In our technological age, it’s easier than ever to spend money. We are constantly targeted with advertisements and there are convenient shopping apps and one-click pay functions everywhere online. All that combined can make it easy to see your paycheck dwindle away with a single swipe.
We’ve all made impulse purchases that we later regretted. Whether we spent more than we intended or the item we purchased didn’t live up to expectations, it’s easy to impulse buy items you don’t really need and unwittingly send your budget into a spiral.
Over 50% of U.S. shoppers admit to making an impulse purchase of $100 or more. But impulse buying doesn’t have to become a constant internal struggle. There are lots of ways to still enjoy your money without making expensive purchases you’ll later regret. Read on to learn of a few budgeting tools and other tricks to help you save money and avoid spur-of-the-moment spending.
Figure Out Why You’re Impulse Shopping
Often the best way to eliminate a problem is to find its root cause. Consider the why behind your impulse shopping, and you may just discover the key to overcoming it. Impulse buying may be one way you’ve learned to cope with negative emotions and boost your mood. After all, buying something new often gives us a positive feeling of instant gratification. Another reason you impulse shop might be because you can’t resist a good deal. Doorbusters and other big sales can be difficult to pass up. If you see a big “sale” sign, make sure it’s in your budget before you give in to temptation.
Work “Fun Money” into Your Budget
You’ve heard the phrase “You can’t take it with you!” Obviously, this is no excuse for reckless spending, but it is a valid point – money isn’t permanent, and you deserve to enjoy the fruits of your labors.
As you get into the habit of budgeting, make sure you’re setting aside money each paycheck for “fun stuff” – an impromptu night out, an online purchase or a shopping trip with friends. It doesn’t have to be a lot of money, but if you know you have funds specifically set aside for fun spending, you can still enjoy your money without blowing your budget.
Always Use a List
Impulse can strike anytime, anywhere – even in the grocery aisle. Before you embark on a shopping trip, make a list of everything you need and include how much you intend to spend on each item. By planning in advance and setting a budget for your trip, you’re much less likely to overspend on things you don’t need.
Sometimes all you need to keep yourself from making purchases you’ll regret later is a little shift in perspective.
Start by making a list of your long-term financial goals. These could be anything from a large purchase to a dream vacation, to just having a certain amount of cash in your savings account. Prioritize your list and keep a copy of it within plain sight so that whenever you’re tempted to overspend, you can look at your list and focus on saving money for the things that really matter.
Let LendNation Offer a Hand
An Insight Mobile Banking card from LendNation is a great option to help with temptation. Shopping is easier than ever when you have a smartphone. A simple tap of an app and swipe of the finger and you’ve made your purchase! You hardly even have time to feel buyer’s remorse. Always be sure you have enough money in your accounts to cover any spending you might do.
If impulse spending has your budget in a jam, there’s no need to panic. Get back on track with a cash loan from LendNation! With our easy application process, plus online and in-store loan options, LendNation offers a variety of ways to get cash fast to pay for those impulse purchases, get your budgeting back to normal and work towards better financial control. We have title loan, installment loan or payday loan options available. Apply online and you could be approved within minutes!