Spending money is a vice that many people have. This is especially true when it comes to impulse purchases, or buying those little things that you don’t necessarily need in your life, but really want. Thanks to things like online shopping, credit cards, and one-click checkouts, it’s now easier than ever to impulsively buy, buy, buy – but, if you aren’t careful, you can seriously hurt yourself financially and, in turn, suffer the negative emotional consequences that come with that.
Whether you’d like to get your impulse shopping under control in the new year, or you’ve long struggled with this habit and want to break it immediately, here are 3 helpful strategies that will help you turn things around.
Reframe the purchase price.
You may think little of purchasing a new piece of furniture or expensive clothing item, but don’t forget the old saying that “time is money” - and those sought-after items may be worth more of your time than you think! Next time you have the urge to spend your hard-earned money, think of the purchase in terms of how long you had to work to earn the money needed to buy it. Reframing the purchase in this way might be enough to convince you that you don’t need the item, after all.
Check-in with your emotions.
This year has been particularly challenging for us all. Yet, sadness, anger, or just plain boredom isn’t enough of an excuse to spend your money on unnecessary items. The truth is, shopping only provides a temporary rush of endorphins, which tend to dissipate quickly after you receive your purchased item. So, if you’re impulsively spending to fill an emotional hole, you’ll only end up disappointed. Try other ways to improve your mental state, like meditating, exercising, or even completing a fun DIY activity.
Set a budget for impulse shopping.
Ever notice how impulse shopping can add up quickly? Maybe – or, maybe not. See, a lot of shoppers fail to keep up with their purchases, either by referring to receipts or tracking things in a digital ledger or app. This inevitably results in a shopper spending way more money than they may have intended on impulse buys. Do yourself a favor and set up a budget for your impulse shopping. This will allow you to pick up the items you want, without completely derailing your entire budget.
Improve your daily life with help from Oxford at The Boulevard Apartments in Corinth, Texas. By passing along this information, we hope to provide you with all that you need to live your life to the fullest.