Online shopping is dragging you into debt. What can you do to stop it?

A few taps on your mobile and then your cellphone cover, perfumes, apparel and fancy gadgets on their way to your home. How convenient it is with busy lives. Online shopping has come a long way. However, the number of people moving from physical to online stores steeply rose during the lockdown.

Things became better soon after the lockdown was lifted, but online orders did not plummet. People continued to shop online, although stores opened their doors for them, and some round the clock.

According to a survey, there are two reasons for people prefer online shopping.

  • It is convenient. You can do it at home comfortably as per your wish.
  • You can get stuff at a good bargain.

As things are available at lower prices, you seem to have saved money, but a lot of people still find themselves in debt. Why?

Schemes like buy 2 get 1 free, minimum order worth so and so to save delivery charges, etc. prompt you to place a larger order, which leads to overspending.

Tips to avoid piling up debt due to online shopping

Online shopping could be necessary, but chances are it is simply wasting your money. You might be buying stuff you do not need, leaving you strapped for cash for other essential or emergency expenses. As a result, you end up taking out loans for bad credit with no guarantor.

If you would like to save yourself from falling into debt, you should take the following steps:

Uninstall all the shopping apps

First off, you should get rid of all the shopping apps. In the absence of apps, you will no longer receive notifications. If you receive promotional email newsletters, just unsubscribe them. They use persuasive language to get you into action.

You can still use shop online at the comfort of your house. Just browse an item you want to buy, and you will get the same shopping sites selling the same product. “Every time you look at your phone, you will no longer face the same kind of notifications.” Hence, you will feel no temptation to place an order.

Delete your card details

“It is a common tendency that when you have to put in extra effort, you may find it a bit frustrating.” It will curb the frequency of doing the same task. For instance, when you are to shop from a physical store, you have to plan for a day from your busy schedule, apply for a leave, or sometimes you spend after-office hours shopping and shopping at weekends.

When you have to make many arrangements, you will certainly avoid it unless it is so urgent. After office hours, you get exhausted, and after spending a hectic week, you prefer resting at home.

Similarly, when you have all your card details already saved and you have to tap a few clicks, you will keep buying stuff more and more, but when you are asked to put in details every time you place an order, you will have to bother to get your card to feed details. The extra effort can make you think about calling off the purchase.

Put off buying things

It is likely that you think something is important to buy, but you can manage without it. A survey has reported that overspending through shopping is the result of temptation. You are bored or at a loose end, and you think of shopping for something.

Part of you knows that you do not need it, but you are still throwing money at it as you want to get rid of boredom. Do not immediately visit the online store if you want to buy something.

“Make a list of things you want to buy and keep it aside. After a few days, review your shopping list to see if you actually need to buy all of them. You will eventually find that you do not need some of the items,” say money-management experts. Putting off buying things will stop you from buying what you do not need. This is a great way to stop overspending.

Stop buying stuff with the intention of returning it

Online shopping has a unique benefit – you can return the product within seven days if you do not like it. Though this benefit does not apply to all sorts of goods, it covers the most. If you are buying stuff with the intention of returning it, just stop it.

This practice can be detrimental to your finances. For instance, if you buy four things when you only need one, you pay for four items. OK, given the fact that you want to return three of them, will you actually do so? Soon you start liking all of them, and then you will call off your plan of return.

Further, if you are indecisive about returning products, you are likely to go past the due date, and then you may not be able to get a refund. No matter how appealing a product you come across, you should never buy them as long as you do not need them.

The bottom line

Online shopping can drag you into debt as it may cause overspending. Many people have reported that they use up their entire savings and then turn to instant guarantor loans in case of unforeseen events.

A rule of thumb says that you should avoid buying stuff you do not need. To resist your temptation, you should uninstall all shopping apps, delete card details and unsubscribe from promotional newsletters.

You should also stop buying stuff with the intention of returning it. Make a shopping list and then delay your purchase. You will automatically see most of the items you do not need. Debt can take a toll on your finances as well as your credit score. Make sure that you do not fall into debt just because of overspending on shopping.

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