Don't touch that! It’s natural to handle things as you shop—picking up glassware, stroking a sweater, testing a camera.
But if you want to save, give yourself a mental slap on the wrist before you put your hand out.
A 2009 study by researchers at UCLA and the University of Wisconsin found that when people were allowed to hold certain things (a mug, a Slinky) they were inclined to pay more for them. You know this happens to you in Target. Admit it.
Make a list. Yawn! A list? Really?
Yes. Several behavioral studies have found that making a list, or engaging in some form of pre-shopping prep, prevents overspending. Strategizing, researchers say, can reduce what you spend in a store by as much as 30%.
Weigh the options. What makes frugal folks different? Before buying, they consider the opportunity cost of the money they’re about to spend (“If I buy this $60 lamp, I can’t spend $60 at our favorite restaurant.”) According to Yale researchers, when people employed this “either-or” strategy, they bought less.
Read more of these tips in the current print issue of Money magazine, online soon.
State your gains. What habits really help you save more?
photo source: cleverhandspress' shop on etsy
