by Wayne Whicher

Created on: April 28, 2009   Last Updated: May 01, 2009

READY to spend? Want to buy? WAIT.

Ready, set, wait should be the mantra of any person afflicted with the disease of impulse spending.

In these days of open credit, massive credit card bills, store charge cards, and items conveniently perched near the checkout counter, buyers need to be wary of too much impulse spending. The danger is finding yourself with maxed out credit cards or an inability to buy groceries.

For those of you with plenty of money, feel free to impulse spend. Help the economy and aid the rest of us by buying up those MUST HAVE items so there are none left for impulse buyers who can't afford it.

The mantra of ready, set, wait is an easy system to use. If you find something that you really want to buy, but it doesn't fit within the parameters of what you "NEED" and isn't in your normal budget, then WAIT.

After waiting (say one week? or a month if you REALLY are an impulse shopper), and you still want to purchase that extra item, then assess whether or not you have the funds. If the purchase isn't in your budget and you STILL really, I mean, REALLY want it. Then, save for it.

Following these rules accomplishes a couple things. By waiting, you take the impulse feelings out of the equation. There are things that we all see and want, and then never use.

If you tell yourself over and over that you really want it and would use it, then later on go buy it. Otherwise, a week down the line you'll think to yourself, "I'm really glad I didn't buy that, it would have just sat in the basement with the other million things I've bought on impulse and never used."

The next thing this system accomplishes is reducing your credit card debt. By waiting, and saving up funds to purchase the item that caught your eye, you won't have to put it on your credit card. Remember when we were all kids and we wanted something and your parents said, "sure, save your money and buy it." Same principle.

There's certainly nothing wrong with impulse buying, and we all do it at one time or another. If you routinely find yourself purchasing things that weren't on your shopping list, or that you really don't need, you may be an impulse buyer. Stores know that the personality of many people makes them susceptible to impulse buying and they cater to it with sales, big signs, special promotions, and hoopla that adds into the psychology of impulse purchases.

Live by the mantra, and your basement will be cleaner and your credit cards will thank you.

Learn more about this author, Wayne Whicher.
Click here to send this author comments or questions.