How can words adequately describe the high that comes from shopping with genuine abandon? The surge of energy while speeding on a roller coaster ride, the enthusiasm of winning a hard-fought race, even the excitement of a first love can sometimes pale in comparison to the adrenaline rush that a serious shopaholic experiences upon seeing a sale sign in a favourite store.

Thanks to our challenging economy, the joy of carefree spending has been drastically curtailed for many consumers. Stringent budgets and limited disposable incomes have forced many former fashionistas to turn away from their favourite pastime and focus their spending on the bare necessities of life.

While prudence might dictate that in tough times it’s financially wiser to choose between fresh or canned vegetables instead of the new red or black shoes in the department store, decreased consumer spending on non-essentials actually has a negative effect on the livelihood of many business owners.

Hundreds of small and large operators alike who depend on robust consumption are currently feeling the pinch of the tight economic times. Some have cut back on products and services, while others have regretfully closed their doors.

This depressed business environment has a multiplier effect that extends beyond those who lose jobs, as it affects their families, schools and communities as well.

Is it possible to help to boost the economy by increasing your spending, and still remain financially smart? Let’s look at some savvy shopping tips that may allow you to have your cake and eat it too.

Protect your finances first

While you may want to make major spending allowances to improve the overall economy, your first responsibility is to yourself and your family. It’s not wise to increase your debt burden just to keep your favourite boutique or salon open. Focus first on preparing a budget that can help you to responsibly allocate your money in the essential areas, and then determine how much you can afford to spend on leisure items.

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Cut back on waste

A detailed look at your budget may reveal personal habits that cause you to throw money down the drain. Simple adjustments in utility usage such as unplugging phone chargers and the microwave oven when not in use, cutting out unwatched cable channels and reducing idle chatter on mobile phones can free up thousands of dollars monthly that can be more satisfactorily or profitably spent.

Prioritise spending

If you really want to keep supporting your beloved shopping hangouts, you may have to make more drastic budget adjustments to find extra funds. Are there some items in your expense list that you can do without? The high loan payments on a brand new car could be reduced if you bought an older model. Can you get a room-mate in order to reduce rent or mortgage costs? Sometimes prioritising what you do with your disposable income can help to keep your favourite businesses afloat.

Stick with quality over quantity

Some consumers choose to buy cheaper-priced goods, thinking that this will help them to cut costs. Unfortunately, cheaper often doesn’t mean durable or worthwhile. For items that you need to last such as shoes, school bags or electronics, go for the best quality even if it comes at a higher price. You will end up saving much more over time, instead of continuously having to replace shoddy goods.

Look out for bargains

The economic challenges can actually provide you with a shopping advantage, as eager businesses should be looking for innovative ways to keep customers pouring in. Don’t be afraid to tell your favourite stores or suppliers that you might be more amenable to buy from them if the price is right. Sweeten the deal for shop owners by bringing in other purchasers who are also looking for discounts and special offers.

Wait longer or layaway

Patience can be a virtue in the shopping world too, as the need for immediate gratification can often cause you to lose out on a better deal later. Put off purchasing big-ticket items until traditional sales periods. Let’s go back to the days when layaway shopping was the norm, by encouraging more stores to provide this service. By putting down a portion of the total cost over three or four months, you can eventually get the items you desire.

Earn more to spend more

If your budget has absolutely no wiggle room for discretionary spending, you still don’t have to give up on shopping. I like to encourage persons to learn how to create extra income to supply their needs that are not being met by a regular pay cheque. Selling phone credit at work or school, providing breakfast for hungry co-workers, or even washing cars on the weekends can supply additional funds to fuel your spending requirements.

Copyright © 2010 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, September 15, 2010

Cherryl is a financial consultant and coach, founder of Financially S.M.A.R.T. Services. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Contact Cherryl