Managing Your Budget

Taming the Impulse Spending Monster in All of Us

As I sit here in silence, voiceless from a cold in my larynx but feeling fine otherwise, I think how often do we speak or blurt out things without thinking? My mom used to say that is “mindless chatter” and we just like to hear ourselves talk in those times.

Well, same can be true without money and finances, we take a trip downtown and walk through a quaint little shop we know is not budgeted for and see something we like but really do not need, and then grab it for ourselves without credit card. This is what I call, “mindless buying” which many of us know as impulse buying.

So, how can we start taming the impulse spending monster in all of us to bring out its voiceless state to quell out impulse buying arena when it comes to your budget!

Putting Your Spending in a Voiceless State

Our grandparents and generations before them knew how to avoid impulsiveness, as they dealt with a cash world and had no room for impulse. These days, however, credit cards have made it way too convenient to interrupt our finances and put us into overdrive. They didn’t have the extra cash to throw away, they knew to put your spending in a voiceless state meant if you wanted something, you had to save up for it.

This gave them the chance to re-think that purchase once they had enough money. Sometimes just that extra time you need to save up for a big purchase gives us, like our forefathers, the chance to realize you don’t really need or want that think you were saving up for – but know you have the funds for that next time.

Next Time – How Do You Exercise your Voiceless State?

OK, you managed to escape one impulse buying obstacle simply because you needed to save up and learned in the process you really didn’t need or want whatever it was. Now, you have saved up the funds so next time the impulse bug bites you, how do you exercise your voiceless state as you have the money saved up?

Well, two things you can do to avoid buying on impulse are (1) leave your cards at home and (2) never carry more cash than you need for what you intended to purchase today. This allows for walk-away time. My mother would say, ‘If it is still there when you come back, it was meant for you – if not, let it go, it was never meant for you.

Giving Yourself Time to Walk Away

When you deliberately leave out cash and cards at home or in the bank, you are exercising your voiceless state and giving yourself time to think first. Chances are you will have second thoughts about buying, trust those thoughts. If you still want it, and the item(s) are there when you go back with cash – then they were truly meant for you.

Feeling Good About Your Buying Again!

Now that you understand how putting your impulsiveness into a voiceless state can benefit you financially and psychologically if you have the cash go back no less than a week or more to see if the item is still available. If it is, great it was truly meant to be yours. I have found a great video on impulse buying that will help restructure your the 5 Factors that trigger impulsive spending.

However, if it is sold out or no longer available – smile and realize it was not meant for you, and you were meant to spend that money you save more wisely in another area of your life.

So next time you see that item you simply have to have in your life, don’t buy it – give yourself time to exercise your mind into a voiceless state and walk away, give space to your buyer to really determine WHY you need it. Once you have given yourself sufficient time, go back with the cash if you still want it – if it is their super, but if not realize it was never meant for you

Time to Share!

Okay, let’s hear from you – tell about a time you just had to have something and if you waited or caved in to your impulsive side. Are you still paying for it or did you have the cash available from a former time when you were saving for something else?

Let your story below…

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