Thursday Trim the Trash Time: Impulse Spending
Welcome to another edition of “Thursday Trim the Trash Time,” my weekly post about the things you can eliminate in your life to save money. In my opinion, there is nothing more harmful and wasteful to your finances than impulse spending. It can literally ruin your life. I think it is important for everyone to understand their weaknesses. If impulse spending is a weakness, you have to address it. In this post, I will show you some signs that let you know that you might be an impulse spender.
1) You can’t leave without getting something
Have you ever gone to the mall and or the store to get something and they didn’t have what you wanted? You found out that they didn’t have what you want and you promptly left the store right?. Did you browse a bit longer and end up leaving with something you didn’t even plan on? Admit it because it happens. Happens a lot for some people. If you can’t go into a store without buying something then you may be an impulsive spender. Stores that don’t have what you want should not have any of your money. Period!
2) You go shopping without a list
Even if it is just a mental list, you have to go shopping with one. Having a list is what directs you away from nasty impulse buying. Not having a list is directs you to buy hideous garden gnomes when you live in an apartment. Spending money should be planned and executed properly and not frivolously.
3) You Shop Online Consistently
In my opinion, online shopping has become out of control. Don’t get me wrong, I think shopping online can be very useful and convenient. The problem is people have become online shop-a-holics and have gotten themselves in trouble. Let’s just put it simply. If you have a gambling problem you should be going to a casino. If you have a drinking problem you shouldn’t frequent bars. If you are broke and don’t save any money then you shouldn’t be shopping online frequently. It’s too easy and very detrimental.
4) Your Credit Card is Consistently Maxed out
There is nothing in your life that warrants your credit card being maxed out all the time. Take a quick look at your VISA statement and be honest with yourself. If there is mostly consumer-based purchases on there then there is a big problem. If you are carrying a balance, aren’t saving and finding yourself broke at the end of each month adjustments need to be made. The first can be a cut down on the impulse spending. Credit cards have made it too easy for this to occur.
There are many places where your money can disappear easily. Impulse spending is the MVP in this category. Grabbing chocolate bars at gas stations, stupid sales at department stores, Wal-mart in general and late night binge drinking can kill your bottom line. It is very important that you know where your money is going especially if you aren’t saving enough money.
Organization is key! Thank you for reading my “Thursday Trim the Trash Time” post. Tune in tomorrow for my final reflection on the week. Happy Saving Friends!
“Dark impulses certainly exist in me and, I think, in most people.” – Stephen Hopkins
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at budgetboss.ca.