If you're always buying things without planning for them, you need these five tips to control your spending.
Do you go to stores and you feel like buying everything you set your eyes on? Yes, this happens to everyone who likes good things, but hey, you’ve got to think twice before you say: How much is this?
Impulse buying is a tendency to buy a product or service without planning in advance. It plays with your mind and a want becomes a need in a matter of seconds.
For every impulse spender, suppressing the temptation to buy everything when you go shopping is important if you want to save money.
If you find it difficult to defeat that temptation, try these simple tips.
1. Determine what is important to you
Instead of spending money on everything and anything you want, you can build a framework for the for the important items you need in your life. You can have a scale of preference and make purchases based on those preferences.
2. Use Cash Only
A lot of people buy things they don’t need on credit or debit card. Using your debit card only makes you spend more on items you’ll later find useless. Before going to any store, make a list of what you want to buy, find out the prices of the items and go to the store with cash only.
3. Delay Purchases
Before letting your impulse determines your purchases, you may need to wait a little bit, think about that item before buying it. Thinking about it could remove the initial emotional reasons that stirred the buying decision.
4. Follow your budget
You really cannot make savings without having a budget plan that guides your spending. You just can’t.
If you have a budget and follow it, it can be a great way to deter you from buying things you don’t need. It is very simple. once it is not in your budget, don’t buy it.
5. Avoid temptation
If your impulse always prompts you to make a wrong buying decision, you’ll have to avoid all forms of temptation that will lead to making such decisions.
For instance, if browsing an online shopping site or following a friend to a shopping mall will tempt you to make unplanned buying decisions, it is better you avoid them.