For a considerable stretch, I believed I was alone in my idiosyncrasy. I’d walk into Target to purchase mundane items like laundry detergent and diapers and would invariably depart an hour later, my cart brimming with various purchases including bedding, clothes, food, and electronics. Only after confessing my misadventure years later to friends, did I realize my predicament was widely shared. It wasn’t a peculiar occurrence; many shoppers, both women, and men, fall into this trap, hypnotically filling their carts with non-essential items while forgetting about the critical ones.
Why I succumb to such spendthrift ways during my visits to Target is still a mystery, and though there isn’t one specific explanation, I’ve found that the optimal way to save money is to simply avoid going there. A routine grocery store visit for laundry detergent sees me walking out with just that and nothing more. Controlling your spending is a crucial and timely concern, which led me to further investigate the triggers that ignite our spending frenzy.
Once we recognize these triggers, it’s feasible to devise strategies to counter them, permitting us to exercise better control over our expenses. Presented herein are eight common culprits that commonly ignite spending and some effective strategies to tame them.
1. “I DESERVE THIS”
I’m often caught up in an unwarranted reward system. Whether I’ve had a rough day or an extraordinary one, I justify treating myself to a Starbucks coffee. Shaping every situation into some sort of rewarding event is easy,
Tip: Restrict your rewards to items already available at your home (like a slice of the leftover pie). Better yet, indulge in free luxuries like midday naps!
2. KEEPING UP WITH THE PEERS
The natural human desire to conform can often provoke unnecessary spending, whether it’s the latest gadget like a Fitbit, a trendy water bottle, or an advanced phone to fit in with your colleagues in the workplace.
Tip: Counter this by aligning yourself with the office trend-breakers, it’s even better if they hold a higher rank.
3. EXTRA PURCHASES
Similar to children yearning for endless doll accessories, as adults, we too often succumb to the allure of “add-ons”. Buying a fantastic new TV might lead to upgrading an old, scruffy entertainment center followed by the temptation to purchase a new DVR or an Apple TV.
Tip: Adopt a spending plan. That way, even if you surrender to your desires, you do so following a budget.
4. REQUIRED PURCHASES FOR (FILL IN THE BLANK)
After using large luggage on a recent 12-hour business trip while my boss managed with just a carry-on, I began contemplating purchasing new, compact luggage ‘required’ for my work.
Tip: Reflect before making such ‘required’ purchases. Is it genuinely necessary, or succumbing to peer pressure? If a purchase is essential, ensure it fits within your budget.
5. SPENDING TO SAVE
While preparing to sell our home after a cross-country move, I purchased a new bedding set, throw pillows, and matching curtains to enhance the room’s appeal, believing it was a move that would save us money by enabling a faster sale and reducing duplicate housing expenses. However, the purchase didn’t have any impact on the sales timeline.
Tip: If you’re reasoning your spending with the “it’ll eventually save me money” mindset, force yourself to crunch the numbers. Doing so could make you more mindful of your spending.
6. SOCIAL SHOPPING
The propensity to imitate our friends’ spending habits when hanging out together can often lead us to unnecessary purchases. Friends can also lure you into expensive meals, hobbies, or trips.
Tip: Try taking pleasure in your friend’s acquisitions without splurging on similar items. If they suggest expensive excursions, take the reins and plan a cost effective alternative.
7. SHOPPING WITHOUT A PLAN
Shopping aimlessly is a slippery slope. Going to a mall just to pass time or an impulsive visit to a store without a list might lead you to purchase items on impulse.
Tip: Go shopping with a specific list and minimize distractions. By ensuring peaceful shopping conditions like a well-rested and well-fed child, you can steer away from unnecessary expenses.
8. SPENDING OUT OF GUILT
Feeling guilty, you might resort to compensatory shopping, gifting your loved ones with extravagant presents.
Tip: Instead of spending to assuage your guilt, express your feelings openly to your loved ones. A genuine, heartfelt message often holds far greater value than any pricey gift.
In conclusion, we all inevitably fall prey to one or many of these triggers at some point. Yet, pinpointing the ones that cause the most financial strain and confronting them head-on can help us remain vigilant against the lurking temptations. Which triggers resonate most with you, and how do you plan to overcome them?
