Some people believe that retail therapy calms them down and that they need to constantly buy things, but what happens when you start turning it into a habit?
Everybody has different needs and wants, and in today’s economy, money is needed to survive. For example, buying winter clothes is a necessity given the change of season, but constantly spending money on clothes you might not need can be seen as an impulse buy.
According to the Bankrate Hub, impulsive buying refers to the act of making impulsive purchases without thinking about your long-term financial objectives.
In a 2022 survey, the above-mentioned source revealed that over 49% of participants have bought anything on impulse on social media, and 64% of them regret it. Reducing impulsive spending and high inflation rates can have a detrimental effect on savings.
LindekIn, a job-searching hub, lists ways that you can start developing better buying practices:
- Establish a budget: To avoid overspending, you should plan your expenses, as adhering to a certain budget ensures that you don’t spend money unnecessarily.
- Unsubscribe from marketing emails: The above-mentioned hub advises that you should unsubscribe from promotion emails that steer you to spend money.
- Keep a “shopping debit card” on you: A debit card allows you to manage your spending habits.
- Put off purchasing new goods: If an item is essential, wait a few days or even a month before purchasing it.
- Shop with an accountability companion: Have someone who will guide you away from overspending.
- Reward yourself: To lower your impulsive purchases, think about rewarding yourself.
- Recognise advertisements: Make a conscious effort when spending your money to avoid gullible and needless purchases.
Also see: New card scam alert! Criminals now targeting ‘tap to pay’ customers
