How to say no to yourself! Stop those last minute "gotta have it" purchases. Start planning your expenses and begin saving money now.
We live in an "instant gratification" society. The need to have everything now has led to a nation of debt-ridden consumers. Even if you’re not one of them, resist the urge to become a spendaholic by eliminating the temptation to buy on a whim.
How to Stop Impulse Buying and Start Spending Wisely:
- Make a list before you go shopping. If your mission is to buy a new t-shirt and a pair of shorts, put it on your list. And when you get to the store keep looking at that list. Walk past the electronics, the jewelry, and the shoes. Keep your mind on your goal; to find just two items, a shirt and a pair of shorts. As long as you don’t let your eyes wander, you can stick to your plan. It takes discipline, but if you constantly remind yourself of a larger goal, the task will get easier. Say you plan to buy a house or take a vacation, or save for retirement; whatever the goal, think about it every time you see something you just "have to have."
- Write down every expense. Once you start doing this, you’ll have a visual reality check. When you actually see all your purchases on paper, it makes them seem more real. You won’t forget about all the little items you bought once the credit card bill appears.
- Shop alone. It’s tempting to go with a friend and make a day of it at the mall. Instead go on a walk or to the gym with your buddy. Think of shopping as a necessity, not a pastime. Only go to the mall for exactly what you need, nothing more. If you have a friend along you’re more likely to get talked into buying the latest trend or the hottest gadget.
- Never pay full price for anything. If you promise yourself to always buy on sale, you're less likely to overspend on the latest fad. Most stores don’t offer sales everyday, so it forces you to plan your shopping trips around sale times. And if you think ahead, you’ll start buying clothes on sale during the off-season and really reap the savings.
- Have a family meeting. Explain to your kids and your spouse about the negative impact impulse spending has on the family budget. Remind your kids to start thinking about their futures before asking you for another $20 video game. If you have a support system in place, it will be easier to begin spending wisely.
The copyright of the article Curb Impulse Spending in Consumer Education is owned by L. Marie Dubuque. Permission to republish Curb Impulse Spending in print or online must be granted by the author in writing.
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