Money Saving Wednesday…Avoid Impulse Buying

Have you ever purchased something you didn’t intend to buy and didn’t really need? Impulse buying can destroy a family’s budget and leave you with stuff that will just get sold at the next garage sale. Ever send a family member to the store for just a gallon of milk and $25.00 later they return home? It’s time for a family intervention.Now is the time to help your children learn the skills necessary to avoid debt later, and a refresher course for the adults is not a bad idea either.

1. Keep a list of items you need to purchase. Notice I said NEED. If you are making Christmas presents you may need ribbon. If it is on sale and you don’t have a current project it is a want not a need. Review the list before going to the store and stick to it. If you are sending a child or spouse do not send them with a credit card or blank check. Tell them if they choose to purchase anything not on the list it comes out of their pocket and not your budget.

2. Avoid catalogs both the snail mail and Internet variety. Just don’t look. There are always sales and specials to entice you so when you really need something there will be a sale or special offer.

3. Shop on line. Now, I know I just said to avoid catalogs on line but when you NEED something, and you know you have little self control, shop on line. Look over your purchases and then walk away. Do something else for at least a few hours, 24 hours is better, and then go back and review your purchase. If you still think you NEED the items go for it.

4. Pay cash. Establish a budget and take that amount of cash with you to the store. Leave the credit and debit cards at home. This is so important to show your children. I’m sure we have all had kids tell us to “just use your credit card” or “just write a check”.

5. Take money in large denomination bills or all one dollar bills. If you have no idea how much an items is or you have several items to purchase for gifts and don’t know what you are going to find, then take large denomination bills with you. I like $50.00 bills. I have such a hard time breaking one. A twenty, no problem. If this trick doesn’t work for you take all $1.00 bills. As you count out twenty it may just help you understand just how much you are really handing over.

6. Give yourself a time limit for how long you can spend at the store. The longer you spend the more goes in the basket.

7. If you are shopping for a gift check out gift registries online before you go to the store. Now you are prepared to go directly to that items and get out.

8. Never purchase items placed next to the checkout stand. If you really need a magazine or a pack of gum place it in your cart as you enter the store, do your shopping, and when you check out you don’t need to look at the racks near the counter only to be tempted by a candy bar or fun pen.

9. Remember everything goes on sale. If there is something you want and it goes on sale note the sale price and start saving. That items will go on sale again and when it does you will have the cash to purchase it.

Taking time to carefully consider a purchase can save lots of money and leave you feeling good and not frustrated because bills, that really need to be paid, can’t be. Remember a penny saved really is a penny earned.

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One Response to “Money Saving Wednesday…Avoid Impulse Buying”

1. J Smallwood says:

   May 22, 2010 at 2:01 am

   I listened to your comments on the Doctor Prepper Blog Talk and was interested in learning more. My first time to your site and curious with all the info. Please enter me in the free two year subscription drawing on the 26th. Thank You JSmallwood