Weekly Recap of MoneyMasterClass - Session 8
In the latest instalment of the Money Master Class, financial expert Gail focused on the art of bargain hunting and the importance of distinguishing between finding a bargain and being a bargain junkie.
Finding a bargain means purchasing items you truly need at a lower price, while being a bargain junkie involves compulsively hunting deals and buying things excessively just because they are discounted, often leading to unnecessary spending. To avoid unnecessary spending while bargain hunting, one should focus on purchasing only items that are actually needed, set a clear budget, resist impulse buys, and prioritize quality and usefulness over just the discount percentage.
Gail emphasized that even a good deal is a waste of money if it's not needed. This week's task involved taking inventory of personal belongings, including documents of net worth statement. Participants were encouraged to reflect on purchases, bargains, and purchases beyond budget.
The shopping moratorium, another task this week, was intended to help individuals evaluate their desires and the space they have to store their purchases. The week concluded with the task of writing out a list of items to buy in a "Me and My Money" notebook or on a phone.
Throughout the week, Money Master Class participants shared ways they give back in their comments. Gail also tweeted a question asking people to identify what they have classified as a need that is actually a want.
Missed last week's recap? Find it here: Week Seven Recap. This week, individuals were asked to evaluate their needs versus wants.
The Money Master Class continues to offer valuable insights and practical strategies for managing personal finances. If you haven't joined yet, there is still time to sign up.
Don't forget to catch up on the Money Master Class with weekly recaps. Week One Recap is a great place to start.
Sharing options for the post include Facebook, Twitter, Pinterest, LinkedIn, Tumblr, Reddit, WhatsApp, Email, Telegram, Threads, and Bluesky. Gail shared a reminder about the importance of gratitude at the beginning of the week. Read more.
Remember, mindful spending—such as making a shopping list, limiting visits, and evaluating the true value of the items—helps maintain control and avoid the pitfalls of overbuying. Happy bargain hunting!
The first sentence: "In the Money Master Class, participants were encouraged to reflect on their purchases, bargains, and purchases beyond budget, focusing on needs versus wants."
The second sentence: "To avoid unnecessary spending while shopping, participants were suggested to make a list of items to buy, prioritize quality and usefulness, and set a clear budget for personal-finance management."
