3 tips to help you stretch your loonies

You make buying decisions all the time, whether you realize it or not. Too often those decisions are influenced by slick marketing campaigns and maybe even a yearning to look good to your friends. But stuff doesn’t equal status.

So when you’re choosing a product, at least consider the following factors. Although you may still opt to spend extra money for your top choice, at least you’ll be making a conscious decision.

1. Know the difference between being cheap and being thrifty. Being thrifty is a good thing—it means spending your money wisely. Being cheap can be counter-productive. If that new computer you want to buy is better quality than others and will therefore last longer, it may be worth the extra cost. Buying cheap can sometimes mean spending more money down the line on maintenance or replacement.

2. Opt for “previously loved” goods. Online platforms such as eBay, Kijiji or Facebook Marketplace make it easy to buy, sell and trade items with other people in your area. Thrift stores are also a great place to score awesome deals. And if the bargain isn’t enough to lure you, consider the impact on the planet. It’s so much better for the environment to re-use, re-love or re-purpose something that still has life in it.

3. Follow the 24-hour rule. Too many of us make impulse purchases that we later regret. Here’s how to guard against that tendency: when you’re shopping and you see something you want to buy, hold off on purchasing for 24 hours. That will give you time to think about whether you really need that item. If it’s worth having, it will still be worth having tomorrow.