Impulsive Purchases – basically when you give to those sleazy things Hmm, probably not necessary… why? Impulse – You can gently scrape off your wallet, especially when the money is already small. And with all this talk about the possibility of a recession? Well, if you want to be particularly careful about your spending right now, that makes sense.
Resisting the urge to splurge on your own may seem like a punishment, but there is no need to do so. No one says you can Not once Take part in some improvised retail therapies. In fact, “it can release a pleasant hormone like dopamine.” Lindsay Bryan-Podvin, LMSW, CFTcertified financial therapists and authors Solutions to financial insecuritycommunicate yourself. However, “If random shopping sprees are affecting your ability to pay your bills regularly, or you use it as a coping mechanism, that’s the problem.”
Instead, consider pausing before you buy. Think of it as a way to ensure that money goes to something that adds long-term value to your life. Building savings for rainy days, covering essentials without stress, or handling items that you can actually enjoy (unlike something you’ve worn once and forgotten).
Of course, as Brian Podvin points out, impulse spending was “unplanned and emotionally driven,” making it appealing to quickly build a cave. Here, these expert-approved financial strategies can help silence those instantaneous impulses. (Or at least make it easy to determine if your purchase is something you really want or something you’ll regret later.)
1. Give it 24 hours. Or even better, it’s the end of the week.
If you get bored of flash sales, feel stressed, or randomly inspired, trendy phone accessories and vintage (still expensive) coffee makers can suddenly become “needed.” According to Traci Williams, PSYD, CFTAtlanta-based clinical psychologist and certified financial therapist, impulse purchases usually involve a momentary decision. “You see what you think you want, you buy it right away, so you later realize that it’s not worth what you paid or that you didn’t actually want it,” Dr. Williams tells himself. So, all the experts we spoke to recommend waiting at least 24 hours before completing your purchase.
A similar strategy is to do a “wish list” of things you’re considering, such as a new chic toaster that replaces the ugly, a Craigslist retro guitar, or a $300 red light therapy mask. Then at the end of the week (or during the next large sales event), check each item to see what is still causing excitement and already lost interest.
With both approaches, the sense of urgency often fades after you sleep with it or spend the day. “And that period is the difference between making impulsive decisions and informed decisions,” says Dr. Williams. And what does an informed purchase look like? good…
2. Performs the acronym for tapered.
According to Megan McCoy, PhD, LMFT, CFTAs an assistant professor of personal finance planning at Kansas State University, a few simple questions can help you figure out whether spending your hard-earned money on the latest whims is worth it. The next time you experience an attractive impulse, she recommends looking through the list of questions below.
