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8 Ways to Overcome Impulsive Spending

8 Ways to Overcome Impulsive Spending

Back in 2007, with the economic recession looming, President George W. Bush offered questionable advice to his fellow Americans: “Go shopping more.”

There are plenty of behaviors we all should engage in more often—exercising, volunteering, showing kindness—but clicking “Buy now” is not among them.

And yet many of us follow that “go shopping more” advice all too readily. We shop recreationally, habitually, impulsively, and, in many cases, uncontrollably. In fact, 6 to 7 percent of Americans qualify as “compulsive buyers,” according to a 20-year review of studies published in the American Journal on Addictions.

“We may feel a temporary high when we make impulsive purchases, but there are serious long-term consequences,” says Koorosh Ostowari, author of The Money Anxiety Cure.

The financial perils of impulsive spending are obvious: major debt, an empty college fund, a plundered retirement account, perhaps the loss of your home, possessions, or dream vacation. As demonstrated by lottery-winners and celebrities alike, how much money you make doesn’t guarantee financial freedom—it all comes down to what you spend.

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But impulse buying endangers more than your bank account. Even if you’re well off, mindless spending clutters your home and your mind while costing you energy and time.

Spending on impulse may feel good temporarily, but it often triggers residual stress and anxiety, which can even lead to more spending. “Impulsive shoppers sometimes fall into a vicious cycle of buying, feeling bad about it, and then buying more to feel better,” says Koorosh.

Are you ready to stop making hasty, mindless purchases? The first step is to figure out why you’re doing it.

Have you ever purchased a $200 black sweater in spite of a) not having $200 to spend, b) already owning three blacker sweaters or c) having no room for it in your closet?

Koorosh points to four possible reasons you said, “I’ll take it!”

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  1. To fill an emotional void. “Some people use shopping to counteract a sense of emptiness, fear, guilt, stress, or boredom,” says Koorosh.
  2. Because you’re in the habit. Maybe you have an affinity for black sweaters and buy them on autopilot. “Sometimes we’re just not present during a purchase and don’t give it any thought.”
  3. To boost your self-image or social status. A fashion-forward purchase here and there is fine, but unconsciously purchasing each season’s new styles for the sake of social status can feel like an unforgiving obligation.
  4. To score a “deal”—and prove how business-savvy you are. Of course, where’s the “value” if you don’t need or can’t afford the sweater?

Whether you shop at Costco or at Tiffany, the strategies for putting a halt to impulsive spending are the same:

1. Browse Your Favorite Store—Without Buying

Notice what thoughts and emotions bubble up as you scan the shelves. Do you have that “wanting, craving, grasping” feeling? Then notice how you feel after you exit the store empty-handed.

“Saying no is an empowering feeling,” says Koorosh. “You think, ‘Oh my gosh, I caught myself,’ and you remember that feeling next time you go shopping.”

2. Scrutinize the Stuff in Your House

Take a hard look inside your drawers, cabinets, and closets. Are they crowded with items you never use? What prompted you to buy those items, and how did you feel when you brought them home? Did the purchases satisfy your needs?

How will it feel to own even more gadgets, earrings, or vintage salt-and-pepper shakers?

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3. Don’t Shop Unless You Feel Centered and Relaxed

Hitting the stores when you’re sad, mad, or stressed is like walking into a bakery when you’re famished: a ticket to overindulgence and remorse.

Look for other ways to nurture your emotional needs. When you feel blue, call a friend. When you feel bored, start a new book. When you feel angry, go for a power walk.

4. Pause Before Each Purchase and Check-In With Yourself

Ask: Do I really need this or do I just want it? Can I afford it? How many hours will I have to work to cover this purchase? How will I feel if I bring it home? Does my home have space for this?

We are constantly under pressure—from social media, from advertisers, and even our friends—to buy without thinking, so it’s critical to step back and reflect. “Unless we practice building that muscle of inquiry,” says Koorosh, “it stays weak. Just taking that little pause can make a huge difference.”

For major purchases, make it a bigger pause before you commit—for a few weeks at least. Then see if buying that kayak, TV, or mini-van still seems like a good idea.

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5. Shop With a List, and Don’t Buy Anything That’s Not On It

If you truly need new athletic shoes, fine, head to the store and buy a pair. But don’t walk into a store or go online without an agenda that passes your muster (see #4).

6. For Two Weeks, Buy Nothing but Groceries and Essentials

“It’s like doing a cleanse, like seeing what it feels like to eliminate donuts from your diet,” says Koorosh. “Just explore and see what happens.”

This practice is more of a commitment but will prove to you that you can live without that afternoon Frappuccino or a new cosmetic. Afterward, this can help you feel more satisfied with future purchases.

7. Make Gratitude a Daily Practice

Each day, list three things you dearly appreciate, whether it’s your daughter’s piano playing, your daily yoga practice, or the hummingbird outside your window. “When you remember what you are grateful for, you need less stuff to feel happy and satisfied,” says Koorosh. “Practicing gratitude opens up neurological pathways, taking us out of fight-or-flight survival mode into feelings of love and satisfaction.”

8. Track Your Spending

Taking a few minutes each day to monitor and think about where your money is going is a powerful, enlightening habit. In a recent survey conducted by Tiller Money, 79% of people said that tracking their spending with a simple spreadsheet has led to less impulsive spending.

If you find any of these strategies too difficult to implement and you think you may have a serious shopping addiction, consider seeking help from an experienced therapist or joining Debtors Anonymous.

