3 Simple Strategies To Help You Avoid Impulse Buying by Terry Mante

As an author and personal development coach for several years, one of the things that surprises me about people is the fact that the concept of budget does not exist on their do-list.

As a result of this, impulse buying has become a pattern among many people, especially people in formal employment who have a regular stream of income. It is because of impulse buying that you will crawl your way to the next salary period.

Get books by Terry Mante from our Bookshop – Life Sense & What You Don’t Know Is A Big Deal

The crazy thing about this occurrence is its recurring nature. It’s as if you don’t learn from your experiences. Month after month, you complain about salary not seeing you through to the end of the month.
Impulse buying is a demon that must be exorcised with a set of practices and disciplines. Here are three of them:

1. Separate your needs from your wants.

One of the lessons I remember from my first year Economics at University of Ghana was the distinction between wants and needs. Wants are things we desire to have but can do without. Needs are things we require and cannot do without. I have observed that many times, people buy things without pausing to consider what they’ll use them for.

Before you decide to buy anything, you have to take a bit of time to consider whether it’s a need or a want. If it’s a want, you may have to hold on until it becomes a need. If it’s a need, then you may go ahead to buy it; but even that, you have to plan how and when to buy it.

2. Have a budget and stick to it.

You don’t have to buy something simply because it came up. You must plan your purchases. Impulse buying thrives mostly because people don’t plan their expenses. Impulse buying occurs when you buy an item as a result of a sudden strong desire to do so. In most cases, this item would not have been on your to-buy list. Neither would it have been on your needs list. The purchases are made based on whims and caprices.

One way out of impulsive buying is to always have a budget, especially if you have a regular income cycle. Plan your expenditure within the size of your income. The plan for your expenses should cover your tithe (10% of your income which you invest into the church, if you are a Christian or any social cause if you are not). You must also plan to save and invest a bit of it for your future, and plan for obligations such as utility, rent, food, education and so on. You may also want to plan for entertainment too.

The objective is to keep your expenses under control. It also helps ensure that only things that really matter to you get to have your money spent on.

3. Don’t carry excess cash on you.

One of the causes of impulse buying is when you keep excessive cash on you; cash which is far more than items you have budgeted to spend on. So if you are stepping out of your home to the market to purchase an item worth $100, you may be tempted to take extra cash under the pretext of eventualities. Most often, there is no eventuality but while at the market they see something else and they are moved to buy it only to get home to realize that they have no use for that item. There was no eventuality and money is gone.

Money in your bank account has a longer span to run out than money in your pocket. Learn to keep money away in your account and withdraw only when you need it to purchase an item on your budget.

Get books by Terry Mante from our Bookshop – Life Sense & What You Don’t Know Is A Big Deal

In my own life and in the life of many people I coach and observe, I have realised that impulse buying is the greatest threat to financial independence. It is as dangerous as inflation is. While inflation eats away the intrinsic value of your money, impulse buying chops off both the nominal and intrinsic value.

Don’t buy when you don’t mean to buy. Don’t spend if you have not planned it. Buy only if it’s a need.

Terry Mante is a Life Coach, Motivational Speaker and CEO of Personal Development Network. He is an author with five books published already. His write-ups feature prominently in the Business and Financial Times and The General Telegraph every week.

Was this article useful? Kindly leave us your comment.

Follow #TSH on Facebook and Twitter for more awesome articles.

Image Credit: www.ingentaconnect.com

SEE ALSO |  Love for the Game: the Needed Fuel for Success in Entrepreneurship

16 Comments

  1. Could I make an appointment to see ? vimax malaysia In addition to resistant gonorrhea, the others now seen as urgent threats, according to the first-of-its-kind report released on Monday, are C. difficile and the killer class known as carbapenem-resistant Enterobacteriaceae, or CRE.

  2. Where do you come from? valium gocce sapore Springer, which publishes Europe’s top-selling dailynewspaper Bild, said Google’s grip over online audiences was toogreat to resist, a double-edged compliment meant to ram home thepublisher’s criticism of what it calls Google’s monopoly powers.

  3. It’s funny goodluck turmeric curcumin whole foods Fans had waited to see how the Fox television show would address the loss of one of its founding cast members following Monteith’s death in July from an accidental overdose of heroin and alcohol at age 31.
    rxlist.com adderall The SOD’s role providing information to agents isn’t itself a secret. It is briefly mentioned by the DEA in budget documents, albeit without any reference to how that information is used or represented when cases go to court.
    price primobolan The fate of Dr. Afridi, who remains behind bars pending retrial, is a source of tension between Islamabad and Washington. He is viewed as a traitor by many people in Pakistan because he allegedly worked for a foreign spy agency that was secretly operating on Pakistani soil to track down bin Laden.
    acheter lioresal en ligne But the differences over culpability for the August 21 attack indicated the hurdles faced in turning the chemical weapons agreement into progress towards ending a civil war that has killed more than 100,000 people since March 2011.
    buy betnovate cream online uk Turkish Prime Minister Recep Tayyip Erdogan described the result of the camp clearances as a massacre, accused other countries of paving the way for the violence by staying silent, and called for the UN and the Arab League to act immediately.

