What is Impulse Buying? We’ve all done it.  You see the shiny thing you didn’t know you needed and snap it up on the way to the sales register.  Or even easier?  Scroll social media or your favorite online store, and in a few seconds and a couple of clicks of the mouse it’s in the “cart” and the purchase is complete.  You even get an exciting email message congratulating you on your super smart very wise purchase decision!

I’ve been there, and I bet you have too. And some of them weren’t bad decisions.  But most of them weren’t necessary.  Before we know it we’ve racked up a few bucks or a few hundred bucks on the debit or credit card.

According to a recent Ramsey article, the average American spends $150 a month on impulse buys! That’s $1800 a year of unplanned and often unneeded purchases. Research shows the top impulse purchases are clothing, household goods, and food and groceries.

It’s so easy and often we may believe it’s a deal we can’t miss, or a product of limited quantity. Money and things are emotional and it’s easy to make those quick decisions without thinking it all the way through.

There are tricks that can help prevent impulse buying, such as:

• Waiting 24 hours before making the purchase
• Give yourself a spending allowance, and stick to the set limit
• Don’t shop when your emotional, such as a pick-me-up after a rough day, or grocery shopping when you are tired and hungry!

To learn more about why we do what we do, and get a few tips on preventing impulse spending, read the full article HERE.

And if you’d like to create your own money plan and set some spending goals, I can help! Click HERE to schedule your personal financial coaching session.

Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@tucsonfcu.com

As a Personal Financial Coach, I do not provide legal or tax advice.
Tucson Federal Credit Union does not make any guarantees that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.