This is something that happens to a good number of us. We see a nice bag or shoe lying by the window of the store, and because it’s so pretty, we can’t get our eyes of it and we attempted to buy it even when we don’t need it. A worst case scenario is when it is offered at a discount. We think we are lucky to be there at a time and if we do not get it, we may never get the opportunity anymore.
Rich and successful people, on the other hand, are planners. They are intentional about their money. They put thought into whatever item they plan to purchase. Do they need it? Is it necessary? These are a few questions they ask themselves before purchasing it.
Warren Buffett, an American businessman, investor, speaker and philanthropist once said, “If you buy things you don’t need, soon you will have to sell things you need.”
To avoid impulse purchases, consider Leslie Tayne, author of Life and Debt Advice. Tayne suggests using envelope system, bringing with you only a predetermined amount of money to spend at each store. This approach will help you stay on budget and curb any habits you might ordinarily have in impulse buying and overspending.