Money Blunders #1- Bargain Shopping
by, 07-24-2008 at 05:55 AM (25484 Views)
Lately I've been reading lots of posts and frustrations of people that are doing everything they can to get out of debt (or at least prevent themselves from getting in any deeper) and the one thing I often see these posts have in common is Bargain Shopping.
Tell me, does this scenario sound a bit familiar to you... You run into Walmart because you ran out of Milk/bread or any other basic necessity and as you're running to the back of the store to grab a gallon, you pass by a rack of jeans on sale for $8-10 a pair.
You think to yourself, "WHOA, I can't afford NOT to buy these, they're practically giving them away, they're only $10!".
So you add that $10 to the cart. A little later in the day, you swing into Starbucks for a mocha frappuccino, there's another $4.
You've just bargained shopped your way deeper into debt.
Do you know how easy it is to lose $5,000 ?
It takes just $13.69 per day. So while these little purchases may seem like great deals or big bargains, it can be a pitfall for your budget.
I challenge you to keep a small envelope in your purse or above the visor in your car. Anytime you spend ANY money, slip the receipt into that envelope. At the end of 1 month, go through and add up all of the unnecessary items, or "Bargain" items, convenience items such as that frappuccino that you had to have on your way home.
It may be a Real Eye Opener!