PEDESTRIAN.TV has teamed up with American Express to give you access to more travel, music and entertainment, dining, offers and rewards.
Hands up, who’s used Girl Math as an excuse before — where you justify spending extra money on a sale? (Yeah, me too.) You start off strong, aiming to only get the essentials, and then somehow find yourself questioning whether to buy all these extra things you didn’t even know you needed – let alone wanted.
Feeling seen? You’re not alone, as ShopFully found that 80 per cent of Australians have made impromptu purchases in-store since the beginning of 2024. If you relate to this, here are four steps to help you shop more strategically.
1. Ask questions to your past and future self
Before you commit to buying something, it’s important to ask your past and future self some questions.
Credit: Marvel, PEDESTRIAN.TV.
When you ask your (figurative) past self questions, you remove the temptation telling you to buy that thing right now.
For example, do I own something similar to this item? Do I even have space for it? Do I need to buy this new, or can I get it second-hand?
You can also ask your theoretical future self questions. These could include: Would I buy this item if it wasn’t on sale or cheap? Will I use it when it’s out of fashion and no longer trendy? Or will I have time to properly care for it, i.e., hand-wash a silk top that will probably sit at the bottom of my laundry basket instead?
By taking five minutes to consult yourself, you can take some of the emotion out of shopping and (hopefully) reduce the amount of impulse purchases you make. It’s scary how quickly they can spiral out of control.
2. Research
Now that you’ve interrogated your purchase from all angles, it’s time to do some research. (Velma from Scooby Doo would be so proud.)
Does the item have positive or negative reviews on its website? We don’t want to be caught off guard by a scam because we impulse-bought on a whim. What are the company’s standards on things like greenwashing and fast fashion? There’s nothing worse than realising you’ve funded a company whose ethics don’t align with yours.
You can also compare prices between stores and check for upcoming sales periods (hello, Valentine’s Day, Easter and Mother’s Day sales).
In the research period, check in with your finances to see if your new buy fits into your budget. Did you know that American Express Credit Cards allow you to spread out your purchases with instalment plans? American Express’s Plan It® Instalments is a feature on your American Express Credit Card that allows you to pay off eligible transactions over $100 or a portion of your balance in equal monthly instalments. Choose between two, six and 12-month terms, with no interest and a fixed monthly fee. T&Cs apply.* Keep in mind that owning a Credit Card or paying in instalments (a form of debt) is a big responsibility, so the pros and cons should be considered.
‘What are the hidden fees, and how long does it take though?’, I hear you asking. There is no interest. However, a fixed monthly fee applies, which is disclosed to you at the time of plan creation, and you don’t need to apply for this feature as it is already on your Card. To find out more about Plan It®, click here.
3. Follow the weekly rule
Before you checkout (you’re so close), it’s time for the weekly rule. Basically, the number that the price starts with is the number of weeks you should wait until you purchase. For example, you’d wait one week for a $100 purchase and two weeks for a $200 purchase — you get the picture. Round up to the closest amount, I’m not your maths teacher.
That way, you have time to think about whether you’d actually use it or if it’d just get tossed aside after a while.
Giving yourself time to think about the purchase may also help you discover any offers or rewards on your dream purchase.
For example, Amex Card Members can benefit from exclusive access to Pre-Sales, experiences and lounge access. You can also earn Membership Rewards® points, which could be transferred to over 10 major Airline Reward Partner Programs. Convert these points to Gift Cards, or even use your points to make purchases online at your favourite brands. (Terms, conditions and exclusions apply.)
There are also a bunch of travel, entertainment, dining and retail benefits that you could jump on with Amex Offers. These offers are available to Card Members and give you Bonus Points or savings by way of credits to your statement when eligible purchases are made. You can find all sorts of offers on there, from smaller boutique stores to big names like Amazon, Sony, Qantas, and Harvey Norman.
4. Donate something in its place
Congrats on your intentional purchase! Now you can donate something in its place. Daunting, isn’t it? Instead of your closet looking like Rebecca’s in Confessions of a Shopaholic, you can actually make room for your new purchase. That way, you don’t find yourself saying, “I have nothing to wear” when you’re staring into a full closet.
Plus, it’s a good excuse to get that donation bag out of your car. (You and I both know what I’m talking about, and it’s time to stop putting it off.)
Credit: Confessions of a Shopaholic.
I feel like there’s a stigma that strategic shopping takes the fun out of it, but I hope your mind has been changed after reading this. By taking the time to plan your purchases, researching the product, and utilising the offers, you can ensure that your hard-earned money goes to things that you love and need (or, at the very least, will cherish for a very long time).
To find out more about Amex offers, click here.
The information in this article is general in nature and does not constitute financial product advice. You should obtain independent financial advice before making any financial decisions.
The post Is Your Next Big Purchase Calling Your Name? Here’s How To Shop Strategically appeared first on PEDESTRIAN.TV .
