Let’s be honest…..
Making an impulse buy is kind of fun! (At least in the moment.)
You walk into a store just to browse, then the perfect sale appears right in front of you!
It’s meant to be, right?
A recent survey found that Americans buy impulsively on an average of $450 every month.
That’s over $5,000 every year!
For some of us though….. fun or not….
Grabbing that coveted item means you’ll be overspending
Or worse….
Using a credit card to pay for it.
The truth is…..
The excitement of impulse spending rarely lasts
Because, sooner or later, the reality of what you’ve done hits home.
Wouldn’t it be wiser to control that urge to fork over money when you discover a “good” sale or a sweet deal online?
That discipline will get you something priceless……peace of mind.
And that’s one purchase you’ll never regret!
So…
Here are 5 tips to help you dodge the temptation to overspend on impulse:
Make a budget and stick to it.
Okay, first things first, I believe in using a budget. And I think everyone needs one. There are many resources out there to help you create one if you’re not using one. But creating a budget is one thing, actually sticking to it is another! It’s not a magic wand that will suddenly make all of your money behave. But it’s a great way to tell your money where to go each month and, if you follow it, will eventually change your life!
Give yourself permission to spend
That’s the beauty of the budget….. you can throw a little fun money in there too! Give yourself (and your spouse/partner) a line item in the budget with your name on it. This is money you can spend how you want and on what you want. Just make sure the amount is reasonable and affordable for your budget! When you do, simply check your “fun money” fund the next time you’re walking through the mall and something catches your eye.
Wait overnight before you make a purchase
This is my favorite! And it’s pretty hard to do sometimes!! But it is said that when you sleep on a decision, you put some time between your emotions and the transaction. It gives you a day or so to calm down when a potential impulse buy has you jazzed up. Once you’ve cooled off and now have a fresh perspective, ask yourself if you’ll actually use the item or service and if you can pay cash for it. Don’t let a countdown rush you into buying anything!
Shop with a plan
Decide what you want to buy and how much you’ll spend before you start shopping. In-store or online, grocery shopping or shopping for Christmas gifts. You’ll be less likely to give into overspending when you have a plan. Just have a plan before you start.
Keep your goals in mind
Giving in to an impulse buy won’t help you achieve your goals. Whether that’s getting out of debt, paying off your mortgage or investing for your future, overspending will eat up any extra money you could be putting toward those goals.
And yes…..
Impulse buying is a habit.
Just take a moment to look around your house and you’ll probably find lots of products you never really use!
Unused gadgets in your kitchen cupboards
Exercise equipment gathering dust
Unworn clothes in your wardrobe.
We’ve all done it……..
And it can be incredibly difficult to stop the urge to buy once it’s in us.
But next time….
Remember this before you impulse buy:
“Children do what feels good, adults devise a plan and follow it.” – Dave Ramsey
Until next time…..
I look forward to hearing from you!!
Althea
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PS. Yes… I’m a nurse, but did you know that I have a side hustle? I’ve partnered with a leading financial service company and the number one thing they do is credit restoration. We’ve helped many people since I started on this journey and always looking to serve more. Check out these links…. Fix Your Credit and Earn Extra Income.
My goal is to connect people, ideas, and resources so that your life is better because I helped you make the right connection!!
