Making the investment, as your habit, requires a proper saving strategy, that ultimately requires good control over your spending. Nowadays, people are effectively getting attracted to the digital world, along with that digital shopping or probably say online shopping has increased extensively.
People take online shopping, easy process, as they don’t have to roam in different shops or malls, they can get everything right on their fingertips, that too by sitting at home. Online shopping is not a bad thing, but there should be a limit of everything, and online shopping should also be done smartly, in order to avoid the extra expenses to occur.
People think they can get good commodities at reasonable prices, through online shopping, but they often ignore the extra expenses that they pay while shopping. Though they can save these extra expenses, by keeping a bit extra care while doing online shopping, let us know how:
1. Sales or Discount Is Good Time to Buy, But Not Overbuy: People while surfing on online shopping sites, save many things in their cart, and wait for the discount sales to happen, and then they buy these items. Well its good to wait for the discount sales, but have you ever noticed, the discounted price tag is covering up another price tag below? Sometimes the original price of commodities is marked up just before the sale, so better shop only when you exactly get a reasonable discount. In sale season, sale or discount is mostly shown on old apparel or commodities, that are not from the latest collection. Here too, older inventory is pulled out.
So, basically, buying anything just because it has a discounted price is not a good idea, if you do so rather than saving you can easily end up overspending.
2. Money App Balances: Almost every online shopping app, allows the option of digital wallets, where you add money to shop things for you. Using digital wallets is not a bad thing, but you should not store a large amount of money in your digital wallet, as because, the money in your digital wallet can only be used to do online shopping, and if you don’t buy anything it will remain stored in your digital wallet, whereas if you have money stored in your bank account, you will continue to earn interest on it, also you can take them out and use it physically.
Also, while doing online shopping, do check if you return the commodities, where does your refund go. If your refund does not go back to the bank account, it will lie in the wallet once again a wasted balance to hold. If your refund goes back to your digital wallet, next time while buying things online use your digital wallet money, instead of adding fresh funds.
3. Online charges: Well, digital transactions have charges like convenience fees, delivery charges, online fees, other than the commodities MRP price. When you pay these charges, it seems nominal to you but when you aggregate these prices, it adds to a lot. In a month, if estimated, it’s easy to have grocery delivered 10 times, book movie tickets online at least twice and have food deliveries 3-4 times. Delivery and convenience charges on these can easily add up to a total of Rs 1000, even though individual deliveries are charged at Rs 40-50. The best idea to save this extra charge is, bunch up your online orders and have them delivered together, and when it comes to movie tickets, plan your hangouts and buy tickets beforehand at the outlet, it will help you save convenience charges.
Well, the above-mentioned strategies, will help you save your extra and unreasonable charge while doing online shopping, not only this you can invest your savings, in mutual funds, that will help you in creating wealth through long term investments that ultimately supplement your earnings. In fact, the delivery and convenience charges that you will save per month can be used to invest in a SIP (Systematic Investment Plan) plan per month, of mutual fund schemes.
You can also contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).