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7 Ways to Stop Impulse Buys
July 26, 2017 | Molly Culbertson; excerpted from Thrivent magazine
Avoid unplanned purchases & take control of your spending
An astonishing number of us spend impulsively – some 84% of Americans, according to a January 2016 creditcards.com poll.
More than half of the poll's respondents said they've spent $100 or more on an impulse buy. An additional 20% said they've spent at least $1,000 on impulse.
But learning to control impulse shopping is possible. It's a matter of thinking about what your money can do for you and aligning your spending with your values
7 simple strategies to curb impulsive spending
1. Create a monthly spending strategy.
Next, figure out how much you'll spend for housing, utilities, taxes, basic groceries and other fixed expenses. Out of what's left, plan to use some of it as "fun money" for however you want.
2. Put your fun money on a prepaid credit card.
"I sometimes suggest people have a couple of prepaid cards," says Jim Clouser, a Thrivent Financial representative outside Boston. "Put some money for eating out on one card, for example. Set up another card for clothes shopping."
3. Don't shop when you're sad or angry.
4. Don't shop with other people.
"You're more likely to buy a dress you hadn't planned to buy if you're with friends who tell you how great it looks on you," Velilla says.
5. Wait before you buy.
"Before you hit 'buy,' save your shopping cart, log out and go for a walk," Clouser says. "Many times, you'll decide you don't want to hit the 'buy' button after all."
6. Make a list.
7.Don't be fooled by sales.
That said, those clearance racks can be a good thing – when you're mindful about your shopping habits, you can wait for a sale to buy items you need.
Get help tracking your spending and building your savings with BalanceWorks™, a monthly money management system offered by Thrivent Federal Credit Union.
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Deposit and lending services are offered by Thrivent Federal Credit Union, a member-owned not-for-profit financial cooperative that is federally insured by the National Credit Union Administration and doing business in accordance with the Federal Fair Lending Laws. Must qualify for membership. Insurance, securities, investment advisory and trust and investment management accounts and services offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, or its affiliates are not deposits or obligations of Thrivent Federal Credit Union, are not guaranteed by Thrivent Federal Credit Union or any bank, are not insured by the NCUA, FDIC or any other federal government agency, and involve investment risk, including possible loss of the principal amount invested.