Even the most financially disciplined of us can fall victim to a well-timed advertisement or buy something in the moment that we later regret. Besides the obvious cost of the items themselves, those impulse purchases might be holding us back from living the life we really want.
Here are 5 Tips to be more intentional about your purchases and reach your financial goals faster!
#1 - Create a Goals-Based Budget:
As much as you might want that sparkly new gadget or cozy fall sweater in the moment, keep your long-term financial goals front-of-mind. In fact, writing down those goals in a place you can see them will make you more likely to stick to them. Whether it's paying off student loans, a family trip to Disneyland, or an early retirement, your big goals are worth saving for!
#2 – Compartmentalize Your Cash:
Keep more of your money in an account earmarked for your goals and leave less money readily available in a checking account meant for monthly spending. Only make purchases on a card that will pull from that checking account so you can be mindful of your purchases.
#3 – Slow Down:
Before submitting that order, take a moment to inventory your mental and emotional state. Are you stressed? Feeling blue? Oftentimes impulse purchases have less to do with that item we just can't live without and more about satisfying a deeper need. If you think your mood might be motivating your purchase, leave the item in your online shopping cart for 24 hours to see if you are still excited about it tomorrow.
#4 – Opt-Out From Temptation:
Go ahead and unsubscribe from all of those marketing emails and answer the age-old question, "If the sale happens and I don't get an email about it, does it even exist?"
#5 – Set Up Barriers to Buying:
Take your saved credit card information off your phone so that every online purchase at least requires a walk to your wallet to decide if it is really worth it.
This information is summarized from an article on CNBC.com, September 16, 2021.