Impulse Spending
Answer these questions truthfully:
1.) Does your spouse or partner complain that you spend too much money?
2.) Are you surprised every time your credit card bill arrives and you see how much more you charged than you thought you had?
3.) Do you have more shoes and clothes in your closet than you could ever possibly wear?
4.) Do you own every new gadget before it has time to collect dust on a retailer’s shelf?
5.) Do you purchase things you didn’t know you desired until you saw them on display in a store?
If you answered “yes” to any two of the questions above, you are an impulse spender and enjoy yourself in retail therapy.
This is not a good thing. It will prevent you from saving for the valuable things like a home, a new car, a vacation or retirement. You should set a few fiscal goals and withstand spending money on things that important in the long run.
Impulse spending will not only put pressure on your financial plan but your relationships, as well. To beat the problem, the first thing to do is learn to classify your needs from your wants.
Advertisers blitz us hawking their products at us 24/7. The trick is to give yourself a cooling-off period before you buy anything that isn’t in your budget.
When you go shopping, make a list and take only enough cash to pay for what you have already planned to buy. Don’t bring any of your credit cards.
If you see something you think you really need, give it two weeks to see if it is really something you need or something you can certainly live without. By following this simple method, you will mend your financial fences and your relationships.
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