How to Prevent Impulse Buying

How to Prevent Impulse Buying

Have you made any large purchases lately?  If so, did you think about it, save for it, research it, and THEN make your purchase?  Or, like many people, did you see something in a store that you thought would be nice to have and buy it on the spot without any serious consideration?    Buying on impulse can wreak havoc on your budget.  You say you don’t have a budget?  Well that is your first step to preventing impulse buying!

Having a budget, or spending plan, can let you see where your money is going and can help you plan for those purchases, large or small.  Having a plan insures that you are not stressed out about how you are going to pay for the item after the initial thrill of the purchase is gone. 

You might want to set some rules for yourself.  If a purchase is over ($ ?) amount, you will check the prices from at least two other merchants to insure that you are getting the best deal before making the purchase.   You may also want to set a dollar limit amount for larger purchases, let us say $300.00.  Your rule might be if you want to purchase an item over $300.00, you must not only shop for prices at least two other merchants but you must also wait at least 48 hours before making the purchase.  If you are not wiling to follow your rules, then you know that the purchase is an Impulse Purchase.  Once you walk away from the item, the idea of purchasing it may have lost its appeal.  

If your purchase requires financing, you should always consider the cost of your purchase including finance charges.  You should also prove to yourself that you could afford the payments, by saving an amount equal to your new monthly payment for at least two months.  If you cannot save an amount equal to your new payment, what makes you think that you can afford to make long-term payments for the item you want to purchase?

The best thing that you can do is plan ahead for your purchases and after you have shopped around for the item, sleep on it to make sure the item is affordable and then  CHOOSE an item that is worthy of spending your money on.

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