Technically it would be a lie to tell you, that you can stop impulsive spending, but don’t fret!! there is good news. Impulsive spending can be curbed or at least largely controlled.
Impulsive spending is an unplanned, out of budget, spur of the moment decision to buy a product or service, that is made as a result of seeing,thinking or hearing about a product.
Yea! granted we are humans not robots, we have cravings, we do not operate on some predetermined unchangeable code of conduct. We are as dynamic as the universe we live in, but that does not mean that we should not make a conscious effort to exert a measure of control over our lives and our finances. Curbing impulsive spending is a sure-fire way to start.
Understand and acknowledge your impulses
This is key, as a lot of impulsive spenders are in constant denial, and try to justify their impulsive spending on grounds that they may need the product in the future or that it serves an important purpose, even if that is the case the key questions to answer are, how does this fit into your budget? How does it affect your immediate financial state? Is there an urgent need for it?
Have a budget and stick to it
you need to have a well drafted and effective budget and try to stick to it. Your budget should show your fixed and variable expenses. This gives you definition and helps you spend purposefully. Also read>>> mastering purposeful spending.
If need be you can include “impulsive spending” money in your budget, yup! You can plan for it thereby reducing its power to hurt you.
Do not go to places/sites that may trigger your impulses
These impulses usually arise when you come across products or services that seem irresistible at the moment, and you possess purchasing power. This impulses would fade with time or when reason takes over. It is better to avoid this temptations altogether.
Take a breath and consider the implications
You break it! You fix it!. You get broke! How do you fix that? You need to take a breath and allow yourself time to think and consider all the ways impulsive spending can and would hurt you financially.
There is always a price to pay, it may even have drastic consequences or create a ripple effect that may linger, cripple you or cost you dearly.
This consciousness would serve to greatly deter you at moments when these impulses are strongest.
Plan to splurge
All work and no play?? Nah! Not my thing. This is a very effective tool in curbing impulsive spending, the thought of future and organized gratification can greatly reduce your need to spend unnecessarily, being that it is planned and organized it won’t hurt you as much, if it is kept within your means
I hope you gained a thing or two from this post.
Feel free to let us know what tricks you use to curb impulsive spending in the comment section. Read also 7 ways to make money online
Cheer : )