Tuesday, 8 May 2012

Shopping on A Budget: Improving Spending Habit's





بسم الله الرحمن الرحيم



Here are some tips for people who are in a tight budget or need to save money or simply want to stop spending money so quickly and on things they don't need.



Separate needs from desires

Many people end up spending more than they can afford, simply because they cannot distinguish between needs and desires. They think that every purchase they make is truly necessary. In order to tell the difference, ask yourself how your life would be without specific purchases. Would it be seriously affected? If the answer is no, then you can definitely do without it.


Make new purchases only when there is a reason

Instead of going shopping the minute you realise that something is wrong with your devices or clothes, get into the habit of making repairs by yourself. Learn to modify your old clothes and try to fix your own devices or ask a friend or neighbour to help you out. Go to the store only when there is no hope to improve the situation by yourself. You can also try to send the things to repair first, ask for sincere opinion from the experts and if it's worth to buy a new one for the price that it requires to be fixed.


Shop at the last minute/Time your shop

Another thing you can do to improve your spending habits and save money, is to learn to shop at the last minute. When you go shopping minutes before the shops close or minutes before you have to go to an important appointment, you won’t have the time to look around and buy unnecessary things. You will be forced to buy only what you really need.



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My personal tip's:

Shop in your house

Have a sort out going from room to room, you are bound to find hidden treasure's that you can wear or use more often! Whether it's a new dress, or that badminton racket that's only been used once, get it out and put it to use. Be honest, we have all found something which still has the label/price tag on!


Shop Around
Never buy the first thing you see, unless it is an absolute steal! Especially if you are looking to purchase a larger item, shop around the high street, check online and don't forget site's such as ebay, gumtree or craigslist (that one is for my American reader's ;)) as there are some great bargain's to be had, it's shocking what some people throw out.


Occupy yourself
Chores, exercise, hobbies, meeting with friend's or family. Do something for the soul. This way you will feel more content and have less time wasting your money on random good's to satisfy the materialistic hole that we all have.


Limit yourself from watching YouTube Haul's
They are alot of people's favourite type of video on youtube. However there's enjoying them and then watching them to buy everything the other person has. Try to limit them down so you watch them when you want to buy a particular product to learn about quality and the YouTuber's review.


Ritual Buy's
This can be the regular coffee from costa in the morning, or the magazine you always buy to read on the commute, all these sort's of purchase's make a huge dent to your bank balance over time. Reduce buying them everyday or simply switch to an alternative e.g. buy a travel mug and make your coffee at home, and if you like a good read of recent event's, check it on your smartphone!

Only spend your own money
Decline and cancel any store or credit card's. Don't be fooled into them, although fun at first - the interest on them is eye watering! Debt is not a happy place to be in. Not to mention that jewsury usury (riba) is haram.  Remove overdraft limit's from your bank account too because those come with usage fee's and interest. Plus if you find yourself in an overdraft - it's incredibly hard to get back out of it! Prevention is better than cure ;)

Islamic banking
Apply for or switch over to an islamic bank account via HSBC or Lloyds TSB if  an "official" islamic bank isn't available.

The above tip's which have been tried and tested will help you improve your spending habit's, save money and learn to manage your finances better, inshaAllah.




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~~La ilaha il Allah~~

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