Categories: General Tips
We’ve all been there: you’re at a big-box store or a thrift store, and something catches your eye. It’s a great deal. You throw it in your cart. Before you know it, you’ve somehow spent $100 when you just came in for laundry detergent and deodorant.
A 2018 survey showed that 5 in 6 Americans have made an impulse purchase; even more striking, another 2018 study showed that 80% of young people have made an impulse buy online. When are impulse buys a good idea and when are they a bad one?
How to Be a More Mindful Shopper
There are several different tricks employed to push people to buy on impulse. When shopping online, keep an eye out for the prompts that encourage you to put one more item in your cart to receive free shipping. Make sure you do the math to figure out if it’s actually worth doing so. And do you even need that additional item? Another way this comes up online is the prompt, “frequently bought together.” Just because someone bought that other item with the very same thing you’re getting doesn’t mean you need that item too. Think critically and carefully before hitting “add to cart.”
When It’s a Yea to Impulse Buy
In moderation, impulse buys aren’t particularly harmful. If on the rare occasion you see something online or in a store that really catches your eye, and you make a split-second decision to buy it, that’s totally fine–especially if it’s something unique or a treat for a special occasion. These items do add up over time, so you’ll want to keep an eye on your spending habits overall. If impulse buys become a recurring trend, you’ll want to examine why you keep feeling compelled to pull the trigger on these unexpected purchases.
When It’s a Nay to Impulse Buy
If you’re making a major purchase and end up buying on impulse, that can end poorly. Whether it’s a car or a laptop, larger purchases need to be carefully thought out, researched and planned for. When your impulse buy is that sizable, all kinds of problems can ensue. Perhaps you bought something that you end up regretting later because it didn’t have all the features you wanted. Maybe it turns out you couldn’t actually afford it, but you were so taken with it in the moment you had to have it. Avoid the urge to make big purchases on impulse. Resist!
For all impulse buys, big or small, ask yourself if you really, really need or want the item. For instance, do you truly need that nifty gadget to cut an avocado when you’ve been cutting them fine with a knife? Taking that extra time to consider your purchase will help you make the right choice, whatever it is.
Happy shopping (or not)! Having a checking account makes tracking your finances much easier.
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