Money certainly makes you feel powerful. Having money to buy you every possible comfort can be a real ego booster and a means to pump your self-esteem. But there is also a dark side to it; we all know it as impulse spending. Ah, that budget wrecker! So what can be done to help the situation? Well, you need to curb that urge to spend, and we are here to tell you just how it can be made possible!
Listing and waiting
Planning is the key to all kinds of budgeting. So begin with listing what all is needed for a month. Have a monthly budget in mind, that you can spend comfortably after keeping away what you need to save. Another important thing is waiting. Don't jump the gun as soon as you have a list. Fix a waiting period and make sure you do not visit malls or for that matter online shopping sites during this time.
The 24 Hour Rule
See something you MUST HAVE. Put it down, Think about it for 24 hours,
- Why do you need this item?
- Do you own an item similar
- How will this item help you achieve your long-term goals?
- Will this item make you happy for a long time?
- Can you see yourself using and abusing this item until it cannot be used ever again?
If you can come up with valid reasons to each of these questions. Then allow yourself to buy it, But still MODERATION! Your brain is often good at tricking you into getting things you don't necessarily need.
Set your wardrobe
We all have that messy closet. Don't we? So might as well clean it up while you are trying to control that urge to shop. How does this help? You will know what you already have, many unforgotten things in that heap of an unorganized pile, and how it is still useful. You can accordingly edit your shopping list.
Plus those old clothes you haven't seen in years are like new clothes you can wear now, It's like you just went shopping, Without spending money. Plus look at the clothes you have, Do you have mismatched clothes? Do you have items that you can't wear without that particular item NOT in your wardrobe? Consider getting rid of those things.
Or you can use www.Listia.com TO find what you need. Listia is like a trading website. You give your stuff away, and you can exchange it for other items you need instead. It's like Steemit; They have their currency called credits. This will help you avoid spending.
Plan when and where to shop
The list will help you decide the kind of places you need to visit. This allows you to avoid entering a showroom where you don't need to buy anything from your shopping list. It is wise to restrict your mall visits to two a maximum two times a month to keep yourself from being swayed by the ongoing offers or latest collections.
Look for alternatives, If you have to have an upgrade try websites like Tradesy, Thred up, and Ebay where you can get what you need for less.
Go shopping with the right people
When you are an impulsive spending, you must never shop with people who do the same. Instead take someone who is picky and has a truly good taste. They'll help you learn the art of being choosy and spend wisely. So find your cheapskate buddy and hang out with them!
Pay in cash
Card payments are convenient, but they often lead us to lose track of our expenses. So take your budget money and always pay in cash, so you know how much is spent and what remains. You can also save your change in a jar for the whole month and later use it to spoil yourself!
Fix a splurge budget for nonshopping days
If you are good with your finances, you deserve to be pampered. So when you go out (not the shopping malls) with friends, have a generous budget to treat yourself well so that you don't feel like a scrooge!
Get Rid Of a Bunch of things
What? How will this help your impulse spending? When you have a lot of things, It's easy to collect more stuff. But when you have less stuff, It brings down the desire to collect more items. So go through all your junk, Work hard and get rid of it. It will make you not want to go through the process of getting rid of stuff again, and you'll be less likely to accumulate more items by impulse spending.
Impulse spending ruins lives, It's important to practice great spending habits to ensure you can survive financially. Take baby steps if you have to, But making changes will make a big difference in your life!