At the beginning of the year like this, a lot of New Year resolutions center on finance, It is always about how to increase your income and reduce our expenditures. The truth is that little leaks most times sink a boat, the same is applicable with the little or minor financial mistakes we make. These minor mistakes can wreck our financial life. We might have been enjoying this immediate purchasing satisfaction called impulsive buying but we never know how harmful it has been to our financial lives.
This topic is necessary to discuss so that as you start the New Year, you do away with impulsive buying after reading the damages it has been causing your financial life. Below are the 5 top havoc impulsive buying has cost your financial life that you never knew.
Overview of impulsive buying
Impulsive buying is the act of making things randomly as we come across whether there are useful to us at the present or not. This type of buying comes at a price and the disadvantages outweigh any advantage that might come with impulsive buying. The truth is that the satisfaction derived from impulsive buying is fleeting because it goes away almost immediately and most times what we buy impulsively might just be luxuries and things of little values.
5 top havocs caused by impulsive buying to our financial lives
Low saving:
We all know the advantage of savings especially for the rainy days but with impulsive buying where you buy whatever you come across it becomes difficult to have money left in our pocket because you do unplanned buying and of course there will no money to save and even if we save it will be very small.
Buying unwanted stuff:
This is another problem you will face with impulsive buying; we will stock our space and homes with unwanted things especially that doesn’t add value. Buying at impulse never gives one the opportunity of thinking about the value of what one needs to buy until after the things have been bought.
Investing mostly on wants and not needs:
Impulse buying will leave one almost in perpetuate lack of needs. Needs are things we can’t do without, impulsive buying will lead one to buying more of fanciful things (wants)and before one knows it, there isn’t money to buy what one would have needed and if care isn’t taken one can go into debt
Gaining only immediate gratification:
Impulsive buying will only satisfy your immediate cravings or yearnings. The timeline for the value of things bought at impulsive is almost immediate and in the long run, such things become useless.
Struggling with finance:
The sad reality of impulsive buying is that no matter how much one earns monthly, having money in the pocket is always a struggle because buying at impulse can be addictive. You keep on buying until you are low on cash and before another payday, the money is finished
Conclusion
Impulsive buying comes at a price and those that indulge in it pay heavily for it. Have you been indulging in impulsive buying share with us the havoc it has caused in your life in the comment section?