Chain of Wealth

E171 – How To Manage Impulse Purchases

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[2:9] 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

[5:24] 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 

[6:50] 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 🙂

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Chain of Wealth

Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 500,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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