It’s one thing to occasionally splurge, but if you find that you’re constantly spending all of your cash and maxing out your credit cards, you may have a shopping addiction. It may be something you’ve told yourself again and again not to do, yet you still end up making impulse, last-minute purchases that burn a hole in your pocket. Even impulse purchases that don’t seem like much at the time can quickly add up. It can be difficult to break this habit, but some of the following tips may help:
Reorganize your things before you go shopping
Impulse purchases can be avoided sometimes with just a little bit of reorganizing before you hit the mall. You may think you need a new belt, for instance, when you forgot about one that you already purchased months ago because it’s collecting dust in the back of your closet. And before you decide that something that needs to be thrown away and replaced, look closely at its potential first. Cleaning or repairing certain things can be all they need to look good as new, and can be a lot cheaper than replacing them entirely.
Think it over
If you thought about impulse purchases before making them, they wouldn’t be impulse purchases. But whether it’s in person or online, make a promise to yourself that whenever you see something you think you absolutely must have, to sleep on it first. Set a specific time requirement to think things over before you buy anything impulsively, whether it’s 24 hours or even an entire week. You may realize you don’t actually want or need the item as much as you thought, and you may even forget about it entirely.
Don’t go shopping alone
Whether it’s a spouse, family member, or close friend, you may be less likely to make impulse purchases with someone supportive by your side. When you shop alone, you may not think twice about making an expensive purchase because there is no one there to talk to you out of it. If anything, any salespersons you interact with may do just the opposite and talk you into an expensive purchase. Avoid shopping alone and go with someone who won’t think twice about making you reconsider pricy purchases.
Leave the plastic at home
When you’re armed with credit cards, it can be that much easier to make impulse purchases and splurge. Only bring cash with you whenever you go shopping, and you’ll be limited as to just how much you can actually spend. And when you’re paying with cash, as opposed to just charging on a card, you’ll be much more likely to think over your purchase first.
Don’t shop when you’re upset
If you’re feeling particularly stressed out, angry, or depressed, avoid any type of shopping. They call it retail therapy for a reason, and if your judgment is clouded, you may end up splurging way more than you should. And if you’re already an impulse shopper to begin with, you may end up buying a lot of things that you’ll regret later on.
Are you receiving long-term payments from an annuity or structured settlement? If you could use some of that money sooner, Peachtree Financial Solutions may be able to help. At Peachtree, we purchase future payments from people who would rather receive their cash in a lump sum. Contact Peachtree Financial Solutions today to learn more about selling some or all of your future payments for a lump sum of cash.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.