Holidays! Birthdays! Shopping sprees! Oh my! With most shopping done online these days, it’s easy to catch the, “oops I went over my budget” syndrome. Maybe I’m late to the party, but before the Pandemic, I much preferred shopping in person.
Now, I find it so much more convenient for my budget to shop online. I know – it sounds like a paradox, considering how much easier it is to purchase things online and blow a budget in just a few clicks. But hear me out.
Online Shopping + Discipline = Awesome
There’s a certain freedom that comes with shopping from your computer:
- You can bookmark a site and return to it with ease
- You can track your spending as you go along
- There’s no time pressure or judgment from others
It’s just easier. Of course, with that freedom comes a certain need for discipline so you don’t find yourself with huge buyer’s remorse. After all, it’s so much easier to purchase something expensive like a TV or a couch with one click as opposed to hauling it out of the store yourself.
Timed sales, coupons that expire, and incessant popups can add stress to online shopping. If you’re an impulse buyer, stores LOVE you. Marketing is designed to capture your attention and convince you that you need something now.
The first step for budget-friendly shopping is recognizing that you are in control. If you know how to navigate marketing ploys, you can be much more relaxed and level-headed about your decisions.
Use a Budgeting Spreadsheet
It’s no secret that I am a planner. Sometimes, my need for organizing and planning can be infuriating to myself and those around me. Other times (usually on the backend once catastrophe was avoided), I’m being thanked.
If you give me a task and a budget, the first thing I will do is create a spreadsheet. The structure helps me create boundaries so that I can release my full creative spirit without constantly worrying about the budget.
The way I set those boundaries is with a simple spreadsheet.
Currently, I’m using two such spreadsheets – one for a wardrobe overhaul (which has been in progress for 6+ months) and one for Christmas presents. It’s been so useful that I wanted to share it and the peace of mind that has accompanied it.
Here’s the spreadsheet – free with no strings attached 🙂
If the spreadsheet doesn’t apply directly to what you’re doing, modify it, and make it your own! The point is to create a mindset of planning things out ahead of time and making adjustments with your budget in mind.
It feels great to get all the things you need AND have money left over at the end.
How to Use the Spreadsheet
It’s really simple. I use a crude version of this at the start of any shopping escapade where I have a budgeted amount of money, though I spruced it up for you to look nice.
As the first step, drop your total budget into the green cell on the right. Now you’re ready to rumble.
“Item” Column
It’s helpful to start off by writing down some ideas for what you want to buy in the left-hand column. For my wardrobe overhaul, I started by writing all of the things on my “wish list” and then expanding/consolidating as I went along.
You might need more rows, so just copy & insert them as needed.
“Link/Store” Column
As you start researching the items you wrote down, you can capture details for future reference in the “Link/Store” column. When you come across an item you’d consider buying, use that column to record the page URL or the name of the store so you can easily come back to it later. It helps narrow down your options and make a decision, especially if you’re a multiple-tab type of person.
“Estimated” Column
Whenever you consider an item worthy enough of noting down, capture its cost in the “Estimated” column to keep track of the price tag on your wish list. I’d recommend going with a conservative estimate and entering the full price as opposed to a temporary sale price.
Your estimated total will be one of the most helpful numbers on your spreadsheet; as your total grows, you’ll be able to see the impact of different items on your budget.
It will help you evaluate what is most important if you need to make a decision between a few different items. By the end, you’ll see how much you’ll need to budget next time if you want to get the extra things that didn’t fit into your budget this time.
“Paid” Column
Once you pull the trigger and make your purchase, capture the price you paid in the “Paid” column and delete the estimated price. The number in that column turns green and starts deducting from your total budget so you can keep track of your spending.
Your total remaining budget is captured on the left in the “left to spend” box. Don’t edit this number – it’s a calculation of your total budget MINUS what you have spent!
As you continue to make purchases, you can easily compare what you have left to spend with your estimated cost to see what else you can afford. Keep making adjustments until you’re satisfied with what you’re getting and how much it will cost you.
“Gift Card” Column
The “gift card” column is optional. It’s useful if you have any gift cards available and you want to track how much of that gift card you have used. You’ll see your gift card total calculated at the bottom of this column, and it won’t count against your budget. This tracking method is pretty minimal so it’s best for simple budgeting scenarios.
The Value of Visibility
Planning out your shopping is crucial for staying within budget. If you only like to pretend to care about your budget, then this tool isn’t for you. If you like to feel good about your purchases and you want to be a more mindful shopper, a spreadsheet might be the starting point you’re looking for.
One change I saw in myself through using this spreadsheet was hesitation in making big purchases. For example, I really wanted to buy a camel coat this season. However, I didn’t want just any camel coat; I wanted a high-quality coat that would last me a long time.
Normally, without the spreadsheet, I probably would have done one of two things on impulse:
- Bite my tongue and drop several hundred dollars on a high quality coat, or
- Find a cheap deal and drop under a hundred dollars on a cheap coat
Either way, the result would have been regret. With the spreadsheet, the $200 estimated price was just sitting there, eating away at my budget, taking away from the items I needed to prioritize. As soon as I considered perhaps holding off on the purchase and I erased the line, suddenly I had $200 freed up.
I sure was glad I took my time thinking through what I really wanted.
Edit and Make it Yours
You might find that this spreadsheet has certain limitations that don’t account for your specific needs. You can build on it and tweak it as much as you like!
Whatever you do, just don’t sell it off as your own – that’s the only thing I ask.
If you found it useful please comment below. Happy shopping!
