Are You an Impulse Spender? What to Do About the Must-Haves

By Beth Bohman

Is this must-have item worth buying now?  If it is something you weren’t planning to buy but is enticing because it is a good deal you should step back and reconsider.  Do you really need this item?

  • Wait a few days or weeks and ask yourself again. If you realize you just wanted it at that moment, you probably don’t need it.
    • If you decide to wait, will it cost more later?
    • If you buy it now, is there enough money in the budget to cover it?

Impulse spending leads to purchasing things which can end up being forgotten or wasted as well as quickly draining your bank account.  Many of us have realized at some point or another that some purchases were unnecessary and the money spent on them could have been used for other needs.

  • Before going shopping, establish parameters and stick with them.
    • Tell yourself you will not buy anything that you don’t need. Let’s say you only have $50 for shopping for apparel for yourself.  Instead of getting an awesome deal on sandals or some other extra, just shop for the items you came for.
    • Don’t convince yourself that you really need it when you know deep down you just want it. If you get lucky and can buy the items on your list under budget or less than your limit, resist the urge to spend the remaining amount just because you can.
    • Be wary of spending for an emotional boost or shopping as a hobby.

Hopefully these tips will help you think twice about forking over the money for the “must-have” item, save you in the long run, and help you gain better control of your finances.

*Images obtained from Pexels.com

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