Festivals and holidays bring along a different kind of enthusiasm. But that’s not all, what they also bring along is a shopping spree! You start seeing promotional banners that read “What’s trending!”, “Festive Sale LIVE”, “Discount Offer”, and so on. While festive sale is a great way to shop for your favourite brands, that too at a cost that fits your budget, a large number of consumers often pick up things on a whim. This results in a complete blow-up of the spending budget, where they are left with very less savings at the end of the season.
Impulse spending has been seen typically in the holiday season when people spend on things that may not even be on their shopping list, resulting in what we call as ‘buyer’s remorse’. So how do you stop impulsive spending this holiday season?
Let’s see how!
Set Spending Limits
Budgeting your spending should be the first step of shopping. Exclusive and amazing deals that are put up to entice customers could pull you away from your shopping list. But a spending limit helps you keep on track and spend on what’s required and planned. Asking questions like “Is it in my budget?” or “Do I need it now?” can help you succeed with this. Further, setting up spending limits saves you from credit payments too.
Identify your Wants & Needs
“Do you need it, or do you want it?”, is what you must determine first. As we all know, you don’t really need everything. There could be things you wish to buy but can do without. In such a case, achieving the balance between your wants and needs and buying exactly what you need ensures that you are spending right. Spending on requirements vs spending on luxuries, choice is yours!
Spending responsibly goes without saying. However, what helps better is sharing your holiday goals with your friends or family, so you can be encouraged to stick to your plan and purchase only what’s required. Ward off impulsive buying with teamwork.
Don’t Shop in a Group
Peer influence in shopping is not a very good friend of your wallet. Be it the latest gadgets or shopping for your top brands during a festive sale, peer pressure often plays a very significant role. Hence, it is recommended that you avoid shopping in a group that may influence your buying decision to an extent.
Tip: Compare price tags with your work hours
Spending money is easier than earning it. Understanding this idea can help you cut down on how much you spend. Start with, noting how much your income comes down to when counted for an hour and comparing it with things you buy impulsively. Seeing it this way will help you understand the amount you spent unnecessarily.
Holidays mean fun, relaxation and stress relief. You certainly do not want debts due to impulsive buying to haunt you after your holidays are over. By following these tips to stop impulsive spending, you can definitely ensure that your finances are in good shape. Focus on mindful spending and save more in the long run.