LOH #169Breaking the Cycle of Impulse Buying: Strategies for Success.
Hello. Good morning ladies. How are y'all doing?? Its been a while. I'm excited to write on this platform. Thank you so much @ladiesofhive
So we are asked to share the tactics and strategies we take to stay on track and stop us from unnecessary spending.
First of all why do we budget for spending. Budgeting for our spending is very important because it helps us stay on track with our financial goals and avoid overspending. Without a budget, it's very easy for one to get carried away with unplanned spending or let me just spoil myself small moments, which can add up over time.
By setting a budget for our spending, we can make sure that our money is going towards the right things, things that really matter to us, rather than being wasted on things we don't need but want. Budgeting just help us prioritize our spending and also make the most of our money. Having a budget also gives us a sense of control over our finances, which can help us reduce some stress and also anxiety.
I'll be listing the strategies and measures I take to reduce unnecessary spending.
- Even before the money comes I make sure I have everything planned out. I make a specific plan for the money even before I go shopping or do other things and I make sure I stick to it.
I make sure no matter how tight it becomes or how bad i might want something, I just set a spending limit for myself, though it might be hard at first but it's good to learn how to adjust to it and then stick to it.
Another vey important thing I do is to make sure I avoid shopping or making a budget when I'm emotionally exhausted or stressed, this might make me spend what I did not plan. It can lead to what is called impulsive spending.
- Lastly, i put myself in a position to focus on my long-term financial goals for example me living in the house of my dreams, having enough money saved up, driving my dream car,etc. And then I try to visualize them , that is I picture or create a kind of mental image of the goals and the benefits of achieving this. Doing this will help me realize that unnecessarily spending can derail my plans and it puts me in check.
Thank you for stopping by
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Best regards ❤️
@imaima
Compulsive spending this one did scare me 😨 this topic is something I have not experienced. Saving and managing expenses well is a task that you have to work well use
Financial management and savings are key to a successful and fulfilling life. It takes discipline and planning to save money and to manage expenses effectively, but the rewards are huge. Having financial stability and security is such an important part of happiness and well-being. And it's a really satisfying feeling to know that you're in control of your finances and making wise choices with your money.
That's right, you are right, this topic is something I must put into practice, thank you very much 🤗💟.
!LADY
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We don't necessarily have to deny ourselves either, after we make sure everything else is taken care of. If there are excess funds, then treat yourself and the family or put them into savings. The end result of our budgeting is not only wise decision making but that you feel confident and empowered.
Thanks for sharing your thoughts @imaima
It's so important to enjoy life and to treat ourselves from time to time. We don't have to be overly strict or depriving when it comes to money management. It's all about finding the right balance between saving, spending, and investing. And it's so true that budgeting can give us a sense of confidence and empowerment. It's like a weight has been lifted off our shoulders when we know we're making good choices and taking control of our financial future. Thank you ☺️
This is very interesting, you know its advisable to ensure you aren't emotionally exhausted when it comes to purchase of items like you said. I discover that when ever i don't obey this rule of yours, it leads me to thinking of returning non useful things purchased or I just send someone to shopping for me instead. thanks for shaing.
Oh yes, that's such an important point. Emotional spending, or "retail therapy", is a real phenomenon and it can lead to buyer's remorse or regretful purchases. It's so important to be mindful of our emotions when we're making financial decisions. Sometimes it's best to wait until we're in a more neutral headspace before making a purchase. I love your idea of sending someone else to do the shopping for you. Sometimes a little distance from a purchase can help us to make wiser decisions. Thank you for this great point
Wow that's great.
I used to spend money on things that were not even necessary but now I avoid buying things I don’t need.
I make sure to have my weekly and monthly budget and stay within it so I can save some money.
Thanks for sharing these tips with us.❤️
Wow, that's a really impressive shift in your financial habits! It takes a lot of self-discipline and restraint to avoid impulse buys and to stick to a budget. That's something to be really proud of! You're setting yourself up for a more secure financial future by being so intentional with your money. And you're most welcome.
It really takes a lot of discipline but you’ve got to do it for yourself.
It is truly a tough habit to break! It's very hard for me
Yeah....
It takes time to break.
Just read books and the rest
It will surely be easy
Yay! 🤗
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