{"id":2634,"date":"2020-05-25T06:15:25","date_gmt":"2020-05-25T06:15:25","guid":{"rendered":"https:\/\/ladyexpertinvestor.com?p=2634"},"modified":"2020-05-25T06:30:48","modified_gmt":"2020-05-25T06:30:48","slug":"how-to-balance-your-financial-lifestyle-by-getting-rid-of-impulse-spending","status":"publish","type":"post","link":"https:\/\/ladyexpertinvestor.com\/de\/articles\/how-to-balance-your-financial-lifestyle-by-getting-rid-of-impulse-spending\/","title":{"rendered":"How to balance Your Financial Lifestyle by Getting Rid of IMPULSE SPENDING"},"content":{"rendered":"
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10 Inspiring Ways to Stop Wrongly Spending Money<\/strong><\/p>

Are You aware Ladies that most of us wrongly spend between CHF 4\u2019000 and 6\u2019000 as an average per year!<\/p>

That is CHF 40\u2019000 to 60\u2019000 in a decade! That is money that could go toward Your retirement saving account, emergency fund, and even school tuition or for a mortgage down payment.<\/p>

But first of all, let me give You the definition of \u201cImpulse Purchase\u201d from Wikipedia:<\/p>

\u201cAn impulse purchase<\/strong> or impulse buying<\/strong> is an unplanned decision to buy a product or service, made just before a purchase. One who tends to make such purchases is referred to as an impulse purchaser<\/strong> or impulse buyer<\/strong>. Research findings suggest that emotions and <\/strong>feelings<\/strong><\/a> play a decisive role in purchasing, triggered by seeing the product or upon exposure to a well-crafted promotional message.\u201d<\/p>

So if You feel like You are wasting Your money buying things that You don\u2019t need and the impulse shopping is getting out of hand, then Am sharing with You simple and practical 10 tips that I\u2019ve done and hope they will help You too to remediate this.<\/p>

Myself, I used to be such an impulsive shopper when I was younger. I spent so much money so that I wish I had known these tips before because I could have saved maybe 50 or 60 thousand Swiss Francs in my 30 and 40\u2019s. So, I hope these tips may be useful to You.<\/p>

As Always, with money things are a little bit different for everybody. So take what you feel it is convenient for your lifestyle.<\/p>

Before we begin, let me know what is your biggest impulse purchase. The one that you regret the most. Am really curious to know. Let me know in the comments below. Now, let\u2019s begin:<\/p>

1- Retail Therapy Can Get Really Expensive<\/strong><\/p>

Don\u2019t shop when You are emotional or when You are really stressed. I think it\u2019s so easy to use shopping as a way to feel better, as a quick pick-me-up, retail therapy! But the problem is that shopping as a retail therapy is not efficient. It\u2019s a short-term solution and You will feel good maybe for a couple of hours, maybe a day or two, but after that You will be back to Your \u201cnormal self\u201d. So, I believe retail therapy is prohibitively expensive if You are an impulsive shopper and it\u2019s just a good idea to find something else to do and deal with those emotions differently.<\/p>

Let\u2019s say that You are feeling sad. Instead of going to the mall maybe talk to a friend, watch a funny movie that You enjoy, do something else that doesn\u2019t involve spending copious amounts of money, for cuddle therapy is by far more efficient that retail one.<\/p>

And if You are felling stressed, there are other things that You can do that don\u2019t involve spending money. Go for a walk in the park, go for exercise, do some self-care at home, things that You could do for free.<\/p>

2- Shop With Intention Making a Specific List, and stick to It!<\/strong><\/p>

I\u2019ve noticed that when I shop without a specific list, I tend to get carried away and I do make a lot more impulse purchases, but when I make a list and not just a generic list but with a very specific one, then Am less likely to get carried away.<\/p>

3- Avoid Creating Shopping Accounts Online and Storing Your Address and Credit Card Info on It. Check out as a Guest!<\/strong><\/p>

Usually, when You shop online, shops want us to create an account storing our credit card\u2019s information, so that next time You shop with them, it is just a matter of a click of a button and it becomes so easy to shop.<\/p>

The problem is that if You are an impulse shopper, it is a little too easy to shop. If You want to avoid those impulse purchases, my suggestion is to check out as a guest and not like someone who has an account. By checking out as a guest, You will need to physically enter Your name, Your address and Your credit card information and let me tell You, I abandoned so much shopping carts in the past because I was too lazy to get my credit card out of my wallet.<\/p>

So, there we go! If You are an impulse shopper, this can act as a deterrent, so just avoid to creating accounts and check out as a guest instead.<\/p>

4- Buy Physical Items From Stores That Have a Return Policy, Keep Your Receipts, and Don\u2019t Be Lazy For the Returns!<\/strong><\/p>

Try to buy things from shops that have a return policy and keep the receipts. I can tell You the number of times I have purchased something then I\u2019ve quickly regretted it the next day and I couldn\u2019t turn it because the store did not have a return policy or I lost the receipt or I took the tags off.<\/p>

So, my suggestion is don\u2019t take the tags off, keep Your receipts for 7 days and try to avoid buying things from places that have no return policy.<\/p>

My philosophy now is if it has no a return policy Am not buying it. I don\u2019t buy things on final sale because that is how You end up buying things you don\u2019t really need.<\/p>

