The Financial Dangers of Impulse Buying That Affect Many People

The Financial Dangers of Impulse Buying That Affect Many People - Tom Bible Law

People tend to spend more money when bored, longing for something, or feeling like they deserve something for all their hard work. These are common rationalizations for impulse buying, something that can happen to anyone who is financially frustrated or conflicted. Sometimes life is too short, and you want to buy that thing you always wanted, but then you find yourself doing this more and more until you hardly have any money left and your financial goals are long gone. Talk to a Tennessee Bankruptcy Attorney today if this has led you to bankruptcy.


If you feel like you cannot resist the urge to engage in impulsive buying, then you might find some of these impulsive buying tips helpful. Some of these tips may work for you while others might not. In the end, the choice is yours.

One of the most common tips for avoiding impulsive buying is stopping to think for a moment. This could mean weighing your options or creating a mandatory waiting period for yourself. Weighing your options helps with financial decision-making because you look at the pros and cons of purchasing that item. Consider how much that purchase will set you back and whether this decision will create financial problems for you.

A mandatory waiting period is a way to break the habit of impulsive buying by taking a step back for a moment to let your emotions subside and to prevent those emotions from influencing your final decision. This can help you turn an emotional impulsive decision into a rational one. The length of time you wait can be ten minutes, an hour, or a day.

Before buying the item, think about and research cheaper methods of obtaining what you want. For example, eBay and Mercari offer lower prices than most other online stores. Looking at what you already own can also decrease temptation because this helps you remember what you already have.


Other than methods to decrease impulsive spending, there are also impulsive buying questions you can ask yourself that will help you gain better control over that temptation. You can ask these to yourself, write them down and answer them, or have someone else ask you these questions. Whatever works best for you.

Ask yourself what you need the product for and measure how important this is for your life right now. Question whether you can still buy this product later on after saving money or when you have more money later in life. Consider whether this item will eventually lower in price after a few years. Lastly, ask yourself if you will be happy a month after owning the product.


To bring your finances under control again, consider asking our legal team in Tullahoma, Tennessee, and North Georgia if you are stuck in bankruptcy and need help. Call Tom Bible Law today at (423) 690-7712 to speak with a Chattanooga Bankruptcy Lawyer for a free consultation about your situation. Our dedicated Tennessee bankruptcy lawyers have served clients throughout Tennessee cities like Chattanooga and Tullahoma for years.