Developing good money habits can prevent you from getting into serious debt or help you get out of debt if you are currently struggling financially. Debt can build up gradually over time, or it can be brought on suddenly due to a change in your circumstances. Whatever the cause behind it is, you need to find a way to manage your money to take back control of your finances.
One cause for many people’s debts is impulsive buying. For many people, being able to buy goods and services easily on credit or finance deals is all too tempting. In fact, credit is often encouraged by many online retailers as a way to get the customer to make the purchase. While this can be fine on occasion, it can be the start of a slippery slope for some people.
A recent campaign by Galahad looks at some mindful questions you should ask yourself before splurging out on unnecessary purchases. If you are trying to cut back on the number of purchases you make or are looking to take control of your money, here are three ways to stop impulsive buying.
Consider if you can afford the purchase
It’s all too easy to click ‘checkout’ on a website and buy multiple items that you don’t necessarily need, but rather you just want them. But think about whether you can actually afford to purchase these things. If you have the money to hand and have paid off any bills or debts, then what you choose to spend your money on is up to you. However, if you don’t have the cash available and are thinking of putting this purchase on credit, it’s probably not worth it.
Leave it in your basket for 24 hours
A lot of the things we buy are usually bought on the spur of the moment. This could eventually lead you to start making big financial decisions on the spur of the moment too. One way to try and avoid this is by putting off making an impulsive purchase by leaving it in the online basket for 24 hours. This will give you plenty of time to think about it and realise if you want to go ahead with the purchase or not rather than rushing into it.
Think of your long-term budget
When payday rolls around, you may be tempted to make some impulsive purchases just because it’s payday and you want to treat yourself. The money is there in your bank account, so it’s not an issue, right? The truth is it could lead to a problem later on in the month when your outgoings have gone out, and suddenly you are faced with less money than you thought you would have. So before you make any impulsive purchases, think about how it will affect your budget long-term.
Hopefully, considering these three ways to stop impulsive buying will help you when you next go to make an impulsive purchase. For further tips or to share some of your own, join the conversation on social using the hashtag #MindfulWithMoney.