Avoiding Impulse Spending

Please answer these questions truthfully:

1.) Does your spouse or partner become upset because you are spending too much money?

2.) Are you surprised each month when your see your credit card bill at how much more you charged than you thought you had?

3.) Do you have more shoes and clothes in your closet than you could ever possibly wear?

4.) Do you purchase every new gadget before it has time to collect dust on a retailer’s shelf?

5.) Do you buy things you didn’t know you wanted until you saw them on display in a store?

If you replied “yes” to any two of the above questions, you are an impulse spender and should do a retail therapy.

This is not a good thing. It will prevent you from saving for the important things like a house, a new car, a travel or retirement. You have to set some financial goals and resist spending money on items that really don’t matter in the long run.

Impulse spending will not only ruin your finances but your relationships, as well. To solve the problem, the primary thing to do is learn to divide your needs from your wants.

Advertisers blitz us throwing their products at us 24/7. The trick is to give yourself a cooling-off time before you purchase anything that you have not planned for.

When you go out shopping, prepare a list and take only as much cash to pay for what you have planned to buy. Leave your credit cards at home.

When you see something you think you really want, just wait two weeks to decide if it is really something you need or something you can easily live without. By putting into practice this easy solution, you will rescue your finances and your relationships, too.