A simple strategy to avoid impulse buying
Impulse buying can sneak up on anyone, whether it’s a sale or an eye-catching item you just can’t resist. A simple way to avoid this habit is by applying the 24-hour rule: When you see something you want to buy, wait 24 hours before making the purchase. This cooling-off period gives you time to consider whether you really need the item or if it’s just an impulse.
Why waiting works
According to a study published in the Journal of Consumer Research, delaying a purchase decision can significantly reduce the likelihood of impulse buying. This is because the initial emotional response to an item often fades over time, allowing for more rational decision-making.
Impulse purchases are driven by excitement, but after some time passes, you’ll often find the item wasn’t as necessary as it first seemed.
The impact of impulse buying
A survey by CreditCards.com found that 75% of Americans admitted to making impulse purchases, with 16% regretting it afterward. Furthermore, a survey by Slickdeals revealed that the average American spends $450 a month on impulse purchases, totaling $5,400 a year. This adds up quickly, taking a significant toll on personal finances.
Improve your finances with the 24-hour rule
Using the 24-hour rule helps you save money by allowing time to reflect on whether the purchase is necessary. Waiting gives you time to research, compare prices, or decide the item isn’t essential after all. So, the next time you’re about to make an unplanned purchase, remember: give it 24 hours and see if you still want it. This small habit can have a big impact on your wallet!
Take Control with Upfront Pay
Another way to make a positive financial impact is to use Upfront Pay. If you’re a service provider, Upfront Pay helps you to get paid on time by securing payment before the job is done. Avoid chasing unpaid invoices, simplify your payments and secure your financial future with the Upfront Pay app.
Join Upfront Pay today. Download now:
Apple App Store:
https://apps.apple.com/au/app/upfront-pay/id6450375277
Google Play Store:
https://play.google.com/store/apps/details?id=com.pay.upfront
0 Comments