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5 Tips for Better Shopping Habits

By U.S. News & World Report

In a recent survey on back-to-school promotions, the National Retail Federation revealed coupons, in-store promotions and advertising inserts still carry the most sway when it comes to shopping for back-to-school. If you’re tech savvy, maybe you’re guilty of liking every coupon website page on Facebook. Perhaps, you even get a 140-character dose of the latest deal updates on Twitter to stay current on sales. Whether shopping this time of year, for the holidays or any other time, ask yourself, does social media cause you to spend less when purchasing necessities or more?

After all of this effort, if shopping still tends to throw a monkey wrench in goals for spending while at the store, consider forming new shopping habits. Instead of chasing every discount, consider linking your shopping to dream-based goals.

No matter what new habit you’re looking to reinforce, Tom Corley, author of the bestselling book, “Rich Habits” and soon-to-be released book, “Change Your Habits, Change Your Life,” emphasizes creating habits around meaningful goals.

Through his research, Corley discovered the reason why most people fail to achieve their goals. He explains that it’s largely due to the goal-setting process. “In order to develop meaningful goals, goals you want to pursue, you need to create those goals around your dreams and wishes. So, the starting point to goal-setting is dream-setting,” he says. Here are some tips:

1. Take your budget along for the trip.

Dorethia Conner, financial coach, author of the book “Money Chat” and website owner at MoneyChat.com, understands traps that people fall into while shopping. She encourages her clients that use spreadsheets to print their budgets out and bring them on the trip to help them stick to their budget.

She explains that they can fold them up and keep them in their wallets, so they’ll have a concrete, visual reminder to cue the new habit of only spending what they can afford when they go to reach for their money. Conner adds that crossing out the former amount and subtracting what you just purchased right then is vital, too. Updating the total keeps you from estimating in your head and potentially spending more than you planned. This approach is especially helpful if you need to head to another store. “It holds them accountable to themselves and helps stop impulse purchases,” she explains.

2. Take time to get a discount even before you shop.

Radio and web producer Joel Larsgaard for the Clark Howard Show and website owner at SaveOutsideTheBox.com also makes it a habit to keep a budget and emphasizes that not going over is key. After checking it, he makes an effort to maximize his dollars on a regular basis. Larsgaard suggests buying a discounted gift card to get anticipated purchases for less. He adds that choosing stores where you often shop from a site like GiftcardGranny.com can work to your wallet’s advantage. You get the gift card at a discount so you are spending less before you even begin to shop. If you purchase an item on sale, you can stack the discount.

3. Take advantage of discounts where you shop on a regular basis.

Larsgaard makes it a habit to buy gift cards when he knows he’s about to make a big purchase. “For instance, I just bought some new windows for my rental home and I knew roughly what I was going to spend. So I bought a discounted gift card and saved an additional $45 on my purchase,” he says.

4. Take a look at what you have before buying clothes.

Kathleen Celmins, website owner at FrugalPortland.com, makes a clean sweep before shopping for clothes. She strongly believes that you shouldn’t go shopping until you have cleared out room in your closet. She thinks this will give you a clearer picture of what you actually need. “You’ll be motivated by that instead of being swayed by the more expensive fashions the store is trying to get you to buy,” she says. This approach can also be applied to grocery shopping or stocking up on any other items needed for your household. Shop your pantry first. I don’t know how many times we’ve purchased duplicate items unnecessarily.

5. Take a minute to shop online if it stops you from overspending.

Though there are certain things I have to get in-store, I personally find it easier to keep better tabs on what I’m spending when I shop online. I can more readily click away from flashy sales and keep myself in the sections where I need to shop. I don’t get lured into looking at items I wasn’t intending to buy. I can also check in on my subtotal whenever I like to see where I stand without needing a calculator at a store. I find that I tend to be more efficient and can cut back on my shopping time.

Smart spending patterns can be established with a little planning and practice. Use these tips to better guide your spending when planning a shopping trip. Find a way to link your habits and purchases to dream-based goals so you’re more likely to succeed. Remembering the big picture can help you avoid buying impulsively or overspending.

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5 Tips for Better Shopping Habits originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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