Most of the people out there are affected by an illness related to spending money. Yes, they are prone to impulse spending. This means that they let their emotions rule their purchases and later on they regret doing so.
The main reason why this happens is because such people do not have a budget plan for their monthly expenses. They just spend without thinking. As a result, they get unnecessary things and are unable to save any money for their future.
You too can be one of these people, who make spontaneous purchases that are overcome by rational thought. According to a recent survey conducted by CreditCards.com, 5 out of 6 people confess that they have made spur of the moment purchases.
Such people cannot resist the urge to purchase anything on which they see a huge discount or a pretty outfit from which they cannot take their eyes off. However, now you can stop such unplanned purchases with some of our tips listed below.
- Have a shopping plan
Before you leave your house, you must determine the things that you want to purchase. This will keep you grounded. According to a survey, 79% of people get into impulse spending in a physical store location.
This is why it is important that you should have a shopping plan before you leave your place. And, this is more important, if you have kids. You can include anything in your shopping list, such as festival gifts, grocery items, etc. You just need to know what you will buy before you go out.
- Take adequate cash
Just take only the amount of cash that you need for the items that you are going to buy. If you cannot control yourself, you can also leave your debit card and credit card at home in order to avoid the temptation to purchase more with plastic. Credit cards do not cause the guilt of spending extra money.
So, if you keep them at home, you will not buy anything unnecessary. Plus, if you take only sufficient amount of money according to your shopping plan, you will not make an unplanned purchase, which also indicates how cash can be really powerful.
- Delay overnight
When you put your decision of buying something on hold for a night, you put some time between the transaction and your emotions. You must give yourself atleast one day to compose yourself, when you face an unplanned spending chance.
When you cool down, you can get a fresh viewpoint of the purchase. At that time, you must ask yourself whether the service or item will actually be useful to you and whether you can pay in cash for it. This way you will know whether the purchase is really important or not.
If you do not feel a deal to be useful after 24 hours, then you are better off without buying it. Do not buy anything in rush. And, if you do not have money for it at present, you can always buy it later on, when any nice offer comes and you have money.
These tricks will help you avoid the temptation to spend on an impulse. By following these tips, you can buy peace of mind, which is priceless and you will never regret.