 |
|
It is important to plan your short-term and long-term goals to ensure financial stability. Illustration: Cottonbro/Pexels. |
How many times have you made a purchase, spent a significant amount of money, brought it home, and quickly grew tired of it?
This is an example of impulsive shopping or impulse buying, which is a leading cause of overspending. Running out of money can negatively impact your mental well-being.
Psychology Today suggests three ways to help you control your impulsive shopping habits and improve your financial and mental health.
Create a plan
If you want to reduce or eliminate impulsive spending, create a personal financial plan that spans a short-term cycle of about 7-21 days. After that, switch to cash payments instead of using cards or online transactions. Seeing your cash decrease will make you more aware of the need to save.
In addition, try to cook at home, make your own coffee, or repurpose old clothes. Setting clear spending goals will make you accountable and uncomfortable. Consider partnering with a family member or friend to embark on this journey together for added motivation and reminders.
 |
|
Impulsive shopping is a major cause of overspending. Illustration: Anastasia Ahuraev/Pexels. |
Understand why you spend
Once you have a spending plan in place, identify the people, places, or reasons that may trigger your desire to shop. This could include influencers, celebrities, or discount programs offered through shopping apps on your phone.
By understanding the motivations behind your shopping behavior, you can learn how to respond effectively. For example, if you find yourself frequently tempted by sales from specific brands or e-commerce platforms, consider unsubscribing from their emails, messages, and notifications on your phone.
If you tend to shop impulsively because you always have cash on hand, enlist the help of a family member to assist with managing your finances or consider locking your bank cards away.
Ask questions before making a purchase
Prior to spending money, ask yourself:
- Is this item or service truly necessary?
- What benefits does this expense bring to my personal, professional, or financial goals?
Develop the habit of taking “waiting moments” for yourself. This means that when you come across an item you like, refrain from making an immediate decision. Instead, add the product to your shopping cart and revisit it after a few days of consideration.
Try implementing this approach and take note of the benefits and impacts you observe within a week. Discuss your experiences with a friend or therapist for further insights.
Source: Zing
Refer to These 5 Criteria to Build a Harmonious Family Home
Do you want to strengthen and enrich your family bond? Dien May XANH provides tips and strategies to build a happier family life. Discover the importance of family love and learn some valuable criteria to nurture and sustain it!
financial-wisdom-with-japanese-budgeting-techniques/’ title=’Gain Financial Wisdom with Japanese Budgeting Techniques’>Gain Financial Wisdom with Japanese Budgeting Techniques
Do you feel like you’re struggling to keep track of your finances? Learn the essential skills for budgeting and managing your spending today — from Japan!
Reveal the Top 10 Effective Ways to Save Money that You Should Implement
Saving money is an essential aspect of life. In this post, we will reveal 10 effective ways to cut expenses that you should implement.
20 Signs You Have a Stable Financial Situation
Many individuals devote a significant amount of their time pursuing financial stability. What exactly is financial stability, you may ask? Business Insider recently compiled a list of 20 characteristics that can help you determine just that.
Babies born at these five specific times grow up lucky, successful, and fulfill their parents’ dreams.
The timing of birth is crucial for both the child and the parents. Therefore, when preparing to give birth, parents should consider the 5 best timing options for their child to be born into a lucky and prosperous life, with greater opportunities for success.
