How many times have you just gone to the mall to browse, and then come home with items you didn't really need? I know I've done that many times before. You go with no plan, no agenda, but you come home with lots of things you "just had to have". That's impulsive buying and the cause for most overspending that happens.
There are things you can do to curb your impulsive purchasing:
- Make yourself wait 1 minute for every dollar of the item you are purchasing before buying. Make it 1 day for every one hundred dollars.
- Don't just go to the mall to hang out and don't go to the grocery store without a list.
- Ask youself: Do I need this? Do I really want this? How am I going to wear this/use this? In what recipe will I use this?
- Ask yourself: Why am I making this purchase? Maybe you're just bored, maybe you're trying to fill some need. Really think about your purchase.
- Ask yourself: Can I afford this? Think about your spend. Do you have debt? Do you have other bills? Is your credit card balance already high? Sometimes thinking about all the money you owe can help you put your purchase in perspective.
Check out the other Finance Friday posts:
- Much Ado About Money
- Understanding the Compulsion to Buy
- Consciousness of Poverty vs. Consciousness of Abundance
- Budgeting and the Envelope System
- Structuring My Life to Eliminate Waste
- Giving to Achieve Balance