Five tips to avoid impulsive shopping

Since COVID-19 vaccines emerged, people have had more opportunities to go out shopping or have impulsive experiences to which they had no access at the beginning of the pandemic.

Therefore, as the fight against coronavirus progresses the consumer tends to spend more. In the United States, during the first seven months of 2021, retail sales increased 15.5% from last year, according to the National Federation of Retailers. And it is foreseeable that new temptations will arise with the progressive lifting of the restrictions associated with the pandemic.

Here are five tips to avoid making impulsive purchases that could jeopardize your finances:

Wait a day or two

When you feel the need to buy something right now, wait 24 or 48 hours to see if you still want this item, recommends Brad Klontz, a psychologist who specializes in Colorado financial affairs.

“Ask, ‘Am I fit to purchase this? Where am I going to put it? What will I think of this purchase tomorrow? How am I going to pay for it?’

Klintz says this pause can appease “the emotional part of the brain” and activate “the rational part,” which weighs the consequences of his actions.

If you can’t wait, see if you can return the item in question. Sometimes a credit card gives you that chance if the store doesn’t accept returns.

Beware of credit cards

Credit cards can help or hurt, depending on how you use them. Klontz says people spend a lot more when they use a card than when they pay in cash. He recommends paying cash so you don’t overdo it on things like a dinner out.

Another helpful tip is not to store credit card information on portals and apps, according to Kathy Longo, president of Flourish Wealth Management, a Minneapolis financial planning firm.

“It’s much better to say, ‘I’ll see you later because I don’t want to look up my card now and put in the data,'” he said.

If you use the card, try to pay everything at once, thus avoiding interest. If it’s a big purchase, try using a new interest-free card when you start using it. Also find out if the card offers any economic benefit to using it.

Shop at home, pick it up at the store

Since the pandemic began, many stores allow you to make a purchase by phone or online and pick up the product at the store, without the expense of sending it home. This is an interesting option, according to Lauren Miller, a Massachusetts resident who says it thus avoids unnecessary expenses and debt. The item is usually picked up without going into the store and “you can’t be tempted with sales or maneuvers to get yourself to buy something you weren’t looking for,” factors that often encourage impulsive shopping.

If you enter the premises and are tempted with a purchase, compare prices on the phone, Longo recommends. “See if you get the same or something similar at a lower price” elsewhere.

Try to have some reserve funds for purchases

Set aside some money in case you need to buy something that wasn’t on your plans.

When Miller started fighting impulsive shopping, he always set aside $ 20 to spend on each business on things he hadn’t planned for. She became more disciplined and lowered that figure to five dollars per business.

“It decreases the desire to buy things impulsively. I think this happens because I know I have permission to acquire something if I so desire,” he explained.

If you exceed the set amount, replenish the money with the next month’s departure.

But if impulsive shopping is a problem and makes you indebted, you will need to reconsider your habits or talk to a counselor or a finance therapist.

Get someone to help you avoid unnecessary expenses

Talk to someone about your expenses. This person should not think, just listen to them. The idea is that you can listen to what you say yourself and make decisions that fit within your goals and values, Klontz notes.

The expert recommends setting a spending limit. If the purchase exceeds $ 100, for example, talk to that person. Another possibility is to use your followers on social media to avoid spending too much. Miller, who creates content for YouTube, documents his progress on social media, in which he shares a list of things to buy and his plans to stick to that list.