ICFE
ICFE eNEWS #17-29 - August 17th 2017
View this eNEWS online

Putting The Brakes On Impulse Buying

By Jim Garnett, a/k/a Ask Mr.G, a member of the ICFE's Board of Educational Advisors

All of us do it. Some do it once in a while. Others do it way too much! Here's a way to "put the brakes on impulse buying!"

"Impulse buying" has become a contributing factor to why many people fail in their attempts to maintain a semblance of a budget. And what is impulse buying? It is "the buying of goods or services without planning to do so in advance, as a result of a sudden whim or impulse."

A recent study reveals:

90% of all shoppers make occasional impulse purchases that they didn't intend to buy initially.
40% of all consumer spending is prompted by impulse buying.
54% admitted to spending $100 or more on an impulse buy.
20% admitted to spending $1000 or more.
Although we say we believe "money can't buy happiness," the primary reason listed for impulse buying is, "it makes me feel better."
There is no known vaccine to immunize us from impulse buying, but there does seem to be a simple method we can use to help us "apply the brakes." This method utilizes memorization of one or two questions we ask ourselves prior to making a purchase.

Asking ourselves a question slows us down just long enough to catch our breath before we buy. Doing so has proven to be a great deterrent to blindly following our impulses. Choose only one or two questions from the list below, and practice asking yourself that question(s) the next time you go to buy something. You will quickly find that doing so will slow down the buying process and give you a chance to evaluate your financial choices better.

10 Questions To Slow Down Impulse Buying

1. Is this item on my list? Making a list before you shop is one of the greatest deterrents to impulse buying.
2. Am I buying this because of my mood (hungry, tired, angry, sad, guilty, bored, or excited)?
3. Am I buying because it is on sale?
4. How many hours must I work to pay for this?
5. How many times will I use this?
6. Am I buying this to impress some body?
7. Where will the money come from to pay for this?
8. Do I own already something similar to this already?
9. Could this item be out of style soon?
10. If I wait 24 hours, would I still buy this?

We are not advocating that every impulse buy is wrong. But since most of us work hard for our money, we owe it to ourselves to "stop and take a deep breath" before making quick purchases. If it is a good buy, no harm will be caused by "putting on the brakes." Afterward, we will be thankful we did.


Ask Mr. G
© Jim Garnett, The Debt Doctor
AskMrG Consulting, LLC
2216 SW 35th Street
Ankeny, IA 50023
515-577-1799
askmrg@yahoo.com
AskMrG.com


ICFE eNEWS is available FREE upon request by visiting the ICFE's Web site and filling out the contact form, selecting "Yes" for "Add to Mailing List." Please pass this eNEWS on to your peers and interested others and invite them to subscribe for free. Also, visit the ICFE's new Web site: StudentDebtHelp.org

Sent by:
Paul Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE) - ICFE.info - 619.239.1401

ICFE
ICFE eNEWS #17-28 - July 2017
View this eNEWS online

Putting The Brakes On Impulse Buying

By Jim Garnett, a/k/a Ask Mr.G, a member of the ICFE's Board of Educational Advisors

All of us do it. Some do it once in a while. Others do it way too much! Here's a way to "put the brakes on impulse buying!"

"Impulse buying" has become a contributing factor to why many people fail in their attempts to maintain a semblance of a budget. And what is impulse buying? It is "the buying of goods or services without planning to do so in advance, as a result of a sudden whim or impulse."

A recent study reveals:

90% of all shoppers make occasional impulse purchases that they didn't intend to buy initially.
40% of all consumer spending is prompted by impulse buying.
54% admitted to spending $100 or more on an impulse buy.
20% admitted to spending $1000 or more.
Although we say we believe "money can't buy happiness," the primary reason listed for impulse buying is, "it makes me feel better."
There is no known vaccine to immunize us from impulse buying, but there does seem to be a simple method we can use to help us "apply the brakes." This method utilizes memorization of one or two questions we ask ourselves prior to making a purchase.

Asking ourselves a question slows us down just long enough to catch our breath before we buy. Doing so has proven to be a great deterrent to blindly following our impulses. Choose only one or two questions from the list below, and practice asking yourself that question(s) the next time you go to buy something. You will quickly find that doing so will slow down the buying process and give you a chance to evaluate your financial choices better.

10 Questions To Slow Down Impulse Buying

1. Is this item on my list? Making a list before you shop is one of the greatest deterrents to impulse buying.
2. Am I buying this because of my mood (hungry, tired, angry, sad, guilty, bored, or excited)?
3. Am I buying because it is on sale?
4. How many hours must I work to pay for this?
5. How many times will I use this?
6. Am I buying this to impress some body?
7. Where will the money come from to pay for this?
8. Do I own already something similar to this already?
9. Could this item be out of style soon?
10. If I wait 24 hours, would I still buy this?

We are not advocating that every impulse buy is wrong. But since most of us work hard for our money, we owe it to ourselves to "stop and take a deep breath" before making quick purchases. If it is a good buy, no harm will be caused by "putting on the brakes." Afterward, we will be thankful we did.


Ask Mr. G
© Jim Garnett, The Debt Doctor
AskMrG Consulting, LLC
2216 SW 35th Street
Ankeny, IA 50023
515-577-1799
askmrg@yahoo.com
AskMrG.com


ICFE eNEWS is available FREE upon request by visiting the ICFE's Web site and filling out the contact form, selecting "Yes" for "Add to Mailing List." Please pass this eNEWS on to your peers and interested others and invite them to subscribe for free. Also, visit the ICFE's new Web site: StudentDebtHelp.org

Sent by:
Paul Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE) - ICFE.info - 619.239.1401