Monday, March 20, 2017

Beating The Impulse Buy

There are a lot of things that can poke holes in our personal finances, and hold us back from achieving our big financial goals. The economy can fluctuate at a moment’s notice, we can get turned down for jobs we really needed, and life can drop all kinds of unexpected expenses in our laps. However, one of the biggest enemies of anyone’s wallet is habitual impulse buys. We’ve all committed this sin at one time or another, but if you find you’re doing it too much, here are some tips to curb your bad habit…
Avoid the Mall
Most of us will only get the urge to impulse-buy when we’re around things that are for sale. You can nip this urge in the bud by simply hitting the mall less, particularly if you do it out of boredom rather than necessity. From now on, you should resolve to only enter a store when you have a specific purchase in mind. If there are a few things, go with a list, fill your cart with items on that list, and then go to the checkout. If you know there’s a particular item that you tend to buy on impulse, try to develop good habits tied to that specific item. These 23 tips for saving money on clothes, for example, can be a huge help to people who are prone to shopping sprees.
Freeze your Credit Card

While they can be handy for building your credit score for larger purchases, using a credit card can quickly develop into a major problem if you’re reaching for it too often. The best course of action is getting rid of it completely, and learning to get by on the money you actually have. Obviously, this isn’t an option for a lot of people. If living without a credit card simply isn’t practical for you, then take steps to put a barrier between you and it. Instead of keeping it in your wallet, put it somewhere safe and out of sight in your home. Don’t cheat by writing the number down! If there’s an essential expense you have to cover with your credit card, then go ahead and dig it out. This one little delay can mean the difference between you making a frivolous purchase and soldiering on.
Be Mindful of your Urges
If your base urges are causing you to make way too many impulse buys, then you need to make a point of monitoring them. Put a playing card, an old ticket, or some other token in your wallet as a reminder. Every time you reach for your wallet, this will remind you of the urge that just snuck up on you. Over time, this will lead to you becoming more mindful of the things that trigger your desire to spend, which will in turn make it easier for you to realize when you’re getting the urge, and nip it in the bud. It can take some doing when these urges are so deep-rooted, but simply paying more attention to them is the first step to ironing them out.

Here are just some things you can do to avoid impulse buying. Beating the urge of purchasing in a snap will definitely put you in a better financial situation. What are your tips on how you can avoid impulse buying? Comment down below!

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