Do you struggle with impulse-spending?

Posted in Blog
13/08/2019 Mduduzi Luthuli

Here’s a practical, step-by-step breakdown on how to kick the habit to the curb:

  1. Next time you feel the urge to buy something, write it down instead.
  2. Allow 3 days to elapse.

During this waiting period:

  • Consider whether or not you actually need it.
  • Calculate what else you could do with that money.
  • Explore if you already own something that could suffice.
  • Ask yourself if it’s something you could find used for a much cheaper price.

After 3 days, re-evaluate how you feel about the item. Do you still want it? Or has the desire faded?

Impulse spending is the result of buying something in the heat of the moment, before we’ve had a chance to fully consider the ramifications of the purchase.

By forcing yourself to wait 3 days before making a purchase, you’re putting some space in between desire and action. Consider it a cooling off period.

And if you still really want it after 3 days, it’ll still be there for you to buy. And if you do decide to buy it, it’ll be with full knowledge of the implications of your purchase.

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Any fool can know. The point is to understand - Albert Einstein