Where would we be without online shopping? Wandering store aisles aimlessly like our not-so-distant ancestors, that’s where. Especially as we approach Black Friday and Cyber Monday, it becomes clear that one-click shopping is one of technology’s greatest inventions—and biggest potential threats to our wallets. A recent survey found that 27 percent of Americans start the new year in debt because of holiday spending. And online buying is one of the biggest culprits: Because pressing “buy” is so easy (factor in PayPal and Apple Pay and it’s not even necessary to enter your credit card number), we are constantly in danger of engaging in mindless shopping, the most dangerous kind. Here’s are some tips on how to avoid the one-tap trap:
#1 Make a list (and check it twice!)
It goes without saying that getting organized will keep gift-gathering from going off the rails. But the rules apply to buying for yourself, too: At the start of every season, jot down the things that require replacing (worn-out heels, threadbare tees) and anything you anticipate needing for the upcoming three-month period (a gown for a black-tie party, for example). When you’re tempted to shop, consult the list. Are those velvet pajama pants on there? If not, don’t drop them in your cart.
#2 Do the cart ditch
Speaking of dropping items in your cart, do it—and keep them there! Some retailers, to tempt indecisive shoppers who have abandoned their full carts, will reach out via email with a discount offer. You’ll need to have registered on the site (so they know how to reach you) and some don’t bother with this tactic. But it’s always worth a try, especially since there’s a chance that by taking a beat to consider, you may decide you don’t need the purchase anyway.
#3 Find a money buddy
Over the years, I’ve learned that there’s accountability in numbers when it comes to a financial plan. And yes, controlling your online shopping isa big part of a financial plan. So choose someone who, like you, gets that rush when the Net-a-Porter bags arrive, and make a pact. Text each other about your struggles, your wins, and your sanity checks. You’ll avoid so many near-misses simply by asking, “Do I need this?” Spoiler alert: You probably don’t.
#4 Create a festive fund
Regardless of how you holiday shop, but especially if you’re doing it online, set aside a specific fund to use. By creating a savings account for these expenses, you’ll not only control your spending, but you’ll also start a healthy habit of budgeting for all non-monthly expenses (think annual membership fees and the like)—something that’s a good move all year round.
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