Impulse buying makes you spend money on items you may not really need or want. It is buying something that isn’t within budget or a part of a monthly spending plan. It’s a purchase that isn’t necessary, and one of the largest causes of consumer debt each year. To avoid impulse buying you need to ask yourself if you really need the item or just want it. When the temptation for a big impulse buy strikes, take a step back to evaluate the situation. There are a number of ways to stop impulse buying if it’s causing problems for you.
Have a budget made up and don’t spend over this amount.
Have a list of items that you intend to buy and stick to it.
Take 24 hours, a few days, or even a week, to determine if it’s truly a need.
Compare prices between sellers. You may find that someone is selling an item a lower price.
Impulse buying can rob you of your financial security if it goes unchecked. All of those “little” purchases can add up. Be wise enough to thoroughly think over the necessity of each purchase you make. Though lower price or free shipping may seem attractive and beneficial, make sure to spend time comparing the price to that of other sellers, and thinking of whether that purchase is really what your life lacks. It is best to avoid impulsing buying as much as you can.
DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt. Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org.
