Making an impulse purchase is kind of fun – at least at the moment. However, it can wreck your budget real quick. So, if you have a problem with it, it is important that you know how to prevent impulse buying. Otherwise, you’ll end up in a deep financial hole.
What is impulse buying? It is the way you buy items that you may or may not need that your budget cannot afford. It can be a newly-released gadget, a new pair of shoes, or a cute sheet to be on sale, or something else similar.
In order to stay within your budget, you’re going to have to stop these types of purchases. There are several trips that you can use in order to avoid impulse buying.
First things first: you need to make a budget. Making a budge these days has never been so easy with so many free budgeting apps available online. You can simply download a budgeting app to your mobile phone and use it to create your daily budget. However, once you have your budget, you must stick with it. A budget isn’t a magic wand that will suddenly make all of your money behave. It’s on you to tell your money where to go each month and then follow that plan.
Another way to avoid impulse spending (especially if it’s a convenience store type purchase) is not to carry cash. Refuse to pay the extra fees that are charged on your debit card and just do not buy anything but gas at the convenience gas station.
You also need to shop with a plan. First, determine what you need to purchase and how much you’ll spend before you even start shopping. With a plan in place, you’ll be less likely to give into overspending.
Do you want to know what makes Australians overspend? Check this out: https://www.perthnow.com.au/business/finance/a-majority-of-australians-admit-they-spend-up-when-they-are-feeling-down-in-the-dumps-ng-52fd2ad34347665fa9768c4dc403f936