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Impulse Buying And How To Stop It
5 easy tips:
Occasional impulse buying is rarely a problem, but if you find that you're doing it on a regular basis, it might be time to stop and think about how to eliminate it. Carelessly buying something you like can be refreshing and exciting at times, but if you aren't careful, you could find yourself becoming very stressed out with your finances.
Too much impulse buying will see you running out of money, and without enough money, you won't be able to pay your bills. This, in turn, will ruin your credit score, make you unable to afford essentials and could lead to depression, anxiety and other mental illnesses.
Thankfully, there are things that you can do to try and stop impulse buying. This will depend on how bad your impulse buying is, since some of the tips suggested might not work for everybody.
1) Find the temptations and get rid of them
For some people, TV channels are the greatest temptation when it comes to impulse buying. For others, shopping centers are the main cause for their impulse buying. The first thing to do is to find what tempts you the most and try to get rid of it. In some cases, it will be difficult.
For example, if you're the type of person who sees internet ads and goes to the website to make a purchase, you'll find it a struggle to get rid of those altogether. However, if you regularly go out shopping in order to buy on impulse, stop doing this.
Tell a friend about your impulse buying and ask them to go with you to stop you making unnecessary purchases. You'll still be able to enjoy some relaxation time in the mall, but you won't have to worry as much about making too many purchases.
2) Don't deny yourself altogether
If you stop spending altogether and don't allow yourself to buy anything at all, you may find that in a couple of weeks, you buy even more than you would have done in the first place before you stopped. If you have somewhat of a shopping addiction, this could be a real problem for you.
If you would normally buy five things per week on impulse, allow yourself only two things. Alternatively, set yourself a budget amount that you need to stick to. This will not only make you think more about what you're buying before you purchase it, but you'll be less worried about spending more than you can afford.
3) Tell yourself to wait
Next time you go to buy something without thinking about it, stop and tell yourself to wait. Wait even just an hour in order to give yourself the time to think about whether you really want to buy it. Think about the item, what it does, what you would use it for and how much it would enhance your life.
If you come to the conclusion that you don't really need it, then you've saved yourself some cash and managed to control your impulse. If you find that you still buy everything after an hour, increase the time to two hours and then to four hours. Eventually, give yourself 24 hours to think about a purchase before you actually buy it. For larger purchases, you need a week or more to truly consider its value.
4) Consider how much time it will cost you
Rather than buying something without thinking about it, stop for a minute and think about how long you will need to work in order to afford the item. For example, if you earn $10 per hour and you're buying something for $100, you need to work 10 hours in order to afford it.
That's probably more than a day's work. If you think about it that way and decide that it's really not worth such a large amount of your time, don't buy the item and save your cash for something that you value much more.
5) Don't use loans for impulse buying
Payday loans and other forms of loans can be very useful in times of need. However, if you start to take out loans just to feed your shopping addiction, you need to seek help or counselling. In times of need, payday loans are a great way to cover emergency costs or buy the things you truly need.
However, damaging your credit score and putting yourself under financial stress for the sake of impulse buying can be dangerous to your health and your finances. Hypnotism, counselling and many other forms of therapy are available for those who feel that they need to stop spending but are unable to.
If you don't feel that therapy of these kinds will help you, talk to a trusted friend who may be able to give you some help and advice.Get Started >>