The term “impulse buying” is often associated with the purchase of things that we don’t need. We may not even want them, but still buy them. It turns out impulse buying can have a serious financial impact on your life! In this blog post, we’ll discuss some strategies to avoid making bad decisions and hurting your wallet in the process.
One of the big problems with impulse buying is that you feel like it will make you happy. However, once the high wears off and your new purchase gets thrown in a drawer or closet never to be seen again, what do you have? A financial loss! It’s better when we buy things because they are actually worth something to us over time.
One of the best ways to avoid impulse buying is by having a list. Whether it’s in your head, on paper or stored electronically somewhere, have a list of the things you need to buy and when. This way, if something comes up that is an absolute “must-have,” you can still buy it without feeling guilty.
Loss of productivity, anger towards yourself for making impulsive decisions and not being able to control your emotions when shopping are all signs you need help with impulse control. If these things sound familiar, it is time to seek outside assistance in the form of a therapist or financial professional.
Impulse buying is perfectly normal and it can be fun, but we need to use restraint and stick with what we know is best for our financial health.