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Impulse purchases—the urge to splurge on items you might not really need—can subtly drain your finances, particularly in challenging economic times. With ongoing discussions surrounding a potential recession, it’s wise to become more conscious of your expenditures.
While it may feel restrictive to avoid spontaneous spending, it doesn’t have to be viewed as a burden. You don’t have to completely refrain from unplanned retail indulgences; in moderation, they can even trigger the release of feel-good hormones like dopamine, as noted by Lindsay Bryan-Podvin, LMSW, CFT, a certified financial therapist and author of The Financial Anxiety Solution. However, recurring impulsive shopping that negatively impacts your financial commitments or serves as a coping mechanism needs addressing.
Instead of viewing the delay before a purchase as a deprivation, consider it an opportunity to direct your funds toward lasting value. Whether you’re building savings for unexpected events, covering essential expenses more comfortably, or treating yourself to something genuinely enjoyable, this approach could enhance your financial health.
Impulse spending tends to be unplanned and driven by emotions, making it easy to give in quickly. To counter that instinct, employing expert-recommended financial strategies can assist in managing those last-minute urges. These methods provide clarity on whether a purchase is truly desirable or a future regret waiting to happen.
1. Delay Your Decision: Wait 24 Hours or Even a Week
In moments of boredom, stress, or excitement from an unexpected sale, seemingly trivial items can quickly feel indispensable. Traci Williams, PsyD, CFT, a clinical psychologist and certified financial therapist, explains that impulse buying often occurs with little forethought. “You may snap up an item only to later realize it was not worth the cost or that you didn’t really want it in the first place,” she shares. Therefore, waiting a minimum of 24 hours before completing any purchase is a widely supported recommendation from professionals.
Another effective tactic is compiling a “wish list” of items that pique your interest. This could include an attractive new kitchen appliance or a unique musical instrument. After a week or during a sale event, revisit this list to evaluate which items still captivate you versus those that have lost their appeal.
Both strategies allow the initial excitement to dissipate with time, often leading you to make more rational choices. “That interval can significantly differentiate between a rash decision and a well-considered one,” Dr. Williams notes. But what does a well-informed purchase entail?
2. Assess Your Choices with the TAPER Framework
According to Megan McCoy, PhD, LMFT, CFT, an assistant professor in personal financial planning at Kansas State University, several straightforward questions can help clarify whether your latest impulse is genuinely worthwhile. When faced with the strong urge to buy, consider evaluating your decision using the following criteria:
Source
www.self.com