5 Ideas to Stop Spending Money on Impulse Buying
Opening Your Wallet or Whipping out Your Credit Card can Spell Disaster
Copyright © 2012 Allan Jones; All rights reserved; content may not be copied, rewritten, or republished without authors written permission.
It is not your salary that will make you richer, but your spending habits. Impulsive shopping is the worst habit that can result in a massive drain in family budgets and sometimes relationships as well. So, stop ruining your financial future by putting a halt to impulse shopping today.
If you are a part of the compulsive shoppers league, then below are 5 ideas to stop spending money this way.
Identify Your Financial Goals and Make a Shopping List.Definitely, you want to get out of debt now and instead build wealth. Well, its impossible if you continue spending money in the name of impulsive shopping.
Next time, before you go shopping, draft a budget, assess your financial goals, and prepare a shopping list. Distinguish between your needs and wants clearly.
Leave Credit Cards and Extra Cash at Home.This will have an obvious and positive effect on your impulsive shopping habit. Leave all your credit cards and extra cash back home. As pointed out in the previous point, having a list of items will help you calculate required cash; however, you can add a little amount to meet any unforeseen circumstances.
Lets say, you want to try out the new coffee shop at the mall; set aside a measured amount and be honest about it. Spending more money on an extra heap of coffee creamer for the sake of taste will nullify the purpose of this point.
Take Along an Accountability Partner During Shopping Sprees.A wise partner or friend can help you avoid falling victim to temptation. Shopping malls and stores place products strategically where they meet the customers eyes instantaneously.
One great example is convenience items that you will often find near the check out counters which lure in many impulse shoppers. An accountability partner will forbid you from doing so. However, refrain tagging along younger children who do not yet to understand the concept of saving.
Never Shop While You Are Stressed Out.Some people believe that shopping is an awesome stress-buster; however, in fact it can bust out your wallet badly if you are a compulsive shopper.
Think twice before heading out shopping in a stressed state of mind. You dont always need a new pair of running shoes just because you feel guilty for missing workouts.
The rich, enticing product displays of shopping malls entrap you very cleverly. So, in a nutshell, the best bet is to first relax at a peaceful spot and then go shopping.
Track Your Spending Each Time You Shop.This is a wise initiative, so track your purchases and matches them with your previous purchases. This will let you spot any extravagant additions and items that had a replacement/stock back home.
Match your current shopping receipts with the previous ones every time so you can track your progress towards becoming a more responsible, wiser shopper. Practice these tips bearing this in mind: sometimes, you will have your moments of weaknesses, but very soon you will master the art of prioritizing.
About the Author:
Allan enjoys blogging about personal finance and frugality. Over the last 3 years, he has written numerous articles on term deposits, savings and retirement planning.
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