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Delayed Gratification is Key to Taming Impulse Buying

Posted by : Premraj | Posted on : Tuesday, February 12, 2019

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80% of New Year resolutions are bound to fail by the start of February, according to the Business Insider. While avoiding the gym might seem like a big disappointment to you, perhaps the worst goal to ever break might be going against your budget. Sadly, with all the life pleasantries around, and the innate need to find pleasure in an immediate purchase, impulse buying might be the number one reason why people go above budget.

From buying a simple shoe to a new car, the initial satisfaction you gain is only but a silver lining to the dark cloud of financial turmoil that awaits you. Buying out of impulse, for most people, only results in them missing some bills or even struggling to make ends meet between paychecks. Luckily, practicing delayed gratification might just be what you need to tame your impulse buying tendency.

Here is how to fight against the urge to find happiness in purchases beyond your means:

The Psychology in Impulse Buying

Most impulse buyers have the urge to fit in with a particular social scene, which makes buying anything that will make them belong in a community that is way beyond their means, seem easy. Some might also be generally unhappy, and try to find their happiness in the items they purchase. In other cases, controlling their emotions might be tough.

They end up buying things without thinking about the consequences that the purchase will have on their budget, or even on their financial future. While loans such as payday loans are meant to help people get out of emergency situations, most will end up applying for them just to quench their thirst for luxurious items. Sadly, this will only mean that they will be spending cash that they haven’t yet earned on unnecessary purchases.

Such Purchases Might Not Add Any Value

The worst thing to ever happen to an impulse buyer is for them to have a high credit score. They might maximize their credit cards and even take out more loans to satisfy their thirst for social inclusivity. Sadly, they will rarely use the items that they purchase.

For instance, you might buy a designer coat only for it to remain in your closet for weeks. This means that most of the spent cash will have added no value to your life.

Marketers Make It Tough To Resist

The goal of marketers is to evoke your emotions to increase the chances of a purchase. That’s why you might have noticed an increase in the number of commercials that are too enticing to ignore. In fact, the intricate design details that are added to display windows, as well as product designs, all look to make them appealing enough for you as a consumer.

A simple approach such as using appealing colors might catch your eye. Additionally, building hype around a product by having influencers use them all makes it even tougher for impulse buyers to resist buying unbudgeted products. Others even use the approach of limited supply to spike up demand, but all this shouldn’t make you go against your budget.

Practice Delayed Gratification

If you feel that you must make a purchase that wasn’t included in your budget, wait. Calm your nerves for 24 hours before considering buying it. This waiting period can help you gauge whether the item will be beneficial or only lead to financial turmoil.

 

Also, you should try and find whether it would be better to save up for the item or simply taking out a loan is the better option, especially for items that have a limited supply. While delayed gratification might seem tough to achieve, the happiness that comes with waiting to make the decision is worth it. You can also have an accountability partner to help you gauge whether a purchase is worth your attention.

Conclusion

Financial stability should always come before finding happiness in unplanned purchases. Practicing restraint will help to stick to your budget, and avoid getting yourself involved in debt traps. Consider practicing delayed gratification to stick to your New Year budgetary resolutions and keep your finances on point.

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