Impulsive buying or buying on an impulse can be problem most people fail to recognize. Impulse means inner feeling, when you allow that voice inside to dictate what you want to do. Impulse buying can rid you of a fortune. Purchasing items without thinking about them is called impulse buying. This is especially true when you in a super market or a super store where there is so much variety available that you just pick things up and drop them in your shopping basket.
Everyone is bound to make an impulse buy on at least one occasion in their life. When impulsive buying comes in, budgeting and financial management can go out of the window. On the face of it impulse buying may be restricted to small items such as pens, gums, t-shirts, etc. but in the long run, they can hurt you heavily.
It’s the Little Things that add up
Little droplets of water make an Ocean. The same is the case with impulse purchases. You go to a shop to buy medicines worth $200 and you have $300 with you. As you go through the pharmacy and look for the medicines you were planning to purchase, you stumble upon gums, tooth brushes and toothpastes and you pick them on an impulse and chug them in your shopping basket. At the counter when you are purchasing the medicines you had come to purchase your bill is $275 instead of the original $200 that the medicines should have cost.
This is impulse buying. Now consider doing that each time you go out to buy grocery or appliances etc. will it or won’t it hurt your financial situation in the long run? Impulse buys are unplanned purchases; these are the kind of costs that aren’t accounted for. When you plan a budget at the start of the month, you place money for everything. There is also a little savings/rainy day amount that is supposed to be saved up and used in times of financial need.
Impulsive buys eat up on your rainy day and savings amount, in the process, depleting the resources that you had saved up in case of a financial problem.
Tips to Avoid Impulse Buying
Yes impulse buying is bad, yes it should be curtailed and eliminated from your shopping but how exactly should you go about it? Here are a few tips to help you eradicate impulse buying:
- Have a five day rule before you purchase anything. If you think you want to buy something, wait 5 days before actually going to buy it. These five days will give you time to reflect on the prospective purchase and whether or not it is worth the hassle.
- Make a List and follow it. Have a tunnel vision only see thing you have gone to the shop to buy and nothing else.
- Always keep the end goal in mind. Set a financial goal and keep it in your mind when shopping. This way you’ll be able to restrict impulse buying.