Mad_About_Money_final Mad About Money_Dec 2016 | Page 30

MadAbout

MadAbout

Money

Money

MOST OF THE PEOPLE OUT THERE
ARE AFFECTED
BY AN ILLNESS RELATED TO
SPENDING MONEY. YES, THEY
ARE PRONE TO
IMPULSE SPENDING. THIS MEANS THAT THEY
LET THEIR EMOTIONS RULE THEIR PURCHASES
AND LATER ON
THEY REGRET
DOING SO.

WHEN YOU BUY
WITHOUT A PLAN,
EMOTIONS DICTATE
YOUR SPENDING
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T

he main reason
why this happens
is because such
people do not have a
budget plan for their
monthly expenses. They
just spend without thinking. As a result, they get
unnecessary things and
are unable to save any
money for their future.
You too can be one of
these people, who make
spontaneous purchases
that are overcome by rational thought. According to
a recent survey conducted by CreditCards.com,
5 out of 6 people confess
that they have made spur
of the moment purchases.
Such people cannot resist
the urge to purchase anything on which they see a
huge discount or a pretty
outfit from which they
cannot take their eyes off.
However, now you can
stop such unplanned purchases with some of our
tips listed below.
1.

HAVE A
SHOPPING PLAN
Before you leave your
house, you must determine the things that you
want to purchase. This
will keep you grounded.
According to a survey,
79% of people get into
impulse spending in a
physical store location.
This is why it is important
that you should have a

3.

shopping plan before you
leave your place. And,
this is more important, if
you have kids. You can
include anything in your
shopping list, such as festival gifts, grocery items,
etc. You just need to know
what you will buy before
you go out.
2.

TAKE ADEQUATE
CASH
Just take only the amount
of cash that you need for
the items that you are going to buy. If you cannot
control yourself, you can
also leave your debit card
and credit card at home in
order to avoid the temptation to purchase more
with plastic. Credit cards
do not cause the guilt of
spending extra money.
So, if you keep them at
home, you will not buy
anything unnecessary.
Plus, if you take only
sufficient amount of
money according to your
shopping plan, you will
not make an unplanned
purchase, which also
indicates how cash can
be really powerful.

DELAY
OVERNIGHT
When you put your decision of buying something
on hold for a night, you
put some time between
the transaction and your
emotions. You must give
yourself atleast one day to
compose yourself, when
you face an unplanned
spending chance.When
you cool down, you can
get a fresh viewpoint of
the purchase. At that time,
you must ask yourself
whether the service or
item will actually be useful
to you and whether you
can pay in cash for it. This
way you will know whether the purchase is really
important or not.If you
do not feel a deal to be
useful after 24 hours, then
you are better off without
buying it. Do not buy anything in rush. And, if you do
not have money for it at
present, you can always
buy it later on, when any
nice offer comes and you
have money.These tricks
will help you avoid the
temptation to spend on an
impulse. By following these tips, you can buy peace
of mind, which is priceless
and you will never regret.

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