Avoiding Impulse Spending

An impulse spending or impulse buy is an unplanned or otherwise spontaneous purchase. One who tends to make such purchases is referred to as an impulse purchaser or impulse buyer. This is one of marketing tricks that usually do by the seller or any shop. The seller usually place their products at specific spot that will make you move to buy the product displayed. These products are usually not a primary need such as candy, chocolates, high-tech gadget, or even clothes or shoes, etc.

To find out if you are impulse buyer or spender, try to answer these questions truthfully:

1. Does your spouse or partner complain that you spend too much money?

2. Are you surprised each month when your credit card bill arrives at how much more you charged than you thought you had?

3. Do you have more shoes and clothes in your closet than you could ever possibly wear?

4. Do you own every new gadget before it has time to collect dust on a retailer’s shelf?

5. Do you buy things you didn’t know you wanted until you saw them on display in a store?

If you answered “yes” to any two of the above questions, you are an impulse spender and indulge yourself in retail therapy.

This is not a good thing for your earning management. It will prevent you from saving for the important things like a house, a new car, a vacation or retirement. You must set some financial goals and resist spending money on items that really don’t matter in the long run.

Impulse spending will not only put a strain on your finances but your relationships, as well. Earning tips to overcome the problem, the first thing to do is learn to separate your needs from your wants.

Advertisers blitz us hawking their products at us 24/7. The trick is to give yourself a cooling-off period before you buy anything that you have not planned for.

When you go shopping, make a list and take only enough cash to pay for what you have planned to buy. Leave your credit cards at home.

If you see something you think you really need, give yourself two weeks to decide if it is really something you need or something you can easily do without. By following this simple solution, you will mend your financial treatment and your relationships.

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