With the end of season sales, eCommerce players claim to have recorded higher sales than last year. However, do you keep track of your spending during the shopping spree?
Industry experts say the first and foremost thing to do when trying to save money is to be aware of your financial situation – accept it and moderate your wants and expectations accordingly.
Gaurav Jalan, CEO and Founder – mPokket, says, “A great tip to save both time and money is to make a shopping list in advance. One should never buy something just because there is a deal or offer on it. The idea is to focus on the needs, and not the wants.”
The key to managing your expenses is to make a leakproof budget. Jalan explains, “One should understand their average expenses and utilities bill well before one sets their shopping budget. This would ensure that one does not overspend, and is always able to pay back one’s credit card bills on time.”
A rule of thumb is to always compare prices. An important factor while comparing prices is to check the shipping charges. Shipping and delivery fees may vary across sellers, websites, or addresses. Most eCommerce websites provide free shipping after a certain amount of sales. Hence, try to combine all purchases to save on the shipping.
Jalan adds, “One should also keep track of discounts on apps- most eCommerce sellers often provide exclusive shopping offers only on their app.”
With a final list in hand, one should understand the available financing options. Jalan says, sometimes cash is not the king. “There are different financial schemes from banks and financial institutions, in times when you are cash crunched but have a dire need in hand.”
For instance, you could use EMI on debit cards, credit cards with low or no-cost EMIs, buy now pay later (BNPL) etc. However, always read the fine print before choosing such financing options. If you fail to repay within the set deadline, you will have to pay a certain interest or penalty on the outstanding amount.
Additionally, before spending your money, also check if you can redeem any of your accumulated cash back or credit card reward points against your new purchase.
“It would be advisable to check if your preferred bank has partnered with any shopping website or retail brands. Many banks provide attractive offers during such festive/end-of-the-season tie-ups,” points out Jalan. These could be in the form of discounts, cashback, or even movie tickets, amongst others.