Finance

Money Saving Monday: The Basket Audit

shopping cartWhen it comes to shopping, it is easy to allow things to get out of hand. Especially during the shopping season. It is so easy to get to checkout and see a total far greater than we expected. It is easy to have shopper remorse after the fact. I must admit it is the worst to get home and check my account balance only to have it fully settle in that way more money was spent than originally intended. Fret not, there is a simple solution that will guarantee you will spend less while shopping. I have used this method for a few years now and it works wonderfully.

Whether I am shopping at the grocery store, department store or online; I like to make it my general practice to do a little something that I call the Basket Audit. The Basket Audit is when I review the items that I have picked up and look to see which I can put back.

The purpose is to cut back on spending so much money while shopping. It is my rule to always put back at least on item. You’ll notice often there are lots of items we tend to grab that we do not necessarily need at that moment. For example, if I were buying clothes and had 12 items, during my Basket Audit I would try to put back 2-3 items. Most of us know when the items that we love and can’t wait to use or wear versus the items that we may have grabbed because they were on sale or perhaps just kind of liked. If you are honest with yourself, you’ll see that a few of the items you picked up likely are not going to be used or worn anytime soon; hence it would be better to not purchase them in the first place. The basket audit usually reveals that random item you have picked up. Try out the basket audit, try to put back at least 1 item for every 5 items. The basket audit works great with children as well, it allows them to really rank the items they know that they really want and to put back the least wanted item in order to hold on to some of their allowance money. Just to put into perspective the potential savings: If you have 5 equally priced items and put back one of them, then you will spend 20% less money. Wow can you imaging 20% less stuff in your home also, looks like the basket audit strikes again and can also help us keep down clutter. Happy Savings and Happy Health!!