Come on now, we've all done it. Whether it was the black sweater that you "accidentally" bought when you were meant to be buying groceries, or that new CD that was marked with a big "buy me, I'm cheap" sticker, it's almost impossible to escape the excitement of an impulse buy - almost. Not only do adults fall into this trap but kids too, and that's why it's important when teaching money to kids to remember to talk to them about impulse buying.
Impulse purchases are all about that moment of instant gratification. When it comes down to it, they are often irrational and emotional purchases that we don't need, brought about by the excitement and hype of the shopping experience. Just the other day my sister was out shopping and came home with a leather jacket just because it was on sale! The funny thing was, she lives in the tropics where the temperature is hardly cool, never mind cold, so she wouldn't even have the opportunity to wear it very often! Sure, it's nice to buy yourself something special every now and again, but there are some simple tricks that you can employ to avoid spending your hard earned cash on items you may not really need or want. These are listed below:
Budget, Budget, Budget!
Now it may seem like this is my answer to everything, but it really is! If you have a budget, and you allocate yourself a spending amount for your shopping adventure - this will help you to really consider your purchases!
Make a list
Think about what it is you want to purchase before you hit the shops! This will keep you on track and help to avoid distractions like bargain tables and bins. I find it especially useful when grocery shopping, as this is a place where it is incredibly easy to make impulse purchases, particularly in the sweets isle.
Assess the options
If you do find yourself in a situation where you've been presented with an unexpected bargain, make sure you compare items for price and quality. Ask yourself the question "Can you get it somewhere else, cheaper perhaps?"
Above all, take the time to think about the purchase. If you have any doubts, then perhaps it's not a wise purchase. Consider sleeping on it, as it will always be there tomorrow.
A friend of mine does this regularly. If she finds herself thinking about it after a few days have passed, then she will go back to the shops and purchase the item. It's most likely also given her time to find the money in her budget!
Looking for more ways to teach your kids about money? Visit http://www.moneytoolkits.com and claim your FREE copy of moneySMART$ emagazine written by Nicole Clemow and the team at Money Toolkits. Nicole is an international author and speaker on the subject of teaching kids about money and how to make it.
By Nicole Clemow
Impulse purchases are all about that moment of instant gratification. When it comes down to it, they are often irrational and emotional purchases that we don't need, brought about by the excitement and hype of the shopping experience. Just the other day my sister was out shopping and came home with a leather jacket just because it was on sale! The funny thing was, she lives in the tropics where the temperature is hardly cool, never mind cold, so she wouldn't even have the opportunity to wear it very often! Sure, it's nice to buy yourself something special every now and again, but there are some simple tricks that you can employ to avoid spending your hard earned cash on items you may not really need or want. These are listed below:
Budget, Budget, Budget!
Now it may seem like this is my answer to everything, but it really is! If you have a budget, and you allocate yourself a spending amount for your shopping adventure - this will help you to really consider your purchases!
Make a list
Think about what it is you want to purchase before you hit the shops! This will keep you on track and help to avoid distractions like bargain tables and bins. I find it especially useful when grocery shopping, as this is a place where it is incredibly easy to make impulse purchases, particularly in the sweets isle.
Assess the options
If you do find yourself in a situation where you've been presented with an unexpected bargain, make sure you compare items for price and quality. Ask yourself the question "Can you get it somewhere else, cheaper perhaps?"
Above all, take the time to think about the purchase. If you have any doubts, then perhaps it's not a wise purchase. Consider sleeping on it, as it will always be there tomorrow.
A friend of mine does this regularly. If she finds herself thinking about it after a few days have passed, then she will go back to the shops and purchase the item. It's most likely also given her time to find the money in her budget!
Looking for more ways to teach your kids about money? Visit http://www.moneytoolkits.com and claim your FREE copy of moneySMART$ emagazine written by Nicole Clemow and the team at Money Toolkits. Nicole is an international author and speaker on the subject of teaching kids about money and how to make it.
By Nicole Clemow
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