Is your wardrobe overflowing? And do you regret after purchasing unnecessary stuff? If yes, then you are doing ‘Impulse Purchasing’. It is a type of unplanned purchasing or buying that you were not planned for.
“According to the survey, more than 78% of British adults have surrendered to impulsive online shopping and unnecessary purchasing. And it affects their money life too. It was found that each person spends roughly £32 per session”
The above data shows that impulse purchasing is a serious issue in the UK’s households.
Impulse spending is not a mistake but if you analyse the situation you will find that you bought something that was not your need. Doing this multiple times no doubt affects your finance. You may fail to meet the needs of the end and could not able to save money for an unexpected scenario like a medical emergency.
Managing finance with unnecessary purchasing becomes a knotty task. Sometimes people turn this into a habit and face a long term problem. However, with a constant source of income, managing this can be possible to some extent. But for jobless people, this habit can ruin their money and personal life.
You can manage the surprising cost with some external money methods such as:
- Friends or relatives: If the required amount is not large, then you can choose this way to get a quick solution. But if not, then go for the second one.
- Showing reliance on borrowing: It may be a perfect choice if you need large money instantly. You can approach direct lenders like British-lenders.uk in the UK and can apply for unemployed loans. You may follow the traditional ones but you may have to wait for the approval because of lengthy documentation.
You can go with any method as per your requirement. But you have to control over the impulse purchasing. You can get rid of it with ‘1-Month Method’
1-Month Method
It is a unique technique that helps most of the people to stay away from impulse purchasing. It includes 4 points that you have to follow.
Here, you have to take care of one thing, i.e. it is applicable only for large or expensive purchasing.
- Control the urge to overindulge
- Use pen and paper
- Stick the note somewhere
- Think thousands of times
Let’s understand each point profoundly…
Control the urge to overindulge
Whenever you feel to buy something that you were not planned for, and then resist yourself. It can be difficult to control the urge because it lures your eyes. It could be anything like a car, clothes or any gadget. But you have to gain control over your desires, it triggers for a short time.
Once you cut yourself from it and leave the store, then move to the second step.
Use Pen and paper
If you think that it was a necessary buying, then use the pen and note down the shop’s name and product. You can use the mobile application too. It will hardly take a few minutes but just do it.
Stick THE NOTE SOMEWHERE
The note you have made during the second step now published it on your notepad. Or you can stick that your refrigerator or somewhere you visit quite often.
In this way, it will remind you that you are planning to make a big purchasing.
Think thousand times
It is the most important step that provided this method with the name “1-Month Method’. In this period, you have to think that the purchases are necessary or not. It cannot be possible that you take the decision within a day, it can ask for a months.
If you do it, then you may or may not be facing some financial trouble in future. It would be great if you take the time to make this decision. Give at least one month and if you find that it is necessary, then goes for.
These are the four steps that merge and form a one-month technique. There are a few more small things that you should follow such as:
- Consider your family opinions: Making a big financial decision like buying home or car can affect you as well as your family. So, they have equal rights too to become a part of the decision making.
- Do not go for any debts: If you think purchasing is necessary, then check that is your financial bone is strong or not? It should not happen that you took a large borrowing amount and could not able to repay it on time.
These are the essential small points if you ignore them, then they may ruin the decision process. Now, follow each step carefully and consider your other financial aspects too. Make sure this method helps you to make the best purchasing pronouncement.