If you’re like many shoppers, you’ve experienced, on occasion, making an impulse purchase. Just like that, without a thought, you whip out the plastic, or click the “buy now” button (with your credit card information conveniently stored in your computer), and – voilà! – you purchase that pair of shoes you just have to have.
However, after a few days pass, feelings of regret seep into your soul after you take a look at your bank account balance. And then, at that moment, this age-old adage hits you: Haste makes waste. To help curb your shopping enthusiasm, there’s a newly named approach to saving that’s gaining popularity for those eager to ease their money woes: Slow shopping.
This method of cutting back on impulse spending encourages shoppers to slow down and incorporate mindful spending habits. The practice is gaining traction among consumers seeking an intentional and thoughtful way to make purchases.
Slow shopping could be helpful for those who desire to spend less and build savings. Bankrate’s 2024 Annual Emergency Savings Report found that more than one in three (36 percent) U.S. adults have more credit card debt than money saved in an emergency savings account.
But what exactly is slow shopping? How can it benefit you and what are the potential drawbacks? Here’s a look at this money trend and how it might help you save.
Slow shopping is a spending approach that encourages mindfulness. Instead of making impulsive purchases, slow shoppers take the time to consider the necessity and cost of each item.
Slow shoppers prioritize quality and wait for the best deals. This method can soothe financial anxiety, reduce buyer’s remorse and promote healthy spending habits. The concept is part of the “slow living” movement, which promotes mindfulness and taking a thoughtful approach to life.
“Slow shopping is a phenomenon that falls under the umbrella of what I call ‘conscious spending,’” says Dana Miranda, author of You Don’t Need a Budget and founder of the Healthy Rich newsletter.
“Pausing before buying gives you the opportunity to consider how you’re using money and whether it serves the life you want to live – or, more simply, the day you want to have,” Miranda adds.
Examples of slow shopping
One popular approach to slow shopping is adding items to your online shopping cart and then waiting at least 24 hours before making the purchase. This gives you time to reflect on whether you really need the item, find better prices and look for coupon codes or discounts.
Slow shopping can also apply to traditional shopping, such as visiting physical stores, so that you can make an informed decision before making a purchase. It’s all about pausing, assessing your reasons for buying and making thoughtful choices.
Karen Holland, founder of GiftingSense.org, describes slow shopping as a plan for your spending. Holland sees it as a tool for gaining control over your money.
“Slow shopping is nothing other than spending with a plan,” Holland tells Bankrate. “That plan can be as simple as, ‘I will only buy items or experiences after I have asked myself a few questions to ensure a purchase makes sense for my family and I at a moment in time.’”
Benefits and drawbacks of slow shopping
Like any strategy, slow shopping has its pros and cons. It’s important to weigh both the good and bad before deciding if this approach is right for you.
Benefits
One of the key benefits of slow shopping is that it can help you save money by avoiding unnecessary purchases and waiting for the best deals. It also reduces the likelihood of buyer’s remorse and promotes deliberate financial decisions.
Also, slow shopping can help reduce financial anxiety and foster mindful spending habits. This all helps you to keep more money in your bank account.
“The main benefit of practicing slow shopping is saving money, but you can also save yourself a lot of stress” says Erika Kullberg, attorney, personal finance expert and founder of Erika.com.
“Having more stuff can lead to clutter and feelings of overwhelm,” Kullberg continues. “Spending money on unnecessary purchases can also lead to financial stress if you’re struggling to stick to a budget, pay down debt, or meet your savings goals.”
Drawbacks
Slow shopping has downsides. This method can be a huge time drain that leads to overanalyzing purchases. Consequently, you might lose out on deals or limited-time offers.
Furthermore, slow shopping could lead you to convince yourself that you don’t need certain items, even when they’re necessary. Aaron Cirkensa, Founder & CEO at MDRN Capital, says slow shopping isn’t always the right choice. When it comes to purchasing a necessity, waiting isn’t your best option.
“Sometimes slow shopping is not necessary if it’s an essential need or an emergency,” says Cirkensa. “It may end up wasting time or causing stress because you are trying to evaluate every single decision and purchase.”
How slow shoppers can save money
Slow shopping can help you save money by prompting you to take a step back and really think about your purchase. When you rush to make a shopping decision, there’s a risk of wasting money by purchasing something you don’t really need.
By allowing time for reflection, you can avoid impulse buys. You also have time to compare prices, look for discounts, and evaluate whether the item fits within your budget and values. Slow shopping can help you prioritize your spending and save money in the long run.
Although slow shopping can help you save money, Miranda warns against using this method to punish yourself for past financial missteps. She recommends dealing with those feelings before implementing slow shopping so that this form of shopping can be approached “mindfully and joyfully.”
“Don’t approach this practice with a restrictive mindset, as it might be framed,” advises Miranda. “Mindful shopping practices can easily mask restrictive behaviors that don’t serve you. Before employing a practice such as slow shopping, investigate your relationship with money for any signs of a scarcity mindset or inclination toward restriction and deprivation,” Miranda adds.
Bottom line
While slow shopping can be time-consuming and might lead you to miss out on deals, the overall goal is to improve financial health. If you’re looking to incorporate better spending habits, then slow shopping could be a strategy worth considering.
Read the full article here
