Impulse buying, that immediate gratification, satisfaction, on cloud nine feeling you get when you purchase something unexpectedly due to temptations or without much consideration. You can experience this in the grocery store, a gas station, clothing store, a car dealership, warehouse stores, on vacation…essentially anywhere. Wherever there’s something to sell, there’s someone who will fall to impulse buying. Don’t get me wrong, impulse buying is not always bad and very appropriate at times. I’m talking about those purchases you regret and can’t return or have to pay a fee to return. It’s the purchases you actually lose money from. How do you fight impulse buying?
You know yourself better than anyone else. Ask yourself these questions.
- Do you really need to buy it?
- Is it a need or a want?
- Is it worth your money and time?
- Does it really make sense?
Put yourself on the spotlight and really think about your purchase or spending. I bought an inflatable pool so my kids can get some pool time while we wait for pools to re-open. Normally, I wouldn’t have bought this but due to the pandemic, this was a good impulse buy. Pool can be bought here
If you’re on a diet, don’t go to a buffet. If you’re addicted to gambling, don’t go to a casino. Don’t put yourself in a situation where the temptation is too high. How many of you went to a vacation resort and sat through a 4 hour session to get you to purchase a timeshare, just to get a few complimentary vouchers? I’ve been through a number of them and actually contemplated it because they make it sound so appealing. Try to avoid it.
Ensure It’s Returnable
Let’s face it, all of us will fall into impulse buying or spending. I fell for it today. I went out and bought a new TV. If you’re going to buy a questionable purchase, make sure you can return it. After further consultation from my family, I will be returning the TV. Try to make sure what you buy, can be returned.
Impulse buying is tough to deal with because, for me, I’m always trying to find an excuse to buy it, not the other way around. Again, there are legitimate reasons to impulse buy. It’s the questionable purchases that can impact your financials. If you’re able to control your impulse purchases and spending, you can take the money and invest it which will ultimately help you reach your financial goals. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook.