You just saw an impressive wallet or a new sling bag and felt like you need to buy it! If you go ahead and buy it without giving any thought, it is called impulsive shopping. Well, you are not alone; as most shoppers become impulsive buyers at some point in time.
This kind of shopping happens without any intention of buying that tempting product. There are a couple of reasons behind it. Some buyers are addicted to shopping so that they can come out of a depressive feeling. A few buyers shop impulsively thinking that they are likely to miss a big sale.
Regardless of the reason, buying without planning puts your financial condition at risk. This is because you are reducing your savings without any important reason. Let’s say if you pay via your credit card, it is likely to make your statement more challenging to pay at the month end.
Even if you are within the minimum balance, interest charges will not leave you. If you keep making such purchases, it may take no time for you to accrue debt. To avoid these issues, here are five easy tips to get rid of impulsive shopping.
Find and Eradicate the Root Cause
Find out what makes you shop impulsively. For many, it is the sole purpose of being good to others or uplift your social status. These people are much concerned about how others see them.
For some people, an over-emotional attitude is the reason. They just cannot control what they feel and how they perceive a new product in the market. At times, they are quite anxious about something. For example, during the COVID-19 pandemic, many people hoarded sanitizers for saving their lives.
You need to now shift from an impulsive buyer to a smart buyer by working on the root cause rather than allowing it to make a new, instant purchase. Just tell yourself how such a cause is draining your money unnecessarily.
Before you go ahead and buy that tempting product, just ask yourself as to whether you truly need it. You want it but you may not need it. If the new product is not your need, then just refrain from buying it until you feel its need. Just give yourself some hours or days to find this out.
If you truly cannot survive without the new item, consider adjusting your budget a bit so that such a purchase does not disturb your short-term financial goals.
Stop Visiting Tempting Places
Do you know the easiest way to get rid of an impulse purchase? Well, it is to avoid going to malls or other market places that keep such tempting items. This would even mean blocking your beloved shopping websites.
Being surrounded by new products for most of the time will certainly make you do a quick purchase. When you stay away from them, you will only buy those items that you truly need.
Set a Pay Limit
Whether you are buying online or going out, set an expense limit. If you are going to a market, take only the necessary cash with you and keep the credit card at home. You can even set the spending e-commerce limit available as a feature once you log into your digital bank account. This is beneficial if you are a frequent online purchaser. For setting a limit on your credit card, you need to contact its issuer directly.
Spending somewhat more may not seem to be a budget breaker. However, every instant purchase will make you lose your hard-earned money that should otherwise be saved. So, it is better to avoid it!