Impulse Spending vs Planned Buying


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Easier said than Done

Sometimes, saving money is easier said than done. Some individuals find it hard to save a portion of their income due to extravagant lifestyles and bad spending habits. We plan many strategies ahead of time to save money once our respective income comes, but when the time to receive the money (in the form of salaries, business earnings, securities, etc. etc.) comes, all our resolve to follow these plans vanish into thin air.

Impulse Spending

Impulsive buying decisions are costly and the more prone we are to that behaviour the more likely we are to run into problems. We are captivated with the allure of having an abundant stash of money in our hands that we go on a spending spree, only to realize in a few days that the remaining cash cannot compensate for the daily basic needs of our respective families and ourselves in the days to come.

Know your Weak Points

Do you impulse spend when you have too much cash in your pocket, or does it happen when you have your credit cards along. Learn to leave your credit cards at home – especially if you are planning to go shopping without having any real plans of buying something you need. Knowing if you spend more when you are upset, depressed, or celebrating can help you recognize when it is best to restrict your ability to make impulsive purchases.

The Savings Habit

There is a need to save! Save for rainy days. Always find the time to plan ahead, learn the basics of money saving. Have an clear idea where to place these savings and earn passive income. An applicable quote to saving money is as follows;

Develop Healthy Financial Habits

“Weak is he who permits his thoughts to control his actions; strong is he who forces his actions to control his thoughts.” – Anonymous

Controlled Spending

Saving money is all about controlling our spending habits and compelling ourselves to plan our finances well for the benefit of ourselves and our respective families who depend on us.

Unfortunately money management is often something we are taught, or if we are taught in school, it is at an age when we aren’t receptive to learning. Learning and applying the basics of saving money through simple money saving tips and ideas may save you from the burden and despair of too much debt in the future.

It is essential to have the basic knowledge of how to save a part of their income to weather any financial difficulties that may face a person at some point. The younger we are the more prone we are to believe we are invincible and that we will not encounter financial difficulty. The fact is, we never know, and most everyone has several situations in life which alter their financial earning power, at least for a while.