Grocery shopping can be exhausting, both mentally, physically, and sometimes financially. The activity its self is necessary to function in today’s society. In contrast, grocery shopping has many habits that are overlooked and contribute to unnecessary spending. Some of these habits include:
Buying brand name products over in-house brands
The alternative in-house products usually contain the exact same ingredients as the name brand products. Even though these products contain the same ingredients, the in-house brand is usually sold at a cheaper price.
Grocery shopping while you are hungry
Studies have proven that shopping while hungry can cause you to spend more money and make unhealthy choices.
Researchers found that people who did not eat in the afternoon would purchase more food while online food shopping. And, in grocery stores people would purchase more high-calorie foods then low-calorie ones while shopping close to dinner time.
Not planning out your shopping trip
Looking through flyers, searching the store’s website, and comparing prices should all be done before you go shopping. By planning out your shopping trip, you can prevent being surprised when you receive the bill for all your purchases. You can also save money by purchasing items that are on sale at one store, but not the others.
Convenience shopping can also lead to unnecessary spending. A popular convenience shopping habit is buying your lunch instead of making your meal at home. Another habit is purchasing snacks or other items at a convenience store instead of the grocery store. Both habits result in paying a premium for convenience which adds up over time and becomes significant.
Only using credit or debit cards for your purchases can desensitize the impact of spending money. Without the physical cash transaction, the emotional impact felt with the exchange of cash for a product/service is lost.
In 2016, approximately 32.83% of all debit and credit purchases where made by a contactless transaction. The process of approving a purchase and inputting a security code is no longer necessary for a debit or credit purchase. By taking this process away, the connection between awareness and spending money is broken, making unnecessary spending much easier.
What to do About Unnecessary Spending
These are all habits that are easily overlooked. But, if you are not aware of the affect that these habits have on your finances, you might be in trouble. You should always consult a professional when dealing with any financial situations.
We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.
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