Treating yourself occasionally is one thing, but are you alarmed by how much you spend every time you shop? If you find yourself always spending a lot more than you originally meant to, just about every time you shop, you may be an impulse spender. Here are some tips for putting an end to that costly habit:
Don’t shop alone
If you have a frugal friend or family member that’s willing to tag along, let them. When you’re about to make an expensive and impulsive purchase, he or she may be able to help you re-think that decision.
Go through your belongings before you go shopping
Sometimes, all it takes is a little de-cluttering to actually realize you don’t need that new pair of shoes at the mall—you already have a pair just like them sitting in the back of your closet, collecting dust. But you may not realize just how many things you’ve accumulated unless you go through them before your next shopping trip. Also, before you’re ready to discard and replace certain items, explore their potential. Maybe they just need to be repaired or cleaned, and a new purchase isn’t even necessary.
Sleep on it
See something you just have to have, but the price tag is a bit steep? Walk away from it and give it some thought over the next few days before buying it. There’s a good chance you’ll change your mind or even forget about it completely.
Only bring cash with you
This might be one of the easiest and most effective ways to limit your spending when you go shopping. Decide on an amount before you head out, and then only bring that amount with you in cash. Not only will this make your purchases feel more “real” (imagine actually handing over hundreds of dollars at your favorite department store instead of just swiping a credit card—the financial impact will feel much greater), but you automatically limit yourself to how much you can spend that day.
Evaluate your mood
If you’re feeling depressed or angry, save your shopping trip for another day. As a way to distract yourself from what else might be going on in your life, you might end up spending excessively. And if you’re hungry, don’t head to the grocery store until you’ve had a light snack—you may end up buying a lot more food than your household really needs.
Ask about the return policy
If you’re going to make an expensive purchase, at the very least, make sure the item is refundable and hang on to the receipt. This way, if you do have buyer’s remorse, you might still have the chance to get your money back.
Whether you need cash now to make a large purchase or to pay off debt, Peachtree Financial Solutions can help. Contact us today to find out how you can sell some or all of your future annuity payments or structured settlement payments for a lump sum payout.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.