Oh, the impulse to buy \u2014 so hard to resist.\u00a0 And apparently the majority of us don\u2019t.\u00a0 According to a recent Bank of Montreal survey, 59 per cent of people admitted to impulse shopping, done mostly to cheer themselves up.\u00a0 \u00a0If you frequently make unplanned purchases and want to break the cycle, read on for some tips to gain control of your spending:<\/p>\n
DO \u2014 <\/strong>Leave the dough at home.\u00a0 Credit and debit cards can stay at home if you\u2019re out and about \u2014 they\u2019ll be fine without you.\u00a0 Carrying a limited amount of money will make it a lot harder to spend.\u00a0 If you find that even on an afternoon stroll you burn through the cash in your pocket (quick trip for an unnecessary coffee, grabbing an extra magazine, etc.), then start leaving your cash at home too.<\/p>\n DON\u2019T \u2014 <\/strong>Be pressured by a sale.\u00a0 Just because an item is on sale doesn\u2019t mean you have<\/em> to have it right then and there, even if it\u2019s something you use.\u00a0 If you\u2019re unsure then walk away and give it 24 hours.<\/p>\n DO \u2014 <\/strong>Make shopping lists and stick to them.\u00a0 Simple, right?\u00a0 If you frequently shop without a list try using one and see how much less you bring home.<\/p>\n DON\u2019T<\/strong>\u2014 Buy to make yourself feel better.\u00a0 This one often lands people in a vicious cycle.\u00a0 The initial pick-me-up is usually replaced by guilt when you realize that you didn\u2019t need or couldn\u2019t afford the purchase.<\/p>\n DO \u2014 <\/strong>Focus on needs instead of wants.\u00a0 It can be difficult to stick to your guns when you see things you want that everyone else seems to have.\u00a0 To break the cycle of emotional spending, keep your eye on the prize, and your budget.<\/p>\n DON\u2019T \u2014 <\/strong>Get sucked in by store credit cards.\u00a0 Yes, you may get an initial discount on your purchases but you\u2019ll likely buy more than you intended.\u00a0 And store cards often carry a very high interest rate so you\u2019ll be paying more for your items for longer.<\/p>\n DO \u2014 <\/strong>Take a closer look.\u00a0 Try to pinpoint where the desire to shop is coming from.\u00a0 Is it something you do when you\u2019re feeling sad or when you\u2019re rewarding yourself?\u00a0 If you can find the source and address it, you\u2019ll have an easier time adjusting your routine.<\/p>\n DON\u2019T \u2014 <\/strong>Be afraid to ask for help.\u00a0 If you\u2019re really struggling, confide in trusted friends or family members. \u00a0See if you can\u2019t buddy-up to help keep on track when you\u2019re out making planned purchases, like grocery shopping.\u00a0 If past overspending has now overextended your credit to the point that you\u2019re unable to meet your obligations, speak to a financial advisor or licensed trustee.<\/p>\n We\u2019re shelling out an annual average of $3,720 on impulse buying that could be put to better, guilt-free use.\u00a0 With Canadians\u2019 savings at a worrying low and debt-to-income ratio at an all-time high, kicking the impulse shopping habit is definitely a step in the right direction.\u00a0 We work hard for our money, after all!<\/p>\n If you would like to speak with one of our licensed trustees regarding your debt resolution options please contact us<\/a> for a free, confidential consultation<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Oh, the impulse to buy \u2014 so hard to resist.\u00a0 And apparently the majority of us don\u2019t.\u00a0 According to a recent Bank of Montreal survey, 59 per cent of people admitted to impulse shopping, done mostly to cheer themselves up.\u00a0 \u00a0If you frequently make unplanned purchases and want to break the cycle, read on for […]<\/p>\n","protected":false},"author":8,"featured_media":6422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[261],"tags":[38,39,44,37,70,77,78,35],"class_list":["post-2868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-free-living","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-budgeting","tag-consumer-proposals","tag-financial-stress","tag-impulse-buy","tag-overspending","tag-sands-associates"],"acf":[],"yoast_head":"\n