Stop Impulse Buying: 3 Questions to Ask Yourself Before Making That Big Purchase

Nothing blows your salary and ultimately your savings faster than an impulse buy. But if you want that 4K TV, why not go for it now? We will all have to move to 4K eventually, right? (Note how we can rationalise the purchase?)

Two problems: 

Can you actually afford it? 

And will it be worth the spend?

I read an article on the best mind trick to use to make sure you don't waste your hard-earned cash and added two more. So when you want to get your wallet out and make that big impulse purchase, all you have to do is ask yourself these three questions.

In the Future, WILL You Still Want It?

Before you make that purchase, wait one week for every £100 the product costs. So if you start obsessing over the need for a £200 pair of headphones, give yourself 2 weeks to see if the compulsion remains. Yes, it takes some willpower, but if a great discount appears in the meantime, you can choose to scrap the cooling-off period and justify the purchase with the savings.

Can You Afford Two?

Ready to splurge on an expensive item? Ask yourself if you could handle buying two. If the idea of taking double the amount out of your bank account — or putting it on credit — gives you heart palpitations, put on the brakes. Chances are, the actual amount is enough to cause you some financial stress, if not immediately, then sometime in the near future. (Like when your car needs repairs.) And who needs more of that?

Is It Worth the Work?

Calculate your hourly rate by dividing your annual income by 2000. Keep this figure in mind. When you come across something you want, ask yourself if it’s worth that number of work hours. Knowing that it would take you 40 hours at your job to pay for a new watch helps put the purchase in perspective. And this is especially true if your bank account isn’t growing a little each month, since it’s the equivalent of not getting paid for one week out of the month. 

I hope this helps you be outstanding and have more money than month..

One more thing before you go......I would like you to do one important thing for me - spread the word about this article.

That is all - 

David

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