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“Smart shopping means that you are making the best decision according to your budget in terms of where you shop, what you’re purchasing, and how you make those purchases.”

So says Garvin Grandison, personal finance enthusiast, in a recent interview with Our Today.

“Shopping smartly is about getting the best result from what you want in the context of your budget. I think that is the sticking point. You have to work it within the limits of your budget and your reality. That is being smart,” he said.

Grandison, in sharing about ways to shop smartly, highlighted the following tips:

Set a realistic shopping budget

“A budget puts you on the best path. It sets boundaries and can also set you free,” he said.

Budgeting does not have to be hard or restrictive. It actually allows you to relax. If you know you have $100 in your budget to spend on clothes, for example, then you won’t have to wonder if you can afford that new sweater or dress that exceeds your $100 limit.

For each item that you plan to purchase, set a budget. Base the budget that you set on what you can afford and how long the item is going to last.

Consider setting a realistic budget to suit your caviar taste on a mackerel budget.

“How you manage your expensive taste with your budget is that you have to be realistic. Recognise that if you always feed into the temptation of just always spending to satisfy your wants, then you will never reach your investment, retirement, or savings goals along with other monetary-related goals,” said Grandison.

“What you can do is to use those caviar moments as reward. So, if your goal for the last six months was to save up your emergency fund and you achieve that goal treat yourself to one thing that you really like. Look at it as an incentive for achieving a savings goal. Of course, you have to be honest with yourself here and you have to stay within the parameters that you would have set for yourself,” he continued.

Do your research

No matter what you want to buy, there are usually always reviews online.

“Always do your research into the items you want to buy. This goes for food, clothes, electronics, experiences, a vehicle – anything,” said Grandison.

However, beware of fake reviews and check reviews on other sites rather than just the site or physical store that you’re buying from. In the digital space, consider checking reviews from a few different sites and try and make sure the reviews are from verified purchasers.

Always compare prices

When doing your research, compare the prices. Whether you shop digitally or in the real world, always compare prices as well as quality. This can be as simple as comparing the same or similar food items at supermarkets in different locations across town. The same principle could be applied when shopping for clothes. You could even consider using a seamstress or a tailor to make your clothes, and in that same breath, compare their costs and quality and see how best they can fit into the budget you have.

Make a shopping list and stick with it

Don’t go shopping blindly. Make a shopping list!

Keep a running list of the items that you need and want and it should include things you need.

When you create your list, that’s it. Try not to buy anything that isn’t on your list or that you’re not specifically shopping for. If you’re shopping for a new mattress, don’t buy a new dresser just because it was an extra discount for buying two items.

It might seem like you’re getting a good deal, but impulse buying is almost never a good deal.

Avoid impulse buys

No matter what you do, it’s best to avoid impulse buys. If it’s not on your list as an item you need, then don’t buy it. Plain and simple. Don’t go to stores to window shop and avoid shopping malls or going to the store “just for fun”.

There are so many benefits to being a wise shopper! These smart shopping tips will help you make good and smart shopping choices. You’ll spend less money, buy fewer things that you don’t need, and focus on value when you do make a purchase.

Garvin Grandison has worked in the finance and economics sector for over ten years. He holds a BSc in Banking and Finance and an MSc in Corporate Finance from the University of the West Indies. He currently works in the banking sector where he has gained valuable insights into the financial industry and its regulatory landscape. He also serves as the district treasurer for the volunteer and community-focused organisation, Optimist International Caribbean District (OICD), a role that allows him to contribute to the OICD’s positive impact on communities.

‘Money Management Tips’ is a weekly feature highlighting general tips for managing your finances. Each week will see a feature on the ways you can strengthen your relationship with money and may feature other personalities in the Jamaican financial world. This weekly feature does not serve as a standard money management tool. Consult with your financial advisor for specified money management guidance as it pertains to your finances.

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