We’ve all made impulsive purchases before! Impulsive buying is purchasing something that you have not planned to buy before that moment—it can be as small as a pack of gum in the grocery store checkout or as big as a new car when you were “just looking.”
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Check out our other episode Ways to Avoid Impulse Purchasing
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We’ve all made impulsive purchases before! Impulsive buying is purchasing something that you have not planned to buy before that moment—it can be as small as a pack of gum in the grocery store checkout or as big as a new car when you were “just looking.”
Links:
- Check out our other episode Ways to Avoid Impulse Purchasing
- Follow our Facebook, Instagram and Twitter pages!
- Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
During the holiday season, one in three purchases are made on impulse and we admit that buying something impulsively can be exciting in the moment, but it’s the buyer’s remorse that catches up with us after the fact.
Picture this: you’re starting your holiday shopping at the mall and on your way to the specific store when you pass a kiosk that has recently been set up for the holiday season. You stop for a minute to glance at the different items displayed before you. The items are not something you’ve seen before but the price tag is much higher than you want to spend.
The shop owner sees that you are considering buying something but senses your hesitation. They offer you a discount that seems too good to pass up! What do you do?
You may be urged to make a purchase but the smart thing to do is take a lap!
If you’re tempted to make a big purchase without any prior planning, it’s important to take a lap around the store or the mall to think about it before making a big commitment.
Walking away from the high-pressure situation allows you to clear your head and gain a new perspective. You can take some time to think about the practicality of the item and consider if buying it now is beneficial overall. It also gives you the chance to check online to see if you can purchase elsewhere at a lower price.
If you’ve had a chance to weigh the pros and cons of purchasing the item and you still want it, you can buy it when you’ve completed your lap!
There are other ways to stop yourself from impulse buying both online and in-store.
Do your research beforehand to figure out the cost of the item you intend to purchase. Once you know the price, only bring that amount of money in cash to the store with you. Not having extra cash or another form of payment limits you on what you can buy, which saves you from making impulse purchases.
Another way to stop impulse purchases online is to unsubscribe from store emails. Stores will constantly send out coupons or let you know when they are having sales. We’ve all been there. You’re checking your emails and you see an email subject line that reads, “TODAY ONLY! All sweaters as low as $5!”
Many of us would be enticed to visit the website to buy because it seems too good to be true, but if it’s not something you were planning on purchasing, it’s an impulse buy.
These tips are helpful to remember all year round, but especially during the holiday season! In-store window displays become flashier to entice consumers to buy more and retail stores send out more emails with sales and discount codes.
Remember to clear your head, remove yourself from the high-pressure situation and give yourself a day before making purchases.
If you have any comments or ideas for additional tips, please email us at tcupodcast@TriangleCU.org. Be sure to follow the Making Money Personal podcast page on Facebook and Instagram for more great content.
Thank you to our sponsor, Triangle Credit Union, and to you for tuning in!
Have a great day!