  4. I like watching TV genericsite.net Bolt won the event at the world championships in Berlin in2009, when he set the current world record of 9.58 seconds. Hewas disqualified for a false start at the last edition in SouthKorea two years ago.

  5. Will I be paid weekly or monthly? medixonline.ca “If #Westgate was Kenya’s symbol of prosperity, it is now a symbol of their vulnerability, a symbol of defeat and overall Kenyan impotence,” al Shabaab said on its Twitter account, one of several taunts it sent after the attack.
    adapalene gel price To recap then, it’s you against the world and your weapons, despite your tiredness and stress, are victory, superiority and quality. Only by using these three things can you possibly hope to keep your sanity. All together now, on the count of three, pick up your toiletries, straighten your cufflinks, get the Bond soundtrack in your head and “dun dun du dun dun, dun dun dun du dud du dun…” See? And I’m as sane as the next man.
    generic drugs what you need to know. 2009 The Daily News’ Daniel Beekman first reported back in May that the projects stand to save millions on property taxes, courtesy of language slipped into a housing bill that whisked through the Legislature in January.
    pca pharmacy indianapolis phone number As the Daily News reported in May, Anthony played the last month of this past season with a partially torn left shoulder. The Knicks and Anthony considered surgery, but Anthony claims the injury is healing on its own and that surgery won’t be needed.
    neogenis nitric oxide
    Further tests were needed to confirm the quantity andquality of water, she said. If well managed, the aquifers couldsupply large-scale irrigation schemes in the barren north andindustry, as well as drinking water.

  6. How much were you paid in your last job? bowen-pharmacy.com Black families on average had incomes in 2011 that were two-thirds that of whites, up from 57 percent in 1963, Census Bureau data shows. The poverty rate for blacks has dropped, to 28 percent in 2011 from 42 percent in 1966.

  7. I want to report a can i refill a prescription at a different pharmacy Euro zone finance ministers will meet to review progress onvarious aspects of banking union, but the important politicaldecisions, not least who should wield power to close down ailingbanks, are far from being settled.
    performix super male t v2x bodybuilding The midterm elections, held in years when a president is not being selected, are in November 2014 and fundraising by Democrats and Republicans is well under way. Both parties need issues to inspire contributions.
    paroxetine side effects weight gain The money could be used to cover salaries of additional staff, overtime and services such as inspections. Customs and Border Protection is reviewing submissions from more than a dozen places around the country and expects to choose five ports of entry this summer.
    lek fucidin cena Det Insp Yvonne Dales said: “This is a thorough but complicated and sensitive investigation and the allegations are historic, in some cases relating to events which are said to have taken place nearly 30 years ago.
    anaview vs hypex Automatic Renewal Program: Your subscription will continue without interruption for as long as you wish, unless you instruct us otherwise. Your subscription will automatically renew at the end of the term unless you authorize cancellation. Each year, you’ll receive a notice and you authorize that your credit/debit card will be charged the annual subscription rate(s). You may cancel at any time during your subscription and receive a full refund on all unsent issues. If your credit/debit card or other billing method can not be charged, we will bill you directly instead.

  8. Could you ask her to call me? prednisone cost canada When Cory Booker bought property on Newark’s Court Street, he had big plans. The mayor paid $175,000 for the attached home; he intended to fix the building up and move in. He even hired an architect.
    sankurpharmaceuticals.com And while Kershaw, who held opposing lefties to a .165 average, may have an advantage against three of the Braves’ best hitters — left-handers Freddie Freeman, Jayson Heyward and Brian McCann — he knows the club is dangerous.
    calcium carbonate drugs.com EPA and DHA are also the major constituents of fish oils derived from cold water fish. The only other approved fish-oil treatment for severe hypertriglyceridemia is Lovaza, which is made by GlaxoSmithKline Plc. Lovaza has not been shown to cut the rate of heart attack or stroke.
    atorvastatin vs simvastatin dosage In the best of times, the U.S. Food and Drug Administration doesn’t inspect near enough seafood and fresh fruits and vegetables to ensure our food is really safe. Only about 2 percent of domestic and imported foods in those categories get lab tested for germs, illegal pesticides and dangerous substances. The U.S. Department of Agriculture tests far more of the meat and poultry raised in America and imported for one simple reason: a law specifically says it must be inspected.
    beauty.com hd “Management told us there would be ultimately be layoffsbecause some people will refuse to leave Toulouse or Montpellierand they’ll find themselves without a job,” said StephaneGaliné, who represents R&D workers at the moderate CFDT union.

