Naturally, we are confident that for most people reading this article, money management is something that we all struggle with from time to time. Sometimes it doesn’t even matter how careful we are with our finances; even the most frugal of us fall victim to an impulse buy at some point in our lives. One or two indulgences can be excused; however, routine impulsive buys can lead to the development of a habit that could potentially put you at financial risk in the future.
With as many as 78.4% of Brits succumbing to impulsive purchases every week, impulsive buyers need to recognise the extent of their habit and the damages it can cause. Managing your money doesn’t have to be complicated, which is why we’ve created this article full of several tips aimed to help impulse buyers manage their finances and resist harmful spending habits.
Always Write A List Before You Go Shopping
Getting yourself into the habit of writing a list before going shopping is a helpful way to prevent impulse purchases, whether for essential purchases like food or non-essentials items. Using a list can help you prioritise purchases and keep you focused so that you’re less likely to be distracted by objects, not on the list. Alongside helping you resist unnecessary purchases, making a shopping list can also boast other psychological benefits such as improved memory, better focus, completing daily tasks more straightforward, and boosting our mood by making us feel fulfilled or satisfied.
Unsubscribe From Marketing Emails
We’re confident that everyone reading this right now has heard of the saying ‘out of sight, out of mind,’ which to an extent is true, especially when it comes to marketing. Companies rely on repeat custom through periodic marketing emails that send the latest drops, popular products and sales, straight to our inbox and tempt us to spend our hard-earned money. Unsubscribing from these marketing emails effectively removes the temptation to make unnecessary purchases, which we may have been tempted to make had these emails successfully made it into our inboxes. Decreasing the risk of impulse buys (even if they are on sale!) and helping you exercise good money management.
Consider How You Might Consolidate Your Debts
Suppose that you’re a self-diagnosed impulse buyer; depending on the extent of your habit, you may have several debts built up using multiple credit cards or payment plans. If this is the case, you might consider consolidating your debts by taking out a payday loan through credit brokers like Payday UK. Whose services can help you manage your debts into a singular repayment with a set interest rate, instead of the multiple with high rates, using the credit from one payday loan to pay off all your existing debts. Leaving you with just the loan repayment, you’ll know the interest rate and a timeline until you are debt-free.
Don’t Shop For Entertainment And Only Do So With A Clear Head
Shopping for entertainment or as a means of improving our mood is one of the most common reasons for impulsive purchases. However, there are other ways to elevate your mood without spending money, and you may find that you’re more susceptible to making purchases when under the influence of alcohol or when you’re depressed. Shopping for entertainment or when you’re feeling down can hurt you financially in the long run and lead to a habit, especially if you’re doing so regularly. To avoid this, endeavour to go shopping only when you need to and only when you’re in a fit state of mind, and by associating negative moods with other emotion-boosting activities such as spending quality time with friends, exercising or relaxing in front of the television.
Declutter And Organise Existing Belongings
Decluttering and organising what you already have, is another helpful way to promote money management and minimise the risk of making impulsive purchases. Going through your belongings is a great way to view what you already have in your inventory and allows you to rediscover items that you may have forgotten about. You might find that some things you have serve multiple purposes or serve the same purpose as an impulse purchase you were tempted to buy – effectively eliminating the need for you to make that purchase. Another advantage of decluttering and organising your belongings is that it will make it easier for you to see what you have and prevent you from making double purchases once you’re done.
Don’t Rush Into Big Purchases
Ensuring that you don’t rush into big purchases and give yourself time to think is another way to promote money management. Ask yourself; “Do I need this item?”, “Is there an item that I already own that is similar or has the same purpose as the one I’m about to buy?” or “Will this purchase help me, and will I use it often?” If you’re unsure about your answers to the previous questions, we suggest thinking about the purchase more or if you must have it, consider shopping around to find the best deal possible.