We all have a considerable amount of competing financial priorities. We know we should be buying less and saving more, but sometimes it’s hard to put things in perspective.
As women, we’re constantly bombarded by advertisements encouraging us to buy, buy and buy more so it’s easy to get carried away and buy things you don’t really need. And stores, online or bricks-and-mortar, are designed specifically to separate you from your hard earned money.
This kind of impulsive buying pressure can ruin your financial future. Recent surveys suggest you'll spend over $5,000 per year on impulse purchases. To help you respond to this pressure, stop and consider whether or not a purchase makes sense in terms of your priorities and goals. You can decide not to spend by taking the time to reflect on whether or not a purchase helps you reach a goal or meshes with your other priorities. Delaying your purchases for a day gives you time to think about whether or not you really need the items, and it curbs regrettable impulse buys.
Even if you decide you still want the item, you can use the time to look online and make sure you’re really getting a good deal. There are plenty of sales with dramatic percentages off where the item has never really sold for the alleged list price.
Impulse buys lead to waste, overspending, and accumulating debt. Left unchecked, this kind of behaviour is really going to get in the way of your longer-term investment goals and other big-picture quests like buying a house, taking a vacation, or starting a family.
Managing our money effectively is all about making financial decisions in the short term that are in alignment with the big picture lifestyle we want to live.
Keep reminding yourself of your goals and priorities, create tangible reminders, such as setting an image of your dream home on your computer desktop. Whatever resonates with you and motivates you to save, make it visual and put a reminder someplace where you have to check-in with it regularly, particularly in those moments of temptation.
We don't you to deny yourself little rewards now and then but if you stick to these strategies, you'll soon find your bank balance looking healthier and healthier. As your credit balance grows, you'll find new determination to keep it that way.
What are some of the ways you use to avoid impulse purchases and keep on track to achieving your financial goals?