Do you have a problem with making impulse purchases? If you have clothes you never wear, shoes you regret buying and a pile of gadgets collecting dust, you probably have an impulse spending problem.
All the big stores know that many Americans have problems with impulse buys. They cater their in-store advertisements directly to the impulse consumer. Those sales you see are not really sales. When they raise the price of an item and then give you 25% off it’s not really a sale. When they make you buy two at full price to get the third one for free, that’s not really a sale.
Needs And Wants
Separate your needs from your wants. Your needs are necessities like food, clothes and shelter. Your wants are fancier versions of that, like restaurant outings, designer clothes and unnecessary home upgrades. If you can identify what you truly need versus what you simply want, you’ll be on your way to cutting back impulse purchases.
Think About It
Before you buy something, give yourself a cooling off period. Go home, check your finances on and decide if you truly have the money in your discretionary spending budget to make the purchase. If you really do want it that bad then you can go ahead and buy it the next day. What you may find is that sometimes you end up forgetting about that item if you just give yourself some time to sleep on the decision.
Make A List
When you’re going shopping, make yourself a shopping list. Stick to your list no matter what. If you happen to see something you want that’s not on your list, don’t buy it. If it was that important you would have added it to your list in the first place.
Pay With Cash
If you’re going out shopping, leave your credit cards at home. Having a credit card to shop means you have practically an endless spending limit. It is also much easier to spend with a credit card than seeing your hard earned cash disappear. Instead, just go out with cash. When you carry cash, you know you won’t and can’t spend more than what you have in your pocket.