Impulse spending can be a problem for many people, especially at this time of year. I just came across this article that I wanted to share, since we're all looking for ways to spend less. It contains some interesting ways to decrease unnecessary spending, and help make purchases more carefully thought out.Log In
Good tips. I have some doubts that the second one can work though. If someone has the money and the urge to buy something, say junk food, and they are hungry then nothing save for not having the money with them would stop them from making the purchase. Leave your credit cards at home . . .
Interesting article, but in my case at least, it isn't so much that I over shop, it is just having too little money coming in. The only thing that I really do spend too much money on is restaurant food. I eat out about once per week at least...and I would do much better, if I limited that to 1x per month...unless I get some free items like right now I think I can get a free subway sub.
@Denis Hard I haven't tried flexing my arm to discourage shopping, so I'm not sure if it works. I think they're using it as a distraction, to give the brain long enough to change directions. What I do (since I normally shop online) is put something in my shopping cart, then get up and do something else. If I'm still thinking about it after I've redirected my thoughts, and still want it as much as I did previously, I might go ahead and purchase it. As @Ke Gordon mentioned, I also have a lot less money to spend these days, so my spending has been cut back out of necessity. I used to splurge on things such as designer bags, but these days, I might splurge on a lip gloss. I do a lot more thinking about where my money is going, and how it can be stretched than I used to, but hopefully the article will come in handy for those new to frugality.
I agree with tip #7, knowing your triggers. If you know what they are then most likely you will avoid them so that you can curb your spending habits.My trigger is always online stores, so to avoid that I browse other sites except for Ebay and other online retail sites.
This is ironic because when I was younger, I would buy on impulse whenever I had cash. In those days, I had no credit card (not very popular yet) and I had no bank account. But when I got the means to spend, I have learned to take control of my urges particularly buying items that are not a necessity. But it is all right to buy on impulse food items since it is cheap and not lasting.
That was a good article thanks! I never used to have an issue with spending, I was the type who would squirrel away every penny I found. I suppose after getting married I felt more financially secure, which led me to picking up my husband's bad habits. ;P Which lead to me being financially insecure! hehe It's alright though, I got to a certain point, where it went from "I should probably stop" to "this is silly!"
My particular bad spending habit is buying decorative house stuff and plants, so my ways of curbing the urge to hit up Homegoods or Pier One are to make my own decorative objects or paint items I already have. In the last week, I've made 20 refrigerator magnets, decoupaged a lampshade with Asian designs, painted an acrylic painting on canvas for my bathroom, and repainted my Ikea cardboard photo storage boxes to match my living room. By raiding my craft stash and shopping through my own belongings , I get to be creative without spending money. As for my plant addiction, I have a jar of Takeroot rooting hormone that lets me grow new plants from cuttings, so I nicely ask my neighbors for a little cutting of a plant so that I can regrow my own.
Many times I go shopping with the idea of a set amount I would be spending, but most times I would end up spending much more that I had decided to. I am thinking that I if should use cash, where I would take only my budgeted amount, instead of a credit card, I would be better able to control my spending. The drawback here, however, I might have a to forego a great deal.
Those are really helpful tips but I agree that it's not that easy to just curb the impulse through bicep-flexing or fist-clenching. People need to thoroughly assess their purpose for buying before they realize that they're not saving themselves by failing to save. A person needs to be anchored on reality, which greatly helps in curbing bad spending habits.
I don't know about the article working for me. I am on a very tight budget, but when I find something I need and it wasn't on my list, but it's such a good price I'll buy it if I can afford it. Curbing spending is much easier said than done. I do watch my spending and make sure I have enough for my staples and buy them on sale. Luckily soy milk goes on sale and stays fresh longer, so I can get the sale prices! Thanks for the tip though!
I am pretty careful with my spending, and like many others here, I am on a fixed income , and it is almost minuscule . Splurging means going without something that is essential; so that in itself is a great deterrent. Ending u with not grocery money at the end of the month is not a good ting when all you have to show for the shortage I a pretty purse, or some other unnecessary item. However, when I find something that I use all the time, and it is on sale, then I will spend more on that and stock up on it, because over time, that will actually save me money if it is something that I have to buy anyway.
Curbing spending is especially important for certain people on a low income. There is a big temptation to splurge one paycheck. Anyhow, one way to control insane spending is by using cards. For instance, you could put most your money on various cards. Some could go on a gasoline card. Some could go on a grocery card. Some could go on other ones. Note, these cards are available in the US at most drug and grocery store chains.
Impulsive buyers are everywhere to find. They are usually a group of housewives rather than their hubbies. And I would like to admit my wife is one of those persons. This is what I have noticed every time I go shopping with her. She has already in mind in what to buy but when she happens to see or comes across with items which seem to appeal to her longing she would buy them. I have no other choice but to support her. Her impulsive buying attitude has been curtailed after we talked and discussed on how to control our expenses so that we could something for the rainy days. What we did is to prepare a budget for the month for I am receiving my salary every month. We had listed our needs and then set aside for our wants if there are any. And when she go shopping, she has made up her mind to bring a list of what she's going to buy. It has worked indeed.
This thread is really helpful for a person like me who always end up spending more than income. I heard that if we can postpone the temptation to buy an item may be after a few days you won't buy it. There should be a 30 days waiting period if possible. I know many things I purchased earlier are no more of use now. I could have avoided buying them if a proper planning was there. I think the first and foremost thing required is a change in our mindset. A well planned buying will never result in losing money on unnecessary things.