code, at no extra cost to you
1:1 Wellbeing Coaching ☀️
I am delighted to share that I can support you with your life and work transitions through 1:1 Wellbeing Coaching.
Curious to know more? Read about my unique approach, personalised coaching programme and what to expect while we work together.
When you are ready to get in touch, submit your interest in personal coaching sessions or pass this information on if you think it might benefit a loved one.
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Feel better about your finances. Be kind to yourself. Be Your Own Date.
~ Amy-Jo ☀️
Disclaimer: I am not a Financial Adviser, just a regular gal sharing my experiences and encouraging others to feel better about their personal finances. The content of this blog is provided for general informational purposes only and does not constitute financial advice.
