We all go broke from time to time. Sometimes because of the new iPhone model, which is almost no different from the old one, at other times – because of expensive leopard-print loafers that look as shocking and stylish as possible. Many of us have to work on ourselves every day so as not to go broke once again on seductive things. Today we have all become hostages of consumerism to one degree or another. Some already enjoy not so much from the purchase as from the very fact of the acquisition. In some cases, people develop manias, obsessions, and other behavioral deviations.
But let’s not completely nightmare each other. Still, we have gathered to make ourselves a little better and save money, which at any moment can flow from our accounts to the treasury of some marketplace.
In fact, people make impulse purchases every month, regardless of their income level. And not everyone regrets it. In this whole story, perhaps the key question is not how to stop spending, but how to spend in a way that remains on everything else. Now we will talk about this.
WHAT CAN BE CONSIDERED AN IMPULSE BUY?
In general, the very concept of “impulse buying” has the answer to our question. This is a purchase made spontaneously, unplanned, under the pressure of impulse. It should be noted that impulse purchases are not always bad. Buying yourself some sweetness, going to a movie, or accidentally picking up a really lucrative offer from a shop window can be very useful. So you give yourself joy and improve your mental state. In fact, shopping like this improves your quality of life and makes you happier.
WHEN DOES IMPULSE BUYING BECOME A PROBLEM?
A sure sign that you have gone too far with spontaneous purchases is not having enough money for necessities. What’s even worse is the emergence of loans and debts. This behavior may indicate dependence, when the effect of the purchase becomes more important than the purchase itself.
HOW DO YOU CONTROL THIS?
Fortunately, like many other processes, impulsive spending is controllable. The main thing is to want it.
Plan your budget
The surest way to insulate yourself from unwanted impulses is to start allocating your budget. For example, allocate 50% for basic needs and essential things, save or invest 20% of income, and leave 30% for everything else. This will also include impulsive spending.
Take advantage of the 24 hour rule
You probably know the 24-hour rule. If you tend to make a purchase decision instantly, it will definitely come in handy. From the moment you want to buy something, give yourself 24 hours to think. During this time, any impulse can be extinguished and only a rational approach will remain. Be sure to ask yourself a few questions at this point, such as “Do I really want to make this purchase?” If your intentions remain unshakable after 24 hours, you can buy what you want.
Make a shopping list
Before you go to a store, go to an online marketplace or any other place where your money is expected, make at least a rough list of what you want to afford. It is clear that during window shopping there is always a chance to be tempted by something bright, stylish and unnecessary. But even a minimal effort to identify your intentions before going to the store can reduce the chances of impulsive spending.
Don’t go into debt
Here our advice will be simple and straightforward – if you want to pamper yourself with any purchase, you should not go into debt for this. Especially if you can’t pay them off anytime soon. It’s just not the most smart financial approach. Any investor will shake their head at the sight of this. Keep within the 30% indicated by us, only if this is not the most necessary thing at the moment.