When nonessentials threaten your finances, it’s important to keep your goals on track. Here are five strategies to help you navigate those spending urges.
Since the COVID-19 vaccine started becoming available in the U.S., there have been more opportunities to impulse spend on items and experiences that you didn’t get to enjoy early in the pandemic.
“Ask yourself: Can I afford this? Where am I going to put it? How am I going to feel about this purchase tomorrow? How am I going to pay for this?,” he says. Don’t miss: Pass the cream cheese and lox: Americans devoured 648 million bagels at restaurants in the past year “It’s much easier to be like, ‘I’ll look at it later because I’m not going to go find my purse and get my credit card,’” she says. That time can indirectly make you rethink a purchase.Once you do charge a purchase to a credit card, pay it off in full to avoid interest and save money. For large purchases, consider using a card with a 0% introductory APR.
Some retailers may charge for curbside pickup or require you to spend a certain amount to waive the cost. You’ll have to weigh whether it’s worth paying a few dollars to avoid the potential cost of impulse spending. “The desire to make impulse purchases lessens, I think, because I know I have the permission to make an impulse purchase if I choose to,” she says.If you exceed your allowance, take that amount out of next month’s budget, or supplement it by redeeming credit card rewards for cash back or statement credit if it makes sense.