Even though shopping is a necessary part of life, it’s still important to steer clear the mistakes that will hurt our wallets. Watch out especially for these five shopping mistakes
Not shopping around.
Never take for granted that the price you see posted is the price you have to pay, especially for big ticket items. Never underestimate the value of checking around for different prices. Even if you don't spot a better deal at least you can be sure you've found the best price.
Not planning ahead.
Living by a budget can ensure you’re not spending more money than you can afford. It’s not enough to create the budget, you should also look back at your budget (and your checking account) before shopping to be sure you have enough money. Spending more than you have can lead to expensive fees and more money troubles down the road.
Getting a store credit card on impulse.
Almost every store you shop in these days will offer you a store credit card. Getting a discount on your purchase might tempt you into signing up for a credit card. However, store credit cards typically aren’t the best way to pay for your purchases, especially if you already have a better credit card you can use.
Not using your credit card for online shopping.
Sure, you can use a debit card for online shopping, but a credit card is much safer because of its fraud protections. If your payment details are hacked and you’ve used your credit card for the purchase, the money in your checking account is safe from thieves. If a hacker gets your debit card information, not only could your money be frozen while the bank sorts it out, you could also be held liable for a portion of the fraudulent charges.
Shopping as a hobby.
It's easier than you think to develop a shopping habit, especially when so many websites store your payment information and allow one-click shopping. If you're not monitoring your account balance, you can max out your credit card or wipe out your bank account in a matter of minutes. Be careful that you shop with a purpose and plan ahead so you don't overspend.