10 Ways to Nip Impulsive Spending in the Bud

Many Americans shop compulsively, which is probably why so many of us are looking for ways to curb our spending urges. You might have seen people stick their credit card in the freezer or leave their wallet at home when they go to the mall, just to avoid giving into the temptation of buying.

The problem with these techniques is that they don’t tackle the root of your impulsive spending problem: the way you’re thinking about shopping. If you think your spending issue is a short-term one, you can use 24Cash for a loan until your finances balance out.

Here are ten better ways to stop impulsive spending. The sooner you start implementing these techniques, the more control you’ll exert over your finances.

1. Don’t Quit Cold Turkey

As with any addiction, impulsive shopping is difficult to stop. Many people try to simply cut out the habit by taking away their access to money or promising not to buy anything for the rest of the month. However, studies have shown that “cold turkey” methods rarely work out for addicts.

Instead, focus on weaning yourself off of impulsive spending. Start by only allowing yourself to buy one thing on every shopping trip. Then, cut it down to one thing per week. Eventually, you’ll get to the point where you feel more in control of your buying habits. 

2. Make Yourself Wait

Don’t tell yourself that you can’t have that dress you spotted or those headphones you suddenly NEED. Instead, tell yourself that you must wait three days before you make the purchase. You’ll find that your desperation to buy the item may weaken over the waiting period. If it doesn’t, then you’ll be less likely to regret your purchase if you go back for it.

3. Beware the Traps of Social Media

Facebook, Instagram, Twitter, and all of your other favorite apps aren’t trying to help you save money. If anything, they’re begging you to pour more money into your favorite stores. Between the regular pop up ads for sales and the influencers who advertise products, your social media feeds are encouraging your bad spending habits. Consider limiting your time on these apps to decrease your urge to buy.

4. Tell Others About Your Goal

If you love shopping with friends, let them know that you’re trying to cut down on your impulsive buying. Everyone needs an accountability partner when they start changing their habits, and this case is no different. Ask them to remind you about your goals whenever you’re tempted to throw something in your cart.

5. Remember That a Sales Isn’t an Excuse to Buy

Just because something is 40 percent off doesn’t mean it’s something worth buying. Don’t let big sale signs or Black Friday throw you off track. Sales are especially dangerous because they encourage people to buy impulsively rather than intelligently, so beware.

6. Make a Shopping List and Stick to It

Like I said in the first part of this list, going cold turkey probably won’t work. To cut down on your spending without actually halting all your shopping, make a selective list of things you’re allowed to buy during the next month. This can include anything from new boots to dinner plates, as long as the items are things you truly need.

7. Find Activities to Replace Your Spending

Many times, people wind up shopping because they’re feeling antsy or stressed. Instead of relying on retail therapy, find other hobbies that benefit your life. For instance, next time you feel the urge to shop online, go for a run or learn to cook a new meal.

8. Set Goals and Look Ahead

One way to learn to love saving is to work towards a big goal. Maybe you want to travel to Bali next year, or perhaps you want to save up for a nicer car. Every time you start to buy something online or in a store, ask yourself if you would rather put that money towards your goal. Often, the answer will be yes.

9. Ask Yourself Questions Before You Buy

There are three big questions you should ask yourself before you buy anything: (1) Do I need it? (2) Do I love it? (3) Is it a good price? If the item you’re considering doesn’t earn a “yes” to at least two of these three questions, then it’s probably not worth spending your money on.

10. Give Yourself One Splurge Day Every Now and Then

Instead of spending little bits of money here and there throughout the month (that eventually add up), give yourself one shopping budget and spend it all in one splurge day. This will allow you to cleanse your mind of shopping urges, but you’ll also still be in control of how much you’re spending on non-necessities.

Learning to shop purposefully, rather than impulsively, is difficult for most American consumers. However, doing so will radically change the way you view money and your lifestyle in general. Start today so that you can have a more meaningful, financially-stable future.

5 Shopping Rules We Should All Live By

In America, shopping isn’t just a hobby; it’s a way of life. Many people maneuver their schedules around attending sales, organizing their many purchases, and browsing for their next must-have item.

This mentality around shopping is partially what led The United States to be the number one largest consumer market in the world. Although that’s not entirely a bad thing, it has contributed to the mounting credit card debt held by many families and individuals.

If you’re hoping to get your shopping under control so that you can become more financially responsible, here are five shopping rules you should always abide by.

1. Buy What You Actually Need

People who love shopping are excellent at convincing themselves that they need that new purchase they’re eyeing. However, more often than not, we don’t really need that new pair of black boots or an updated version of our favorite device. What we mean by “need” is that we really want the item.

The sooner you learn to differentiate between need and want, the better off your bank account will be. Plus, you’ll fill your house with fewer impulse purchases and more important items.

