Pinoy Tech

Impulsive buying is the reason why many people are getting into debt. Impulsive buying happens when you buy stuff without thinking much about it. This is what advertising is all about.In this modern age, we see advertisements, promos and almost all imaginative ways to get you to bring out your credit card and buy something not really important. Most of the times we are being tricked by these marketing strategies that we are saving money by creating 50% off sales. Most buy stuff because of marketing strategies telling them that their life would be much easier with this product. It programs the subconscious stimulus to respond to buy something that wasn’t really thought up well.

I only have 2 credit cards and they don’t even have a high credit limit. More like 10,000 pesos each. The problem is I cannot stop impulse buying. I am a web programmer and its natural that I like domains, softwares and books on programming. I buy it thinking that I will use it and turns out that I don’t even need it after a day or two. What a waste. I almost always use up my credit limit as soon as I paid for it. The effect? I run out of cash to pay for it and have carried balances for 2-3 months and have been paying heavily in interests.

Right now, I am on my way to stopping my habit of buying stuff without thinking much about it. I have a list of ways to limit impulsive buying and living debt free.

1. Don’t take your credit cards with you. Credit cards are useful to some degree because they facilitate the rapid exchange of money for goods and services and is a means for buying and selling goods and services via the internet. Having a credit card is the easiest way to get into debt if you are not responsible enough and avoid impulsive buying.If you don’t have a credit card with you and you’re tempted to buy impulsively, you can thank me for telling you to leave your credit card at home.
2. Avoidance. Impulsive buying is created by a stimulus then by a thought a then you react to it. How can you stop this pattern? An example is when I am at a mall I buy a whole bunch of clothes, toys and fastfood. One way to break this habit is to avoid going to the mall. There is no stimulus. This prevents the thought of buying from happening.Avoiding places wherein you know that you will spend money if you go there. Don’t go to the mall if you know you will be tempted to buy some stuff that you really don’t need.
3. Create a waiting period. A waiting period is the time wherein you think about the importance of a product or service and you should buy or avail of it. A day is enough to think about it. An example is buy a new cellphone or gadget. If you intend to buy the phone or gadget you need to weigh the importance of having it.If you really think that it’s important and is a must in your life, then go and buy it.
4. Create a grocery list and stick to it. It’s often the little things we buy in the grocery costs a few bucks that make holes in our pockets. We would be surprised why its so hard to stick to our budget. This list would contain everything you need to buy when you go to the grocery. Do not buy anything that’s not on the list. Focus on the items on the list and look less on the attractive and tempting packaging of some products in the supermarket.You’d be surprised how only few important items will find their way to your basket.
5. Remind yourself of your financial goal. For example you are online and happily enjoying reading some informative stuff. Suddenly you find yourself looking at an advertisement that makes you want to buy. You need an outside stimulus that will lead you out of that temptation. A simple change in wallpaper reminding you of your financial goal will be enough to create some external stimulus to save rather than spend.

I am eager to know more about breaking the pattern of impulsive buying.