Manage Your Impulse Spending

impulse spending

Impulse Spending

People often say something along the lines of: “I want to live my life, not save every penny”. Thirty years later, they find themselves $20,000 in debt.

It’s possible to save, while still enjoying life, eating good food, and having hobbies.

When an individual makes it a this-or-that situation, it’s likely that they are making excuses for poor spending habits or budgeting. Sometimes, delaying gratification leads to the ability to have more freedom, when you have established yourself financially. Not necessarily waiting for retirement, but getting a budget set up, not making impulse buys, and paying off debt that costs you interest. Interest is money you could be using for fun, but instead you are just stuck paying back creditors.

Before buying something, think about the number of times a year you will use it. Understand that saving even small amounts adds up to make a huge difference over time. Many people buy whatever they want, whenever they want it. But this is only a short term solution! These people end up in debt, stuck in life, and feeling unfulfilled by the very items that put them there. Once you get into the bad habit of impulse purchasing with credit cards, it can be difficult to stop.

Before buying something expensive, wait a week. Many times, things you bought that you “needed to have” end up seeming pointless in retrospect. Avoid impulse purchases and focus on budgeting, and saving for things that you are sure that you want. Upon establishing a solid financial foundation, your ability to travel and do things will quickly outpace your peers that are focused on fulfilling every minor impulse and paying off the associated debts.

 With careful budgeting, and by eliminating impulse purchases, you can be financially stable and still enjoy life.

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