Featured photo credit: Clark Street Mercantile via Unsplash.com

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Sharen Ross

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Last Updated on January 13, 2020

7 Simple Brain Training Habits to Boost Your Brain Power

7 Simple Brain Training Habits to Boost Your Brain Power

Throughout the ages, there have been many beliefs in various tricks to boosting brain power, yet when held up to scientific scrutiny, most of these beliefs don’t add up.

When I was a child, for example, my mother told me if I ate fish it would make me more intelligent. Of course, there’s no scientific proof this is true.

Today, there is a myriad of games you can download to your phone that claims to improve your brain’s cognitive skills. While we are still waiting for a conclusive scientific verdict on these, recent studies by neuroscientists at Western University in Ontario[1] and researchers from the University of Pennsylvania in Philadelphia appear to contradict these claims.[2]

So, how can we really boost our brain power? Well, it turns out there are a number of simple things you can do that will improve the function of your brain. Here are seven to get you started.

1. Do Your Most Difficult Tasks in the Morning

Our brains work at their best when they are fresh and energized after a good night’s sleep.

If you have a task to do that requires a lot of thought and focus, the best time to do that task would be first thing in the morning when your brain is at its freshest.

This is one of the reasons why checking email first thing the morning is not a good idea. You are wasting your brain’s best hours on a simple task that can be done when your brain is not at its freshest

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Throughout the day, you will find the amount of time you can focus for will fall. Your decision-making abilities will also begin to weaken as the day progresses. This is called “decision fatigue” and that means the decisions you make later in the day will not be as good as the decisions you make earlier in the day.

It’s far better to do your most difficult, creative tasks early taking advantage of your brain’s higher energy levels.

Try to avoid meetings first thing in the morning and schedule work that needs higher creative energy and concentration.

2. Get Enough Breaks

Our brains are not very good at maintaining concentration and focus for much more than an hour. Once you go beyond a certain amount of time, doing focused work, you will find yourself making more and more mistakes. This is a sign your brain is tired and needs a break.

Taking the right kind of break is important. Switching from working on a complex spreadsheet to checking your social media feeds is not going to give your brain the right kind of break. Instead, get up from your desk and head outside. If that is not possible, go to the nearest window and look outside.

Your brain needs a break from the screen, not just the spreadsheet, so leave your phone behind so you are not tempted to look at it and just savour the view.

3. Read Books, not Social Media Feeds

There are no shortcuts to improved knowledge and you are certainly not going to improve your general knowledge about anything useful by reading social media feeds. Instead, make reading books a regular habit.

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When you read good quality books, you increase your ability to use the knowledge you learn to solve problems as your brain will apply the knowledge you learned to existing situations.

Learn about economic theory, history and psychology. All these topics have real practical applications for us all today.

4. Exercise Regularly

Humans did not evolve to be stationary animals. You need to move.

Had our ancestors spent their days sat around, they would not have survived very long. To survive and find food, our ancestors had to keep moving. Our brains have evolved to function at their best when we are exercised.

In his book, Brain Rules, Prof.John Medina explains when we exercise, we increase the amount of oxygen in our brains and this helps to sharpen our brain’s functions.

In studies, when a previously sedentary group of people began a light exercise programme, their cognitive skills improve as well as reaction times and quantitive skills.

This is why you are more likely to find the solution to a problem when you are walking somewhere or exercising rather than when you are sat at a desk in front of a screen.

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5. Get Enough of the Right Food

You probably have experienced the afternoon slump at some point in your life. This is when you feel tired and fatigued in the mid-afternoon. This is a result of the carbohydrates you ate at lunchtime, stimulating your body to produce insulin which then causes a drop in your blood sugar levels.

When you go into an afternoon slump, concentrating for long periods become almost impossible and you just want to curl up and go to sleep.

To prevent the afternoon slump, try to eat a protein-rich lunch such as a tuna or chicken salad without pasta, rice or bread. Keep some healthy snacks such as mixed nuts and dried bananas around your workspace and when you feel a little peckish, eat a few of these.

Not only will you avoid the afternoon slump, but you will also improve your overall general health and feel a lot more energetic.

6. Drink Enough Water

Your brain is made up of about 70% water, so without enough water, your brain will not function at its best.

When you are not drinking enough water, you will find your ability to concentrate, make decisions and stay alert will reduce. You will feel sleepy and lack energy. Your brain functions at its best when it is properly hydrated.

The solution is to keep a large bottle of water at your work station and sip regularly from it throughout the day. This will increase the number of trips you need to make to the bathroom which is a good thing. It will keep you moving and taking regular breaks from your screen.

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7. Don’t Deprive Yourself of Sleep

You probably don’t need a long scientific study to convince you that if you are not getting enough sleep, you are not going to function at your best.

You just need to go a couple of days without getting enough sleep and you feel your abilities reduce. Your decision-making skills become erratic, your energy levels drop and your ability to stay focused on your work diminishes.

If you want to improve your brain’s ability to function, then start with getting enough sleep. The number of hours you need will depend on your own circadian rhythms, so find what works best for you.

Six to eight hours is usually enough for most people so make sure you are hitting that number of hours per night as a minimum.

The Bottom Line

Improving our brain power is not difficult. All we need to do is develop a few simple habits such as exercising regularly, getting enough sleep and eating the right foods.

These seven tips will go a long way to helping you to become more alert, able to focus longer and make decisions. All simple common sense tricks anyone can use.

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Featured photo credit: Nicole Wolf via unsplash.com

Reference

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