7 Ways to Avoid Impulsive and Compulsive Spending
We all make unplanned purchases from time to time. It can be as simple as doing groceries while you’re hungry and picking up something extra you didn’t plan on buying. That is what we call impulsive spending.
However, many use impulsive and compulsive spending interchangeably, while there is a clear difference. An unplanned expense can be classified as impulsive spending, while compulsive spending often has a deeper psychological cause.
The first step toward overcoming your spending habits is to realize that you have a problem and that you need to work on it. You need to keep track of your spending habits. Do you make rational buying decisions? Can you stick to the budget that you set?
Realizing You Have a Problem
Suppose you are having a hard time keeping track of your finances and cannot keep your impulses under control. That means that you haven’t gotten to the actual problem. Are you shopping because of your emotions?
Take Back Control of Your Finances
If you want to stop your impulsive or compulsive shopping habits, it’s essential to set yourself up for success. It’s easier to avoid getting in the temptation to buy than resisting the temptation.
Set Yourself up for Success
Credit cards can be great, and there are many benefits to using them, but not for everyone. Credit cards are a compulsive buyer’s best friend and worst enemy.
Avoid Credit Cards When Possible
As impulsive shopping is a very spur-of-the-moment thing, one of the best ways to avoid it is to set up a waiting period for yourself before every purchase.
Set up a Waiting Period
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