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How you make online purchases does not affect your portfolio

June 16, 2020

Read for 5 min

The opinions of the employees of s You are personal.

How you make online purchases does not affect your portfolioHow you make online purchases does not affect your portfolio

In April and May, online shopping in Mexico grew exponentially.

In the first few days of May, according to a statement released by Google, 48% of Mexicans made online purchases, with clothing and groceries being the best-selling items.

On the other hand, 38% of respondents said they had purchased online services that they had never visited or bought before.

And although this is a good panorama for many companies, it must also be understood that it is not entirely advantageous for our portfolio and less for a panorama that is as uncertain as the current one.

According to online shopping platform Linio, the millennial generation spent the most on online shopping, spending an average of $ 3,000 a month on video games, clothing, and electronics. While baby boomers spend an average of $ 2,912. The items they buy the most are perfumes, shoes, and devices like tablets and cell phones.

If you now spend $ 3,000 online shopping every month, the total will grow.

If you are one of the people who felt the need to make impulsive online purchases during the pandemic, I will give you 5 tips that you can put into practice to reduce these excessive consumption habits and help your portfolio.

1. Take a minute to think

This advice may seem very common, but believe me, it works. If you want to add an item to your shopping cart, consider whether it really needs to be bought.

Answer yourself: is it something I need to survive? Will it make a significant change in my life? Can I use this money for something more important? … If you ask yourself these questions, it is likely that you will realize that you do not need this new cell phone, shoes or perfume. A minute can make the difference whether you spend your money or use it smarter.

2. Plan your purchases

We are human, of course it is okay to want to buy things. However, what is not correct is to make ends meet without making money because of impulsive purchases. My recommendation is that you plan the purchases you want to make.

If you know you want to buy new clothes, write them on your monthly budget so that you take these costs into account and are part of your monthly plans.

Another strategy that may work for you is to buy as much as you want on certain dates like the hot sale or the good end. This is how your purchase is planned and you can also monitor the best prices.

Answer yourself: Do I have to survive? / Image:

3. Special projects

Something I share with my students is that they have to split their money according to the areas of their lives. That is, after you create your budget, separate your money, e.g. B. monthly commitments, education, savings / investments, projects, etc. This will help you to have your money “segmented” and not to take it from one area to complement another.

On your project account you can deposit the money you use to renew your wardrobe, buy a television or a cell phone …

The point is that you are not using this money for other things or that you are taking money from another location for this project. You can choose to have different bank accounts or to have your money in separate envelopes, just like grandmothers did.

4. Take your current situation into account

Do you have a job or a secure salary? Or are you now prone to cut wages or layoffs? If you think you are vulnerable, do not spend your money on lifestyle things, that is, anything that is just a “small mirror”.

Do not spend your money on things that you will regret if you are unlucky enough to lose your job, better consider saving it, or invest in this way to protect yourself from the current situation.

5. Don’t do it to look good

Now that a lot of people shop online and we find out everything through social media, we can feel the social pressure to buy things. But you have to remember that you don’t have to be nice to someone who only buys for that.
Because at the end of the day it won’t be useful for you to have a lot of things and be broke.

Of course we can be pampered, but we also have to be smart and not get our personal finances in trouble.

Remember, if you don’t care about your money, no one else will do it for you, and this is the time when we should be most aware of it and take care of it.

Don’t forget that we are still in an economic crisis and it is better to be armored to care for our present and our future.