Impulse Buying

What do you dream of having today—a new purse, a house, a vacation, a car?

Now think about this, do you need these things, or do you want these things?

You may be wondering. “What’s the difference?” I’ve shed a little light on this below:

  • A need, when filled, sustains us.
  • A want, when filled, entertains us.
  • Attempt to substitute wants for needs eventually drains us.

Spending on a myriad of things we want while leaving needs unmet is like grazing all day on snacks and never feeling full, or satisfied.

So too, we might spend—or overspend—on a thousand things and still feel a hunger for a need yet unmet.

Sorting wants from needs and beginning to make decisions about them is more of an ongoing conversation with yourself than a checklist.

By slowing down, looking inward, and discerning if items are a need or a want, you’ll be able to vastly reduce the impulse buys that often contribute to money struggles.

I’ll be getting into this more next week. Stay tuned!

*If you enjoyed this “Money Moment”, head over to my “free stuff” page and sign-up for my weekly newsletter and weekly money moment… and receive a special invitation to my Financial Recovery Hour at: https://financialrecovery.com/free-stuff

 

July 27th, 2016 by Karen McCall