  9. A Second Class stamp grocery shopping tips reddit The Weinstein brothers left Miramax in 2005 after a contentious relationship with Disney and that year founded the Weinstein Company, best known for its low-budget, critically acclaimed movies, such as Oscar-winner “The King’s Speech” in 2010.
    researchliquids.eu erfahrung David Egner, executive director of the New Economy Initiative, a $100 million fund to aid entrepreneurs in Detroit, said the chances of a comeback all come down to one word. “Talent,” he said. “If Detroit doesn’t become a talent magnet, Michigan doesn’t stand a prayer.”
    ordine dei commercialisti di roma orari “Nigerian crude oil is being stolen on an industrial scale.Proceeds are laundered through world financial centres and usedto buy assets in and outside Nigeria,” said the 70-page report,entitled “Nigeria’s Criminal Crude”.
    how to take finaflex pure test and pct “Pierre gets journalism,” said John Temple, founding editor of Honolulu Civil Beat, the news site launched by Omidyar in 2010. “He’s passionate about it and knows how to create an environment and culture where journalists feel energized and empowered.”
    newtown medical group alpharetta But for every Intel or Pfizer employing significantnumbers in Ireland, there are many that bring few jobs withthem, like reinsurer XL, which shifted its parent holdingcompany to Dublin from the Cayman Islands in 2010 and employs 57people in Ireland.

  10. I’m interested in this position pharmacist first used by Anger at economic hardship fuelled the success of the 5-Star Movement, which has called for a referendum on Italy’s membership of the euro, a key part of the European integration project now blamed by critics for hobbling growth for the 17 countries using the currency by shackling incompatible economies together.

  11. I love the theatre generic drugs india ppt The exiled King Michael and Queen Anne of Romania attended the baptism of Princess Irina’s daughter in Portland in 1987. At the time, she and her first husband, John Kreuger, raised horses near the southern Oregon Coast.
    is metoprolol tartrate a generic drug Lawmakers like Veronica Alonso from the conservative National Party have questioned the country’s ability to regulate marijuana without creating an unmanageable government bureaucracy, while other legislators have raised concerns about the health impacts of smoking pot.
    unimed.co.nz NOTES: The Rangers batted out of order in the ninth but nobody reached base so the A’s never protested. … Rangers SS Elvis Andrus missed his fourth straight game with a sore back. He said he could’ve played, but with a day off Thursday, Washington wanted to give Andrus extra time to recover. … Athletics C Derek Norris, who fractured his left big toe Aug. 21, said he feels “ready to go” and expects to be activated from the 15-day disabled list when eligible Thursday. … The A’s send Sonny Gray (2-2, 2.57 ERA) to the mound against Brad Peacock (3-5, 5.98 ERA) in the opener of a four-game series against Houston on Thursday. Matt Garza (9-3, 3.55 ERA) goes for the Rangers on Friday at the Los Angeles Angels, who counter with C.J. Wilson (14-6, 3.35 ERA).
    your good skin reviews A series of attacks including bombings of both Shiite and Sunni mosques left 18 dead in Iraq, the latest in a surge of bloodshed that is raising fears of a return to widespread sectarian killings, officials said Wednesday.
    washburn university dms clinical sites His message was echoed by deputy leader Armin Laschet inanother paper. And, in a third interview, even hardline FinanceMinister Wolfgang Schaeuble refused to rule out tax increasesthat his party had rejected during the election campaign.

  12. A law firm alpine health clubs edson ab Vaccination is the most important step to protecting yourself and your family against influenza. Although there are many different flu viruses, the flu vaccine protects against the three viruses research suggests will be the most common.

  13. i’m fine good work aniracetam ebay uk It is home to nomad clans disaffected with rule from Cairo. (Additional reporting by Shaimaa Fayed in Cairo and; MahmoudHabboush in Dubai; Writing by Allyn Fisher-Ilan and Ori Lewis;Editing by Mohammad Zargham and Andrew Heavens)

  14. I’m on work experience valium alternative drug But most importantly, many will hope that he will then switch his attention to turning the ghost service provided in public offices, into a real, timely, quality and efficient service, provided equally to all as the constitution of the land demands.

Comments are closed.