Try this Money savings experiment

Money Saving Experiment # 1
Why: I am a compulsive shopper. I have the habit of wandering aimlessly in aisle stacking the cart with stuff that I don’t need and dont even use. I feel guilty when I see how much cosmetics & clothes I have purchased that haven’t even seen day light. It must be easily worth at least a few thousand dollars. Then I decided that unless I consciously refine my shopping habit, there is no cure.
Objective: To save money consciously by avoiding unnecessary trips to store for whimsical purchases like clothes, cosmetics, gadgets. My experiment has a penalty system for defaulting.
Goal: To avoid making frequent trips to store on one excuse or the other. Anything more than 1 trip to store is too much. For eg. If I buy milk in Foodland, and purchase groceries in walmart I consider than 1 trip. Anything other than groceries invites penalty.
Penalty: I set aside $200 for this experiment. I was comfortable with a $20 Penanlty for every default.
Rules:
1.To be honest and not try to cheat.
2.Average monthly expenditure for 3 months. My average expensditure was around $150/week. Over spending invites penalty.
3.I prepare shopping list (just regular weekly necessities) in advance.
4.During weekly purchase I buy only the items on the list.
5.If any item is a must have and it was not covered in weekly purchase – I pay penalty $20 for not covering it during weekly shopping.
6.Any whimsical shopping episode would invite $20 penalty for every store visited.
7.Maintained a log on calendar when the experiment started and how long it took for the experiment fund to deplete.
8.Repeated the exercise to see if $200 stretches for longer time. The objective is to pay as little penalty as possible.Benefits: I reasoned with myself that my savings would be 1. Worst case $200 in penalty 2. Best Case $200(or whatever is left after penalty) fund set aside for this experiment + amount paid towards penalty + savings on weekly shopping on planned items + importantly saving on fuel.
Results: I tried this for almost 6 months. My experiment fund evaporated within
1 month on the 1st run. I repeated the experiment a second time while consciously
trying to save. This time I lasted for 10 weeks. I have saved over ~$600 in savings
from penalty, savings in weekly average by $30 on this experiment just by doing
organized shopping. That is not counting the savings on fuel.

Simply Excellent!

First of all, we don't have time to go for shopping. It has become diff to do the basic shopping like groceries.
So I end going to one or two shops at max and buy whatever is needed.
Making to multiple trips to different shops, you are not only wasting time, energy and gas bill in order to save just few dollars.
Again, it is individuals choices how to go about.

Regards.

Interesting..

But I am not a shopaholic, so I survive I guess :)

Agree with u Nandhu, I am not much of a shopper either!

And when I do need anything and go, I pick just that and walk out!

While shopping for groceries too, I make list and shop accordingly, its very rare that I pick up anything which is not on the list!

Hi,
I totally agree with u. Even I am fond of shopping.Sometimes i buy things which are not actually needed. Its just criminal waste. I will try the experiment advised by you.
Thanks a lot


Love
Priya

I make a list of all the items i need for the month, go to the market and buy only them. If I need to buy anything, i think twice is it required, will i be able to use it etc, this questioning makes me realise that i need not buy it now. Previously I used to purchase Gulab Jamoon packet and i could never use it before the expiry date. These days I consciously think, if i will get the time to do it, only then i buy it. Another thing is to note down the day to day expenses continously and analyse the same. I found that I have been spending a lot on autos and call taxies. From then onwards, I have been consciously avoiding and trying to apply reason, is it worth spending for it. If I am travelling with my grandmother or parents or parent-in-laws, then i hire auto or taxi otherwise use public transport.

I make a list of all things and go for shopping only once in a month and try my best to avoid further shopping in that month. Avoid kids while shopping ,this will save some amount.

Hi,

Here are a few tips from me:

Groceries - You'd have heard this a lot. Do not go to the grocery store when u r hungry. You tend to buy a lot more than what u actually intended to. When I first heard this, I felt it was ridiculous, but I could really see myself doing this a couple of times and from then started to beleive in it.

Clothes - When you need some clothes, make a list and get it. Do not have the habit of buying on the go when u r roaming the mall.

Mall - When you go to a mall just for time pass, make up your mind before leaving that you would not buy anything. You can treat yourself one day in a month by allocating yourself a specific amount to spend and that day, you can roam around looking for something interesting and buy within that amount.

Thanks a lot, I think I can relate so well to this as I am a shopholic too...:) And lets see how this experiment helps me...

Originally Posted by w.wealth

Money Saving Experiment # 1
Why: I am a compulsive shopper. I have the habit of wandering aimlessly in aisle stacking the cart with stuff that I don’t need and dont even use. I feel guilty when I see how much cosmetics & clothes I have purchased that haven’t even seen day light. It must be easily worth at least a few thousand dollars. Then I decided that unless I consciously refine my shopping habit, there is no cure.
Objective: To save money consciously by avoiding unnecessary trips to store for whimsical purchases like clothes, cosmetics, gadgets. My experiment has a penalty system for defaulting.
Goal: To avoid making frequent trips to store on one excuse or the other. Anything more than 1 trip to store is too much. For eg. If I buy milk in Foodland, and purchase groceries in walmart I consider than 1 trip. Anything other than groceries invites penalty.
Penalty: I set aside $200 for this experiment. I was comfortable with a $20 Penanlty for every default.
Rules:
1.To be honest and not try to cheat.
2.Average monthly expenditure for 3 months. My average expensditure was around $150/week. Over spending invites penalty.
3.I prepare shopping list (just regular weekly necessities) in advance.
4.During weekly purchase I buy only the items on the list.
5.If any item is a must have and it was not covered in weekly purchase – I pay penalty $20 for not covering it during weekly shopping.
6.Any whimsical shopping episode would invite $20 penalty for every store visited.
7.Maintained a log on calendar when the experiment started and how long it took for the experiment fund to deplete.
8.Repeated the exercise to see if $200 stretches for longer time. The objective is to pay as little penalty as possible.Benefits: I reasoned with myself that my savings would be 1. Worst case $200 in penalty 2. Best Case $200(or whatever is left after penalty) fund set aside for this experiment + amount paid towards penalty + savings on weekly shopping on planned items + importantly saving on fuel.
Results: I tried this for almost 6 months. My experiment fund evaporated within
1 month on the 1st run. I repeated the experiment a second time while consciously
trying to save. This time I lasted for 10 weeks. I have saved over ~$600 in savings
from penalty, savings in weekly average by $30 on this experiment just by doing
organized shopping. That is not counting the savings on fuel.