Avoiding Impulse Spending

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Avoiding Impulse Spending

Avoiding impulsive spending is very important to keep your family’s financial situation healthy. Being and impulsive spender will be a big problem when it comes to getting the important things in life. Whether it is a house, a new car or a vacation you want it will be very difficult if you can’t control your spending addiction.

Answer these questions truthfully:

1.) Does your mate or partner complain that you spend too much money?

2.) Are you surprised every month when your credit card bill comes at how often more you billed than you thought you had?

3.) Do you’ve more shoes and dresses in your wardrobe than you could ever possibly wear?

4.) Do you own all new gadget before it’s time to collect dust on a retailer’s shelf?

5.) Do you purchase things you didn’t know you required until you saw them on show in a store?

If you responded “yes” to any two of the above questions, you’re an impulse spender and indulge yourself in retail therapy.

This isn’t a good thing. It will prevent you from saving for the important things like a house, a new car, a holiday or retirement. You must set some financial goals and protest spending money on items that really don’t matter in the long run.

Impulse spending won’t only put a stress on your finances but your relationships, as well. To overcome the problem, the first thing to do is learn to differentiate your needs from your wants.

Advertisers blitz us hawking their products at us 24/7. The trick is to give yourself a cooling-off period before you purchase anything that you’ve not planned for.

When you go shopping, make a list and take only enough cash to pay for what you’ve planned to purchase. Forget your credit cards at home.

If you see something you think you really require, give yourself two weeks to decide if it’s actually something you require or something you may easily do without. By following this simple resolution, you’ll mend your financial fences and your relationships.

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December 09 2008 05:40 am | Personal Finance

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