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When you earn money do you find yourself buying something you really don’t need on a whim? See if you are an impulse buyer below:

1.) Do you have credit card debt, for purchases you could have done without?

2.) Do you run out of money before you next paycheck?

3.) Do you have shoes in your closet, over 6 months old, that you have only worn once or twice?

4.) Do you own electronics you use infrequently?

5.) Do you buy things you didn’t know you wanted until you saw them on display in a store?

If you answered “yes” to any two of the above questions, you are an impulse spender. It would be wise to indulge yourself in retail therapy. This sounds like a joke, but impulse spending is a terrible habit, and can be hard to break. Many times we impulse spend, unfortunately, without knowing it.

Spending impulsively can prevent you from saving for the important things like a house, a new car, a vacation or retirement. You must set some financial goals and resist spending money on items that really don’t matter in the long run.

Spending your money unnecessarily could hurt your family also. The money will not be there when a family crisis arises, that you could help financially with. Remember, necessities always first, then savings, then luxuries (very sparingly).

Advertisers blitz us hawking their products at us 24/7. Again, one trick is to give yourself a cooling-off period before you buy anything that you have not planned for.

Becoming an all cash buyer could help you tremendously. We tend to spend less when we are spending cash. Become methodical with your spending. Account for every dollar. Once you have cultivated better habits for your spending, you can go back to using credit cards, if you want to. It takes at lease 30 days to change a habit.

If you see something you think you really need, give yourself two weeks to decide if it is really something you need or something you can easily do without. By following this simple solution, you will mend your financial fences and your relationships.

Tags: Money

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