Wallet Willpower!

by | Sep 1, 2016 | Personal Finance 101 | 0 comments

You’ve set a budget, and you are trying your hardest to stick to it. And then you see that beautiful sweater in the store window. The colors are calling to you, and you can imagine yourself wearing it on a cool fall afternoon while walking through crunchy leaves. This is the sweater you have been dreaming of. You know the one: it complements your hair color and skin tone, and makes your eyes pop. You look at the price tag. $78, ouch. You haven’t budgeted for this. It’s time for some Wallet Willpower. Here are some mental checklist steps you can go through before making an impulse purchase that will throw you off track:

1. Is this something I really want?

2. Why do I want it?

3. Do I need to make the decision right now?

4. How will I feel if I don’t make this purchase?

5. Am I considering this purchase to make myself feel better about something (retail therapy)?

6. Should my partner be included in this purchase decision?

7. Is this a quality item that will add value to my life?

8. Will this item cost money in the future to keep it maintained?

Take a step back from the item and run through this checklist. Give it some thought. After careful consideration, if you think this item is something that will add value to your life, make the purchase. If there is any hesitation, leave the store and give yourself plenty of time to make a smart decision. Don’t make an impulse buy that you will later regret. Especially if your budget will suffer.

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