Our habits can get the best of us and affect our spending intentions. As we end the first month of the year, we’re sharing with you some ways to interrupt those impulse spending habits and tips to get to know ourselves better on why we circle back to them.
- Naps. It’s the most wonderful time of the day. Before I became pregnant I did not know how to nap, now my body involuntarily gets up out of my chair and lays itself down for a nap. Surely there are health benefits to naps, I have to tell myself that to justify the number of them I am taking right now. You know what doesn’t nap at inconvenient times of the day? CIT Bank’s Savings Connect account. It’s a HYSA that’s currently offering 3.6% APY. That means you can earn money, while you sleep through an important meeting. Whether you’re a napper by choice or by children, head to frugalfriendspodcast.com/CIT to get what we think is the best HYSA out there right now. You may want to start an emergency fund there should you lose your job due to excessive napping.
Infographic from Illinois Lending
This infographic from Illinois Lending gives a snapshot of some helpful statistics related to the psychology of impulse spending such as what we usually purchase, why we impulse buy and a whole lot more.
What Jen + Jill have to say:
Jill loves how the infographic highlights our thoughts and feelings that come before action. However, it is worth noting that the word “shopping addiction” can be easily thrown around a lot when it’s not a diagnosable behavioral concern. While compulsive shopping can lead to negative things and adverse consequences, we can’t actually diagnose shopping addiction. Jill also shared how she agrees about clothing and items on sale being two of the most common purchases she makes when impulse buying.
For Jen, she is a die-hard credit card user (of course, she has practiced enough frugality wherein she can use her credit card with confidence) but cash can really help us to tighten the urge to buy out of impulse and make us be more in tune on why we’re purchasing. Credit Card Debt is notorious for being the only thing that all financial professionals can agree on. Some people love debt, and some hate it but everybody hates credit card debt, so make sure that it should be the first debt that goes away on your list.
How to Stop Impulse Buying: 9 Tips to Curb Your Spending
Sticking to the article’s website name, Develop Good Habits shares 9 tips to curb our spending, stop our impulse buying, and interrupt those patterns.
What Jen + Jill have to say:
These tips sound achievable but can be hard to commit to. Jill advises creating a 30-day wait list as this helps us slow down to purchase immediately. There is a Google Chrome Extension named ‘icebox’ that creates a waiting list and even replaces your “Buy Now” button on shopping sites. Also, you should find free ways to reward yourself instead of relying on impulse buying. Be mindful of your impulse spending habits.
As for Jen, she knows that she gets distracted easily so she MUST have a list when shopping but be careful! Remember to avoid going to shopping areas as you might find yourself taking detours. Stick to your shopping list!
Our last impulse buy
Jill’s husband, Eric is quite obsessed with scrolling through the posts on Facebook Marketplace and he recently found a stunning spiral staircase which Jill couldn’t resist but to agree on buying when it wasn’t a part of their plan to have one. Just like Jen who planned a last minute getaway trip to St. Augustine, Florida as she missed traveling.
Bill of The Week
Thank you, Romi for sharing your bill about your laundry room renovation bill and doing the repairs yourself and saving bills!
Thanks so Much for Listening!
Thanks so much for listening! Many of you know we have a private community where we do monthly money challenges and offer accountability groups. We want to congratulate one of our members for a big win:
Congrats! Thanks for listening and if you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
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