Quick Spending Tricks — How to Stop Impulse Shopping
Trick 1: When you see something you want, determine if it is a “need” or a “want.”
A need is something that you have to have in order to survive. What some people say they “need” comes as a huge surprise to others. Your view of a need might be fundamental, like housing and food. Another person’s “needs” may include housing, food… and coffee. Determine your actual “needs” and when you consider a purchase, evaluate if you truly need it or if it would be better to put the money you’ll save towards your investments.
And if you would have used money that is already earmarked for another item on your spending plan, do not spend that money! Never rob Peter to pay Paul — Peter will eventually want his money. This method is very similar to the envelope budgeting system if you’re trying to save money.
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Trick 2: Calculate how many hours you have to work to pay for the proposed purchase.
A bank teller mentioned she really liked having a cafe mocha every morning. After determining she would have to work 25 minutes (after…
