It’s easy enough to take out your wallet when you see something you want. Even if you don’t have the cash for it right now, your credit card can help you bring that ever-important item home. You’ll go home happy with that shiny new object — until you find yet another item that you must absolutely own. There’s no problem when the purchases are not that expensive. But if you always give in to the temptation to buy name-brand items, you may be in a financial bind before you know it.
To manage your expenses wisely, delay that purchase by a day at least. Here’s why:
You Recognize Your Impulse Buys
When you’re home in downtown Vancouver and forget to buy ingredients to whip something up for dinner, one of the logical solutions is to go for pizza delivery. It doesn’t cost much, and you need it for sustenance at that moment. It’s a justifiable cost, unlike that longing to get a new phone when you have a perfectly functional one in the first place. This is an impulse buy, and you feel like you must have that new phone to be happy. You start to justify it by going through the list of problems that you have with your old phone — even if these problems are nonessential.
If you buy that phone right now, you won’t have a chance to think the purchase through. If you tell yourself you’ll buy it tomorrow, the impulse will die down unless you have real problems with your old phone that will justify the new sale.
You Find the Best Deal
Impulse buys are rarely accompanied by logic. You may think that you’re getting a good deal because of those big markdown signs, but they’re a strategic way of making you buy more. For instance, you may buy two items if there’s a BOGO deal, not knowing that each one is priced more expensively than their regular price. You’re not only buying one item that is more expensive, but you’re also buying another one that you don’t even need all because they’re “on sale.”
Wait it out by a day, and you might miss the limited-time deal. But you can also look elsewhere for the same or better deals. You’ll have several shops to compare prices from, especially if you go online. Then, you can make a more informed decision.
You Buy What You Really Need
Money is hard to hold on to when you’re easily tempted to buy anything advertised to you on social media. Sometimes, even clothes that are not in line with your style or personality become irresistible just because you have seen your favorite stars wearing them. Even when it comes to food, the more people talk about a dish or a restaurant, the more people will be tempted to try it. With food, however, you won’t have a problem with the size or the fit. You’re getting your money’s worth if you eat it and it tastes good. When it comes to clothes, especially if they’re expensive, the cost of regret is big if they stay in your closet unused.
By delaying the purchase, you can look at outfits that use that particular item. See if your closet already has everything you need to accessorize it. This helps you see if you’ll be spending more just to have a new outfit.
Everywhere you look, there’s something being sold to you. But that doesn’t mean that you have to buy them right now. Be critical with your purchases to avoid impulse ones.