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How to Have a Good Relationship with Money

  • Financial Literacy


So, it seems these large online marketplaces have given us a long enough break throughout January and February.

Like myself, I’m sure you’re starting to get hit with ads from your go-to online shopping apps for the upcoming March Madness online sales. Yes, 3.3 is indeed upon us. With all those discounts staring us right in the face, it’s getting more and more difficult to resist the urge to hit the “add to cart” button on all the items we’ve had our eyes on for a while now. While we may not realize or feel it now, those little purchases add up.

A Love/Hate Story with Online Shopping

Ever since online shopping apps like Lazada, Shopee, Zalora, and even Instagram came into our lives, I’ve had conflicting feelings about it. On one hand, shopping for necessities has gotten infinitely easier. Things then were once difficult to source like certain pantry ingredients, party supplies, or even clothing brands is now more accessible thanks to these online selling platforms.

But they have also made impulse shopping way easier and incredibly accessible. Having a bad day? Add to cart. Craving for something? Add to cart. 11.11 sale? Add to cart. Payday? Add to cart. Nearly anything can be justified as a reason to “add to cart,” which has not been good for my wallet or bank account.

With time and admittedly, trial and error, I’ve learned to develop a habit to spare me the wallet-thumpers. Maybe this'll be able to help you, too. 

Ways to Improve Your Relationship with Money

Now I’ve heard some people just altogether delete the apps from their phones around the time of the sales, but I don’t really think that solves anything. At best, they’re band-aid solutions that only work because you’re avoiding the cause of the problem – your need to impulse buy. Instead of avoiding these apps, develop a healthy relationship with them instead! They’re not the enemy, your need to impulse buy is. And not everything that’s available during the sale is bad. In fact, you can score good bargains from these sales.

Instead of just dumping everything in your cart, think about the things you really need. Ask yourself these questions:

1. Do I really need this?

2. How often will I be using this?

3. Is this a quality item that will last me years or will this break down after a few uses?

Another tip that’s really helped me is picturing all the money I could save. For example, if I feel tempted to buy a really pretty top but don’t have anywhere, in particular, to wear it to, I focus instead on thinking about the money I can save. Let’s say the top costs P1,500. I can picture having the extra money in my bank account, which hinders me from impulse buying.

Having a good relationship with money is all about knowing when to spend and when to hold back. Learn how to strike a balance between the two. You’ve worked hard to earn the money so don’t forget to reward yourself every once in a while, as well! This also helps curb your need to impulse buy.

I hope these tips help you create a healthier relationship with money and those online shopping apps!

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AUTHOR BIO Your friendly neighborhood Shero.

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