[1:40] We’ve all had the moment when you see something you like, you want it and next thing you know your credit card is in your hand.
- Katie hasn’t done any massive impulse purchases but it’s super easy to just get something in your hand and be ready to pay for it.
- Impulse purchases are actually a very common thing, it can be expensive items.
- One of the biggest items is your personality – are you materialistic
- It literally becomes a habit and people start to expect you to have the latest stuff
- Be careful about the company you keep
[4:55] This is exceptionally relevant for people trying to get out of debt.
- Forming a habit, it starts compounding and adds up so quickly.
- 3 or 4 days later you’ve forgotten about your purchase and you end up spending more
[6:21] So what are some of the best things you can do to control your impulse purchases?
- Be mindful of the company you keep – find someone that is trying to accomplish something with money
- It’s easy to feel lonely when you’re trying to pay off debt
- To combat impulse purchasing, create a waiting list – set a number of days, e.g. 30. You can’t buy the item if you have to wait.
- Seeing the fine line between the value of something given the benefit
- Avoid using your credit cards
- Always remember what your goals are
- Start avoiding stores 🙂