5- Sleep On The Decision Especially If The Item Is Above CHF 100!<\/strong><\/p>

I have a rule: if the item is over CHF 100.- I don\u2019t buy it the day I see it. If it is at the mall or online, I won\u2019t buy it. I will sleep on it for at least a day or two or three nights and I can\u2019t tell You the number of times I\u2019ve completely forgotten about it in two or three days.<\/p>

So, give Yourself a little time to think through that decision and who knows You might change Your mind about it.<\/p>

6- Avoid Joining Email Lists from Stores, Get Rid of All Current Email Subscriptions<\/strong><\/p>

A lot of times when You shop online or even in the store, stores will ask You for Your email address in exchange for a coupon or something of that sort.<\/p>

The problem with that is while the coupon may seem very nice in the beginning, they are going to keep sending You emails again and again and You are going to end up buying more things. Things that You don\u2019t need.<\/p>

My suggestion is to unsubscribe from all those email lists, so that You don\u2019t have to face temptations all the time. I believe for an impulse shopper, the biggest thing You can do is remove the temptations. By doing so You\u2019re not just going to shop as much.<\/p>

7- Avoid Shopping with Friends That Push You to Buy Things<\/strong><\/p>

We all have friends that help us make really good decisions. Go shopping with them but then we also have friends that make us buy things that we don\u2019t need.<\/p>

They kind of push to impulsive shopping and tell us that everything looks good on us\u2026 when in fact it really doesn\u2019t!<\/p>

So, don\u2019t go shopping with those people. Don\u2019t go shopping with people You don\u2019t really trust in terms of their opinion and push You into making bad decisions.<\/p>

8- Remind Yourself of Your Financial Goals Regularly: Create Financial Goals and Review Them Monthly!<\/strong><\/p>

If You don\u2019t have Your financial goals before shopping then I do suggest having some \u2013 just a number and what You are saving it for.<\/p>

I think it can be very helpful in changing Your mindset about money. I didn\u2019t have financial goals before so I used to spend because I didn\u2019t really care, but now I do and I remind myself of my financial goals regularly and because of that Am less likely to make impulse purchases.<\/p>

So, my suggestion is if You don\u2019t have goals, sit down and think about what Your goals might be. It could be something really simple \u2013 I want to save CHF 5\u2019000 for an emergency fund. Whatever it may be just write it down and think about it regularly, so that You know what You are trying to do and You are not going to be less likely carried away with Your impulse purchases.<\/p>

9- Re-evaluate What You Own Already The Next Time You Are Shopping: Ask Yourself If You Already Own Something That Serves The Same Purpose<\/strong><\/p>

Let\u2019s say Am shopping for a pair of jeans and I see a nice pair\u2026 it\u2019s very easy to get carried away thinking \u201cit\u2019s on sale. It looks good. I need it!\u201d<\/p>

But then take a moment to re-evaluate whether or not You already own something that is similar. Sometimes You actually have exactly the same color at home and You don\u2019t really need the extra pair.<\/p>

10- Make It a Game with a Jar Method. Take It further: Move the \u201cSavings\u201d Into a Saving Account at The End of The Month!<\/strong><\/p>

This is something that I recently stated and I\u2019ve been enjoying it. So, every single time I avoid an impulse purchase, I write down the item and the amount and put it on a piece of paper and stick it in a jar.<\/p>

And then, at the end of the month I look at all of the little pieces of paper in the jar and tally up the amount that I avoided spending. It is actually quite a bit special if You end up saving that amount each month. So, I\u2019m going to continue doing this and hopefully by the end of the year I might have a good amount saved up.<\/p>

This is just a little funny thing that You could do to reward Yourself every single time You avoid an impulse purchase.<\/p>

Conclusion<\/strong><\/p>

Get to root reason of Your impulse consumptions \u2026Talk to a therapist if that is something You are open to!<\/strong><\/p>

If You have tried everything as well as tips from other coaches and You are still struggling with Your impulse spending maybe it\u2019s time to take a step back and figure out the underlying of this issue. It could be something like anxiety. It could be something like sadness. It could be a multitude of different things but You need to figure out the root reasons, so that You can work on a solution. If You need help, maybe it\u2019s time to talk to a therapist.<\/p>

Embrace ecological consumption and aspects of minimalism<\/strong>, I think out of all the suggestions in this article, the one thing that helped me the most is becoming more minimalist, becoming more conscious in my consumption ethically and ecologically wise. I do recognize that it is not for everybody but at the same time we don\u2019t need to completely become minimalists. Some of us may just want to embrace aspects of it. I believe minimalism is a spectrum \u2013 we can all do it in our own way and if it can help You become a little more aware and mindful of Your purchases and overall consumption, You will be proud of Yourself for big changes are the result of the small actions.<\/p>

Why Not? Live a HAPPY LIFE with LESS!<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

10 Inspiring Ways to Stop Wrongly Spending Money Are You aware Ladies that most of us wrongly spend between CHF 4\u2019000 and 6\u2019000 as an average per year! That is CHF 40\u2019000 to 60\u2019000 in a decade! That is money that could go toward Your retirement saving account, emergency fund, and even school tuition or … Weiterlesen<\/a><\/p>","protected":false},"author":1,"featured_media":2636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/posts\/2634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/comments?post=2634"}],"version-history":[{"count":0,"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/posts\/2634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/media\/2636"}],"wp:attachment":[{"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/media?parent=2634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/categories?post=2634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ladyexpertinvestor.com\/de\/wp-json\/wp\/v2\/tags?post=2634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}