close
close

How to try slow shopping, according to financial experts


How to try slow shopping, according to financial experts

Shopping has never been easier. Short trend cycles fueled by social media can make you feel like you have to grab the latest thing – especially when friends, celebrities and influencers are tempting you.

You don’t have to have a lot of money to participate, either. Thanks to the rise of buy now, pay later services like Affirm and Afterpay, those boots or that dress are within your reach even if you don’t have the full amount on hand. And the shopping features on social media apps like Instagram or TikTok allow you to buy anything new you see with a click of a button.

But all that ease makes it easy to spend a lot of money, and those little pleasures can add up quickly—chasing the latest microtrend or buying everything you want right away can blow a budget and derail other financial plans. That might explain the popularity of “slow shopping,” the latest financial trend to take over TikTok that’s based on surprisingly good advice from financial experts: Just take more time to consider whether what’s in the cart is something you really want or need.

Experts featured in this article

Courtney Alev is Credit Karma’s consumer financial advocate and leads the Turbo Tax integration team.

Bola Sokunbi, CFEI, is the founder and CEO of Clever Girl Finance.

What is slow shopping?

Slow shopping is about spending money consciously; it’s the opposite of impulse buying. “It’s really about being conscious in that moment between temptation and purchase, and taking time to think about whether you really want or need to make that purchase,” says consumer advocate Courtney Alev.

Slow shopping involves thinking carefully about whether you really want an item before you buy it. The idea is that more time and steps between browsing and buying will help shoppers stay within their budget and feel more comfortable with their purchases because they experience less regret. Slow shopping puts shoppers back in control by building more conscious buying habits without completely sacrificing the fun.

No one is advocating depriving anyone of their little treats—in fact, slow shopping is about putting a little more thought into your purchases so that those treats don’t lead to regret or debt. Slow shopping is a great strategy for anyone looking to create some structure, but it can be especially helpful for those who find themselves missing their savings goals or getting into debt through shopping.

“It’s really about identifying your goals and what you want to accomplish and using that motivation to adjust your behavior,” says certified financial educator Bola Sokunbi. “It’s OK to spend money on things you enjoy, but you don’t want it to get in the way of your goals.”

Why is slow shopping currently trending?

Like the deinfluence trend that has recently taken off on TikTok and the flood of videos on building a sustainable capsule wardrobe, slow shopping is part of a growing trend towards conscious spending.

In recent years, inflation and post-pandemic “revenge spending” have put additional strains on people’s wallets. “There was a lot of YOLO and making up for lost time, and now you’re pulling back and being more conscious and thoughtful,” Sokunbi says. General uncertainty about the economy, as well as anxiety about the 2024 presidential election, are other reasons why people want to be careful with their money.

The desire to limit emotional spending is also part of this trend. A 2023 study conducted by Qualtrics for Credit Karma found that more than half of Gen Z and Millennial respondents described themselves as “emotional spenders,” and two-thirds of them have gotten into debt because of emotional spending. The same study found that nearly half of respondents felt guilty about their emotional spending, and nearly 60 percent said they would like to limit it.

Our shopping habits have also influenced this behavior: Targeted advertising on social media has made it easier than ever for retailers to get products in front of consumers most likely to buy, and new viral products and haul culture are fueling FOMO spending. “There’s really no friction anymore, so that moment of ‘I want this’ transfers quickly, and that wasn’t the case just a few years ago,” says Alev.

How to implement slow shopping

The key to slow shopping is to put more hurdles between finding an item you want and clicking “buy” so you have more time to think about the purchase. Here are six ways to get started.

Think about your long-term goals

Knowing what you want to achieve with your money is an important aspect of slow shopping. Be clear about your goals so you can set a budget and decide how much you can spend on nice things without missing your long-term goals, advises Sokunbi. Keep those goals in mind as you shop so you don’t lose sight of your plans.

Create lists

Instead of immediately adding an item to your online shopping cart, create a wish list. Alev recommends keeping a list of links to items you want to buy in your notes app (or use pen and paper if you’re more comfortable with physical lists). Another option is to create a Pinterest board of items you want to buy and check it regularly to make sure you still want what you’ve pinned. You can also save posts to social media apps. Check back to your list as you shop.

Remove pre-saved payment information

Many websites and social media platforms offer 1-click purchases by storing credit card or bank details. Try removing any stored credit card numbers from frequently visited websites. Sokunbi says the extra step of entering payment details is an opportunity to consider whether or not the item is needed immediately. If you frequently use credit cards or “buy now, pay later” plans, consider waiting to purchase until you have the money on hand.

Set time limits

Instead of buying the shirt immediately when you want it, leave items in your cart for a night, a day, two days, or a week so you have time to decide if you really want them. After a week, you may find that those heels are impractical or don’t fit your style. “Advertising uses urgency and scarcity messages to get you to buy, but you can wait to buy the vast majority of things,” says Alev. Taking more time also allows you to compare prices and plan for special offers.

Limit your temptations

If you’re tempted to shop while scrolling through social media, changing who you follow can be really helpful. You can curate your feed. Sokunbi recommends unfollowing or even blocking influencers, celebrities or stores that trick you into spending money without considering your budget. “When you’re a conscious consumer, (social media) has less influence on how you spend your money,” she adds.

Listen to your feelings

If you’re an emotional spender, it’s important to check in with your feelings. If you find yourself filling a void when shopping, or ignoring your budget and buying more when you’re particularly sad or stressed, take a step back and figure out how you’re feeling in the moment so you can find another activity instead. Instead of shopping, try doing something that addresses the underlying feeling, like going for a walk or cooking a nice meal. Psychologists and financial therapists can also give you guidance and support to curb emotional spending that’s spiraling out of control.

Helen Carefoot is a freelance lifestyle, culture and entertainment journalist based in Washington, DC. Previously, she was a lifestyle writer at Well+Good and worked on the lifestyle desk of the Washington Post’s features section.

Leave a Reply

Your email address will not be published. Required fields are marked *