It's not just women who are prone to impulse buys; we men also make such purchases from time to time. Sometimes these are little things that lift our spirits. But marketers are always on the prowl! Red price tags, clever product displays, pleasant scents, and music—these are all traps designed to make us spend more than we need to. How can you keep your wallet safe from unnecessary spending?
Focus on value, not price
Expensive items that save you time and bring you joy are a great investment. But cheap items that “eat up” your time are a dubious benefit.
Online Shopping Is Your Friend
Yes, online stores use sales tactics too, but without the high-pressure environment of brick-and-mortar retail, it's easier to make decisions. Make a shopping list in advance and don't give in to the temptation of sales!
Conduct an audit
Divide your belongings into four categories:
○ required on an ongoing basis;
○ sometimes necessary;
○ unnecessary, but pleasant;
○ useless.
Take another look at the second and third categories—I'm sure there are plenty of items that can be moved to the fourth. Think about how much money and time you've wasted on useless things, and get rid of them.Next time, you'll think twice before buying something like that.
The most important tip: Give yourself 24 hours
A simple rule: Before making a purchase—especially a large or unplanned one—put off your decision for at least a day. This time will allow you to figure out if you really need it. Often, impulsive desires are a reaction to emotions rather than a real need.
“The Stranger Test”
Imagine that a stranger offers you an amount equal to the price of the item you want to buy. Which would you choose—money or an item? You may realize that there are better ways to spend your money.
Before making a purchase, ask yourself the following questions:
- Can I find this for less, or should I wait until later?
- How will this purchase improve my life?
- Do I have any more important financial goals?
Financial discipline is a skill that needs to be developed. By following these tips, you'll be able to keep track of your spending and spend your money on what really matters.
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