5 entrepreneurs share valuable financial tips to shopaholics

Costs are rising. It’s pretty obvious that the world is going through a financial crisis nowadays. Also, the rising cost of living anywhere around the globe has alarmed everybody to cut their spending as much as they can. This saving, on the other hand, was never an easy option, especially for shopaholics. 

shopaholicsPeople often think that to save money, they’ll need to sacrifice some of their essentials and go through the hectic process of saving. But it doesn’t have to be this way. Some people have proven that one can save money and still have their essential being done and paid for just by making some wise decisions while doing shopping. Here are some successful entrepreneurs sharing some useful tips for shopaholics to stop worrying about their finances:

Robert Pagliarini

Robert was always passionate about helping other people create new things and being empowered enough to live their life to the fullest by simply utilizing their time and energy in the correct way. He started his business “Richer Life,” which is a community that is empowered by people who are obsessed with learning everything new and achieve the maximum that they can ever achieve throughout their personal and professional lives. He also is the president of Pacifica Wealth Advisors and a certified financial planner.

“Don’t budget, PERK instead” that’s what Robert Pagliarini said when asked for financial tips for those who spend a lot on shopping. Pagliarini developed the PERK way to save money for those who don’t like budgets and can save from $250 to $1000 per month. All that you’ll need to do is simply write all your expenses on a piece of paper. And then start sorting them with the P, E, R, K sorting system. Beside everything you can postpone, you write the letter P, beside everything you can eliminate you’ll put the letter E, next to the type of expenses you can reduce you’ll be putting the letter R, and finally, next to the expenses that you’ll need to keep you’ll be writing the letter K. As simple as it might sound, it’s still very effective when it comes to controlling shopping expenses.

Mudit Kapoor

Mudit is one of the founders of the indigenous financial institution – the Chit Fund industry in India; he also has been an Associate Economics Professor at the Indian Statistical Institute. One of his recent publications was included a piece that has been done with Jonathan Morduch and Shamika Ravi, it was titled “From Microfinance to m-Finance” in Innovations MIT journal.

Mudit has given the shopaholics an essential advice that simply says “Do not owe more than what you can’t pay.” By that, she means that the shopaholics need to avoid using the credit card for all the expenses. Because simply, this gives you a false impression about yourself being rich. Also, always try to settle all your accounts at the end of each billing cycle to avoid paying almost double what you owe as an interest to the credit card companies.

Kara Nesvig

Kara is a passionate writer that’s based in Minneapolis, she also is a shopgirl with an obsession about red lipsticks which she takes as her theme as well as country music. She owns a unique blog and was trying to help the shopaholics like herself do their shopping without getting themselves drained in debts.

Kara’s advice was to open a savings account, as it’s something very easy to almost every individual and can be done as fast as in three minutes. She thinks that as long as the money is stored away from your pocket, it has a better opportunity of surviving without being spent.

Vardh Man

Vardh is a young and ambitious marketer that started a business that’s called Get Digital Partner. His goal was simply doing partnerships with startups and entrepreneurs like himself.

Vardh’s financial tip to the shopaholics was simply putting away 25% of what you get paid in a savings account. This way, by the end of each year, you’ll be left with three months full salary in your savings account ready to be spent on shopping.

Emmanuel Surendra

Emmanuel does writing and advising people for a living, he was one of the entrepreneurs who started The Malaysian Insider.

His advice for the shopaholics was simply to aim the spending on the correct target. He thought that the key of spending less on buying new items, that you probably don’t need, is simply spending more on the maintenance of the items that you already have.

There are many ways and methods you can use to save money and still shop wisely. You can also search for an application that will help you with you managing your finances or buy what you want and divide the payment as you like can help you with purchasing what you want and make a payment plan for you.

A word to the shoppers

We all love shopping, however, managing your financing knowing when and what to spend your money on is essential. You can try several ways of managing your finances until you find the one that fits you. Find a way that you’re comfortable with and realistic. Sometimes we can make a plan or choose a method of managing, and then we ignore it, the key here is to differentiate between what you need and what you want. Changing your finances can be uncomfortable. However, when you see progress and that you’re saving money you will be more comfortable with it.