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Three ways to ‘Marie Kondo’ your spending habits

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18/02/2019
If you haven’t heard of Marie Kondo, you’ve probably been living under a rock.

The ‘professional tidier’, author and Netflix star helps people to declutter their homes and eliminate anything that doesn’t ‘spark joy’.

Her “KonMari” decluttering method has become a new craze, which has caused people to obsessively fold t-shirts and chuck out books.

But how does this apply to your money?

Well, one firm has come up with a way of ‘Marie Kondo-ing’ your spending habits.

Price comparison site PriceSpy says you can save money by shifting your habits and focusing on meaningful purchases.

Here are their three ways to tidy up your spending:

The ‘do I really need it?’ test

When the latest new product comes out there is often a rush to go and buy the latest ‘hot new thing’. Before going out to buy the latest handset or gadget, consider whether you really need it. Does your current model do the exact same job? Is there a cheaper model which has all the key features you need? Be sure to compare product features and characteristics of similar models. And ask yourself, do I really need it?

Don’t get swept up in the sales frenzy

Often we get swept up by the experience of shopping and pick up items during a sale, not because we want them but because they are reduced. Flashy sales signs are designed to elicit this reaction, but you may not be getting the best deal.

A common approach for retailers is to raise the price shortly before the sale and then compare the sale price to this elevated standard price.

The shop has a good chance of success if: a) you do not compare the sale price to a competitor’s price and b) you do not compare it with what the product actually cost in the past before the shop did the ‘bluff raise’. If an item is in the sale but still out of your price range, ask yourself if you really need it. If not, push that thought to one side. Check price history graphs to make sure you are getting a good deal.

The joy of bagging a bargain

Spend time deciding on a purchase and waiting for the right time to buy, instead of impulse purchases. The best chances of finding a good bargain comes from preparation. If you know in advance what you are interested in and have a rough idea of the price, you’re less likely to get carried away and buy the wrong thing during the sales event. Create a wish list of products and keep it updated with different prices you come across. You can also set up price alerts, which crunch the numbers for you, allowing you to focus on the joy of bagging a bargain.

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