It is the end of the month; the moment when you will check how much money you have set aside. You find you have lagged behind meeting your financial goal. Every time you set a target, you fail to meet that.
Have you ever thought why it happens? Instead of monitoring on your benefits, you take out a loan. Since you lack money management skills, you end up with paying your debt back and eventually it turns out a huge amount, almost impossible to pay off. After you get fed up of juggling your multiple debts, you look for the best loans for debt consolidation.
The significant reason you fail to keep up with your financial goal is impulsive buying. It is an act of purchase of ‘what you do not need’ just because it trickles your fancy. As you see something in a store at 20% discount, you walk into and immediately pay out for it even though you do not need it.
Impulse buying not only burns a hole in your pocket but also keeps you from developing a good financial habit.
Why Do You Make Impulse Buying?
Shopping lovers often feel difficulty getting over the curiosity and impulse of buying new things because this makes them feel good.
Fear of missing out
As you find a new thing hit the shelves, you want to be the first buyer to show your friends that you stay up-to-date. If you decided to put off the purchase, you would miss it out.
You want to save money
When you find something, though not required, in a store at a great deal, you feel like you can save money.
How Can You Get Over Impulse Buying?
Create a 30-day waiting list
The rule of thumb says you should say a big NO to things that are not necessities. As you get a thought of buying something, you should note down the name of the product on a paper and paste it on a refrigerator. Wait until the end of the month. If you still feel like buying it, go ahead. Chances are you will no longer be interested in buying if it is not urgent.
Avoid shopping except for necessities
Go to shopping only when you want to buy necessities. Do not do it, because you like it. If your surroundings are full of temptations, you will likely to surrender. Instead, go to other places like sports club for relaxation.
Avoid online shopping
Since you are at a loose end, you often visit online shopping websites to see the new arrivals. There are several other ways to avoid monotony. Online shopping is cheaper than real-store shopping, so you make a purchase to save money.
Freeze your credit card
Imagine you are in a drug store to buy prescribed medicines and you do not have cash. Fortunately, you can buy it with your credit card, so you will not face any problem. Though credit cards can help you buy necessary things during emergency, they can also throw you in debt if you use them to buy non-essential items. You keep buying things on and off and eventually you end up with a huge credit card bill, which becomes difficult to pay off. At last, you take out debt consolidation loans.
The Bottom Line
Impulse buying is one of the significant factors that do not let you get out of debt. If you want to build up your savings, avoid buying non-essential items.