The strategy "Optimising Purchase Decision" aims to enhance Kellyn's ability to determine if she has enough money by using comparison shopping effectively. First, setting a budget involves determining monthly income after essential expenses, allocating funds for high-priority items, and ensuring a savings cushion. For instance, Kellyn should track her weekly spending and adjust her budget monthly based on new expenses or desires.
Secondly, research products thoroughly by examining various brands, reading online reviews, and comparing prices across e-commerce platforms. For example, Kellyn can use comparison charts to visually assess the best options, prioritizing needs over brand affinity.
Lastly, evaluate financial readiness by calculating current savings, considering future income potential, and assessing the impact of the purchase on savings goals. Allow for a cooling-off period before finalizing any major purchases. This step ensures Kellyn remains financially comfortable and ready for unforeseen expenses.
The strategies
⛳️ Strategy 1: Set a budget
- Determine monthly income after essential expenses
- Define a percentage for discretionary spending
- List desired items with approximate costs
- Allocate funds for high-priority items first
- Ensure a savings cushion in the budget
- Adjust the allocation monthly based on new desires or expenses
- Track spending weekly to ensure alignment with budget
- Use budgeting apps for better financial overview
- Review and reflect on budgeting decisions at month's end
- Adjust budget based on past spending patterns
⛳️ Strategy 2: Research products
- Identify the product and specific features desired
- Investigate various brands offering the product
- Read online reviews and testimonials for user experience
- Compare prices on multiple e-commerce platforms
- Check for discounts, coupons, and cashback offers
- Consider product longevity to assess value
- Evaluate warranty and after-sales service options
- Analyze user feedback for hidden costs or issues
- Prioritize needs over brand loyalty for cost-effectiveness
- Create a comparison chart to visually assess options
⛳️ Strategy 3: Evaluate financial readiness
- Calculate current savings and projected income
- Consider future income potential and stability
- Assess how purchasing the item will affect future savings goals
- Review and adjust personal financial priorities accordingly
- Evaluate alternative options or temporary solutions
- Consult with a financial planner if necessary
- Consider the emotional value of the purchase
- Allow a cooling-off period before finalizing big purchases
- Create a checklist of financial readiness factors
- Decide on purchasing only if financially comfortable
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
