Savings Alert: Here Are 6 Tips for Saving Money While You Shop

Your bank account will thank you for all the money you've saved.

Author:: Andrea - University of Toronto
Publish date:: Oct 17, 2018

Fall has arrived, winter is fast approaching, Thanksgiving is almost a month away... this is the time of the year where new outfits and presents are bought.

With all the incoming expenses ahead of you, one has to be a smart shopper to brace themselves for this holiday season. To get a head start, enroll yourself in this Saving Money While You Shop 101 crash course right now!

Here are SIX tips to save money while you shop:

1. Never (or at least 80% of the time) buy anything that's regular price.

Chances are, that cute, cozy sweater that you really like will go on sale in a couple of weeks and you'll regret buying it full price. From my experience in working retail, I know that fast-fashion chains will most likely mark down their items a couple weeks after it was released before the next wave of new arrivals hit the stores.

The right tactic to score a good deal is to be patient, and to check back on the item's price and availability periodically (i.e. in two to three weeks).

2. Invest in staple pieces.

I know I just mentioned not buying anything full price, but sadly, there are certain items out there that will never go on sale.

Therefore, invest in those items you know you'll get a ton of use from. Winter jackets, peacoats, boots, good-quality jeans, blazers... these wardrobe essentials are the ones you want to keep and wear in the long-run, and thus it's worth spending a little extra in the first place. On the flip side, spend less on trendy items that will be out of style in a couple of months.

3. Make sure you can wear the item you're buying THREE different ways.

Here's another way to ensure you're maximizing the use of your item before purchasing it: always make sure you can wear your item at least three different ways.

This method has helped me choose the items that would work well with my existing wardrobe. Thinking about outfit ideas while you shop helps you to narrow it down to the pieces you'll utilize the most, while trimming out items that would likely idle in the closet for a long time before getting tossed out.

4. Shop online and check for coupons.

For retailers that have an online store, they often offer different deals on items and a larger range of products on sale. Some stores offer a coupon code once you sign up for their newsletter too!

Don't forget to use applications like Honey (they search different coupon codes used by other users that can be applied) and Groupon to find deals as well.

5. If you prefer hitting the mall, shop with a friend.

Having second opinion helps when you're shopping around. Your friend can give you an objective opinion on whether something is worth buying, can weigh in on if a certain item suits you or not, and can give you a reminder when you're shopping a bit too much... plus, it's always fun to just hit the mall and hang out.

6. Shop with cash, and leave your credit/debit cards at home.

This is probably one of the best ways to shop: budgeting and bringing a certain amount of cash helps you to visualize the amount that you're spending.

While debit and credit cards are extremely convenient, it's easy to lose track on how much you're spending. Bringing cash allows you to limit your spending to a certain amount, and you'll be more mindful of how much you're spending because you can literally see how much money you have left.