Tips To Avoid Impulse Spending

To find out if you are an impulse spender, answer these questions honestly:

1. Has your partner or spouse been telling you often about your habit of over spending?

2. Is your credit card bill storm you with a long list of unplanned things you have bought the previous month?

3. Are you a compulsive shopper of shoes and clothes that fill your wardrobes for which you hardly find time to wear them?

4. Do you buy all the latest gadgets and techno stuffs as soon as they are launched in the market?

5. Do you own a thing as soon as you see them on a store’s display, even if it is an item that you would use occasionally?

 

If you have answered two or more questions as “yes”, it means you are an impulse spender and find pleasure in retail therapy!

 

However, this habit is considered healthy because impulsive spenders often fall short of money it times of crisis. On the other hand, prudent spending and shrewd saving can help you get important things like a house, a new car, a good vacation or a tension-free retirement that can be useful lifelong to you and your family too. The best way to avoid impulse spending is to establish financial targets and refrain from spending money on those things that will turn obsolete in due course.

 

Remember, impulse spending adds pressure to your financial status as well as your family relationships. So to avoid this, you will have to learn to prioritize which is your need and which is a mere desire.

Advertisements haunt us wherever we go, in the form of billboards, radios/television ads and even disguised as salespeople who readily propagate their product. However, the best way is to give oneself sometime to decide instead of plunging into the product and disappointing yourself later.

 

Another good tip to avoid impulse spending is to make a monthly budget and then go shopping. Prepare a list and judiciously allocate some money of your earnings. Do not take your credit cards while going on a planned monthly shopping.

 

What if you come across something that you think is something worth spending on? Take some time, say two weeks, and then decide whether to but it or not based on the priority set. Adopting these simple tips will for sure help you stay financially stay stable and nurture happy and healthy life with your family.