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Impulsive purchase is an unintended decision to buy a product (goods and services). A lot of companies set up traps to lure consumers into impulsive purchases. Pastry shops will display delicious looking pastries, other shops will display candies, chocolates e.t.c. While, we all have made an impulsive purchase in the past, it comes to some people naturally to spend little on impulsive purchases and for others they have little or no control over their impulsive purchases. It has been observed that, averagely, impulsive purchasers had higher incomes but lower wealth. Impulsive purchase is one of the reasons some individuals end up bankrupt (halal). For those of you that have little or no control over impulsive purchases here are its consequences. It has been observed that individuals who spend more money impulsively end up having the worst financial outcomes. A study showed that individuals who made the highest impulsive purchases were 3 times more likely to become bankrupt. Impulsive purchasers end up having debt problems, they even take up credit cards (do not take credit cards cause they deal with interest and taking interest is a sin) If you are having debt problems or are just interested in preventing debt problems watch out for an article on this blog that will deal with it.
If you have a little or no control over your impulsive purchases don't worry their are steps to take to challenge this little control of yours. You must take this action on a regular basis, and hopefully sooner or later you will gain control. Here are the steps:
* Make a list of items you need before going shopping for goods and stick to it.
* Discounted items are just one of those traps I was talking about that companies set for unsuspecting consumers. If you do not need the item even if it is cheaper, you might find it tempting, do not purchase it.
*Reduce the time you spend shopping; the less time you spend shopping the lower your probability of making impulsive purchases.
*If you normally have food cravings, eat a healthy meal at home before going shopping.
*Pay with cash and not your debit card that way you will be able to keep track of your spendings. Leave your debit card at home, some individuals say they are prone to impulsive purchases when they are with their debit cards. However, paying by POS is also okay as long the bank is not giving you any cash back (that is interest) and you are not prone to impulsive purchases.
* Make a little room for impulsive purchases on your monthly budget and do not exceed that little room.
When you are about to break any of these rules, just remember the consequences debt problem, bankruptcy (halal debt), little wealth and others, that should put you back on track.
Halal means anything lawful Islamically.
Are you in a financial vicious cycle? check this blog regularly cause I will be dealing with ways to get out of it before it ruins you. Cheers!
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