2. Learn to Tell When Something Is Truly a Good Price

Just because a product is discounted doesn’t mean it’s actually a great price. Sometimes, stores will even markup their prices significantly so that their sales seem more impressive than they really are Before you label any purchase as a great deal, pull out your cell phone and see if the prices online reflect that belief. In today’s day and age, you can often find a better price on Amazon or even eBay.

Additionally, don’t assume that buying something just because it’s discounted is smart. If you don’t really need or love the item, then it doesn’t matter how steep the discount is; it probably isn’t worth it.

3. Consider How Often You’ll Use the Purchase

You know you love that designer shirt on the hanger, but how often will you really wear something that fancy? Learning to recognize items that won’t be worth their price is a huge part of becoming a smart shopper. Personally, I like to equate prices with the potential number of uses to determine worth, especially when it comes to clothing. For instance, if I won’t wear a $30 shirt at least 30 times, then I put it back on the rack.

4. Distinguish Between Purposeful and Impulsive Shopping

Because so many of us view shopping as a hobby, the line between shopping for fun and for a reason often becomes blurred. You need to learn to recognize the signs of impulsive shopping in yourself. The more you spend without purpose, the more you’ll want to spend tomorrow and the day after. Think about your purchases carefully and avoid indulging just because you can.

5. Splurge on Things You Love, But Only Rarely

One thing people might be surprised to hear me say is that splurging is a good thing, but only on rare occasions. For example: I think that purchasing a $150 pair of sunglasses that will protect your eyes for many years is a better choice than spending $10 on three different pairs of cheap sunglasses. You might not agree, but the important thing is to recognize when you think splurging is worthwhile and when it isn’t. You can only splurge every few months or so, so make those expensive purchases count.

In today’s world of high-spending and countless shopping options, it’s easy to get swept up in a consumer-driven world. By following these five simple (but effective) shopping rules, you’ll shop more purposefully and prevent yourself from needlessly spending money. I’ve been following them for years, and they’ve made a world of difference in my financial and mental health.

5 Penny Stocks to Watch in 2019

To earn money trading penny stocks, you must make smart decisions about which companies to invest in. The goal is to maximize your profits while minimizing your risk. This means looking for companies that are profitable and have strong business plans. With this in mind, here are five penny stock to watch in 2019.

Entravision Communications Co. (NYSE: EVC)

This California-based media company targets Hispanic audiences in the United States. It currently owns nearly 60 Spanish-language television stations and 48 radio stations in major Hispanic markets. The company strategically broadcasts in some of the fastest-growing Spanish regions, such as in California and Texas.

Why should you care? Entravision caters to a Latino population in the U.S. that’s growing rapidly. Currently, the Hispanic population in this country is 58.9 million, and it’s projected to reach 111 million by 2060. You can only expect Entravision to experience similar growth as its audience expands.

Container Store Group Inc. (NYSE: TCS)

The Container Store Group sells storage and organization products both in retail and online. Its retail side has expanded rapidly in the past couple of years, launching 80 new stores in the United States. This has helped the company experience 277 percent net income and 7 percent revenue growth during that time. The Container Store Group is making other smart financial moves, as well, such as paying off its debt. If you’re looking for penny stocks in a company that makes sound business decisions, look no further.

RiceBran Technologies (NYSE: RIBT) 

This small food-processing company develops and brings to market products made of rice bran for both human and animal consumption. As a global leader in rice-bran-derived products, it has reported consistent revenue gains. The company is also continuing to expand, having recently announced the purchase of Golden Ridge Rice Mills‘ facility in Arkansas, which is expected to add $20 million in sales. RiceBran Technologies has also bolstered its sales and certification team.

Central European Media Enterprises Ltd. (NYSE: CETV)

Image via Flickr by Katherine Ridgley

This media and entertainment company in Central and Eastern Europe broadcasts to an audience of 40 million via 29 television stations. Warner Media bought into it in 2009 and has continued to increase its ownership percentage over the years — a good sign to potential investors. In the last four years alone, Central European Media Enterprises’ income has increased by 121 percent and shows no indications of slowing. Meanwhile, the company is working to reduce its debt

CorMedix Inc. (NYSE: CRMD)

This biotech company develops and brings to market pharmaceutical products and medical devices. It has several new products in development that could continue to boost its growth. One that investors should be excited about is Neutrolin, a medical device designed to prevent catheter-related bloodstream infections. The device is currently undergoing clinical trials for FDA approval. If this product makes it to market, stock values could rise significantly. Furthermore, the company currently has no debt.

If you’re looking for exciting penny stocks that have more potential upside than down, keep an eye on these five as they continue to experience growth and development.

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