If you don’t need it, don’t buy it

October 3, 2013 | Filed under: Personal Finance | Posted by: ODINAKA MBONU

The tendency to spend (buy) is in-born in every human being especially if the resources are available at that time, however, the reason to always buy should be guided by needs and not wants.

Evidently, most people face the tedious task of deciding when to buy or not to buy. Obviously, this challenge is further pronounced when retailers tempt buyers with price slash on some items such as beverages, magazines, groceries and clothing.

A check on impulse buying will not only save you a good chunk of money by the end of the month or year, but it will also give you a satisfaction of effective cash management, experts say.

The first step towards unnecessary buying is self control. You must exhibit a great deal of self discipline towards shopping, this involves taking your credit cards out of your wallet unless you are shopping for a specific item you have already decided on.

 For online shoppers, it’s even much more difficult reducing impulse buying because unlike a shopping mall where you have some time to decide against buying a particular item, online you are only a click away from purchasing an item so it is advisable you use some online tools such as turning off one-click ordering on Amazon and the likes.

Having a budget or a plan and sticking to it is also important, ensure you do not deviate from your budget when shopping.

Psychologists also say shopping on an empty stomach would cost you more because there are tendencies you would be enticed to buy expensive convenience foods which are not nutritious. Equally avoid shopping when upset.

Price comparism is also an effective tool to reducing impulsive buying; ensure you compare prices on the internet and between other retailers before committing your cash.

Don’t spend immediately on any item that wasn’t on your shopping list, make it a rule to have an extensive thought over any new item you wish to buy that was not on your shopping list, if possible give yourself a minimum of 48 hours before making any decision. Making a game of buying as little as possible could also work especially when shopping with a friend or a family member. The fun of buying things is less fun than the fun of frugality, experts say.

By: ODINAKA MBONU