All the ads seen on television are so
attractive. That is what product marketing does, it attracts you to want what you do not need. This dilemma feeds a spending
habit and can contribute to debt quickly if one is not careful about his or her
spending. Here are methods in regulating a spending frenzy and helps the buyer
spend only on needs and not the wants.
Resist it first: Many times the person will see an item
and buy it without thinking of the needs over wants. This is called impulse
buying and the shopper in not thinking of long-term as much as he or she is
thinking of an item as a have to own fad. Contemplate your last few purchases before jumping
into another. Ask yourself, “Do I really need this or is it just something I
want?” Walk away and think about whether you will regret spending the money or
where will it go after it loses the charm creating the want. Consider this time
as a cool off phase.
Avoid spending to alter your temper: Are you down? Do you need a pick-me-up?
Well, do not waste
your money on a purchase you will regret later when you are happier. Later,
this hasty purchase may cause another crash in one’s mood after realizing what
he or she has done. Ask a mature and supportive family member or friend, go
workout at the gym, or walk on the beach. A nice alone time with a camera may
be all one needs to get over a situation. This allows you to overcome the mood
that spurs on crazy spending.
Avoid recreational spending: Do not entertain yourself with a trip
to the mall or car dealership. Many people surf the web or see what is
available and that is all one needs to satisfy the hunger. Going to the mall
needs planning. This planning will ensure a successful visit without a costly
mistake. I like to make a list of essentials or create a plan of action before
visiting the stores. This is the best medicine for a recreational shopping
virus. One should take the time to figure out what he or she needs sometimes
that can be just as fun without the headache.
Be
selective with associations: Desires
are fueled by
friends and lifestyles. Do not try to keep up with the Joneses; just be the
influence that
others are attracted to. So you say to yourself, “I don’t want to be the
leader!” But the
moment one makes a decision, he or she is a leader. Largely because people look
at what you do and try to follow the same behavior. If you emphasis what you will
be smart within your spending, your friends, and family will follow your lead. This
is not a bad thing, so do not overspend to keep tempo with others, be selective
on what you buy, and others will follow the same path.
Use
credit only as an emergency: Cards are
to gain credit scores not for ignoring your spending habits. The consequence
for thoughtless credit card charging is spending more than one can repay
comfortably. This thoughtless act creates animosity among couples and can drive
a wedge between even the best of us. Only charge for emergencies, and only
spend what you can payoff within that month. This will increase your credit
without damaging your pocketbooks or your relationship. If you do spend for
fun, realize you are paying up to 25% over what you purchased that item for as
you are charged
interest over the initial cost. Ask yourself” Is it worth it if you
cannot afford the item in the first place?”
Recognize your financials: Knowing what you have to spend is
easier than spending too much and later realizing you made a mistake. Balance
your checkbook, but if this is too much to ask, make a point to round up your
purchase amounts and know what you have in the bank as a ballpark figure. This
will help in developing a record of purchases and leftover funds. Develop a list what you
need and what you
have in the bank to spend. If you get a manila folder or envelope, and write
your spending totals on the cover, it is easy to add up your spending as you
go. You also have the information on your spending in one area so you do not
have missing costs surprise you later. Again, ask a mature and trusted
individual for financial matters that you may not be familiar within your accounting.
There you have it; methods in
regulating a spending dilemma. This should help the buyer manage his or her
spending habits for the needs and not
the wants in the home. On another
note, if the individual does a good job, and he or she saves some money in the
process than by
all means buy that something special if you want, but only after a success as a
reward for a job well spent.
