Impulse buying is when you buy stuff you do not intend to buy. It really does not matter if it is a £1 lipstick or £1000 Victoria Beckham dress, if it is not intended, it is impulse, though the effect could vary. Truth is, we have all been there.
Impulse buying could be a hindrance to achieving some of your financial goals, such as saving 10% of your income, emergency cash cushion etc.
Ladies, it is time to stop buying things you do not need. It is time to spend the money you worked for more prudently.
I need you to take a little break and read this blog post. I am here to give you some tips to help you nip that habit in the bud.
1. Stop going to the stores with your credit card
At times, spending the money we cannot see physically, is easy to spend. It is one way most people go into debt or end up spending money they ordinarily would not have spent.
If you need to or find that spending online is the problem, why not put a cap to your spending limit per month. This way, once you have spent your limit, it will be declined.
Yes, it will hurt, but you will be grateful you put this arrangement in place, months later.
2. Know your triggers
If you take some time to study your habits and patterns, you will see that there is something or somethings pushing you into impulse buying.
Let us say your trigger is the red tag (Discount & sale), saying “Save 75%”, the truth is, you never save anything with impulse buying during sale. Spending money on impulse is never a way to save.
As applicable, once, you find out what the issue or issues are, then put a plan in place to stop it from happening again.
3. Avoid shopper’s high
Going by a survey carried out by Harris Interactive, 31% of women say that they have shopped specifically to elevate their mood, and 53% of people said they have shopped as an attempt to celebrate something. Going by this data, we can deduce that shopping is associated with good feelings.
When next there is a celebration and you are tempted to go on another shopping spree, find an exercise or a task to complete. Spending time with your friends and family can also bring about the feel good factor and will in turn reduce the need to go on shopping.
4. Stay off social media if you need to
According to a study that x-rayed social media’s impact on American spending habits, it was found that about 90% of millennial compare their own wealth, class or lifestyle to others on social media. About 71% for Generation X and 54% for Baby Boomers are influenced by social media.
The same report says, about 60% of millennials feel inadequate, when they see stuff on social media that may not be true. Things like flashy lifestyles, cars, family etc, are the culprits. The resultant effect is 57% of them having to part with money they had not planned to spend.
Ladies, if you can, or where possible stay off social media. Or at least, stay off certain pages and people on social media. Do not compare your reality to someone else’s highlight.
5. Hire a consultant
This tip may sound bias or petty, it is a solid point. An image consultant will politely look at you in face and tell you not to buy that item. Friends and family may not be able to do that. Besides, an Image Consultant will manage your wardrobe for you, tell you what you need, where to go for them and help you save money. Your Image Consultant will take your shopping and image headache off you.
An image consultant will advise you the same way your lawyer advises you with your legal matters, your tax accountant advises on your tax issues, your doctor advises you on your health etc.
Ladies, it is time for you to take control of your spending habits. I am very particular about how my clients spend, where they spend money and will never impose a budget on a client or put them under pressure. My clients pay me to help them stay on track and to bring them brands that are most suitable for their needs.
It always makes more sense to spend more on buying quality items that are actually needed considering our lifestyle, budget and body type.
It is time to buy the quality and not the brand name.
I hope you've enjoyed this piece? Please drop your comments or questions below.