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Starting Today You Can Stop Online Impulse Spending If You Follow These 7 Ways

Starting Today You Can Stop Online Impulse Spending If You Follow These 7 Ways

Online shopping is the best kind of window shopping you can do! You can sit around in your pajamas, regardless of the time of day, and shop for anything you can imagine. Unfortunately, this means it’s way too easy to let yourself spin out of control. Time flies when you’re surfing the Internet, and you might not even realize how long you’ve been shopping or how much you’ve spent. Check out these tips on how you can stop online impulse spending.

1. Pay from a single account.

Having multiple accounts makes it harder to keep up with your finances. Whether you use a bank account, credit card or Paypal account for online purchases, make sure you use just one of those. That way you can always know how much you have in the account and how much you’ve spent.

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2. Don’t save your credit card information.

One-click checkout is the easiest thing to do when you’re shopping online — it’s literally just one click to enter all your payment information and shipping address! But it’s this ease that makes it more likely you’ll spend more online, because you don’t even feel like you’re shopping. There’s no exchange of money for purchases — it’s all visual, through a computer screen until a box arrives at your door a week later.

3. Unsubscribe from promotional emails.

Sometimes you don’t even think about shopping until you get that email promoting the latest big sale your favorite store is having. Then it just seems stupid to miss out on major savings, right? Wrong! Unsubscribe from promotional emails from any store so you’re not tempted to buy when you don’t need to. You shouldn’t shop just to shop, you should only shop when you need a particular item. Not getting tempting offers in your inbox will help change your approach to shopping – and help you save time checking emails!

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4. Don’t give out your email address when you shop.

Most stores ask for your email now when you check out. They do this just like they used to ask for your phone number — because they want to contact you in the future and try to get you into their store! Instead of giving out this information, just tell them you prefer not to give out your email or phone number. They won’t badger you about it, they’ll just say ok and leave that blank. This will cut down on those promotional emails mentioned above.

5. Limit your time shopping online.

It’s so easy to waste time online just clicking through links, seeing what you wish you could buy if you had the money, checking out what the store recommends for you, seeing what people bought who liked the same item as you. Before you know it, hours have slipped away! It’s ok to shop online because, most of the time, it’s way more efficient than going to stores in your city. But make sure to limit time when you shop (or window shop!) online. Set a physical timer if you need it, but try to keep track of it yourself. Promise to just look for one item, or on one site. It’s way too easy to impulse buy when you’re just surfing the internet aimlessly. When your eyes get tired and you can’t scroll through pages anymore, you’ve probably had enough!

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6. Research every purchase.

Instead of simply clicking to put an item in your cart, do research first. Even if it’s not a major purchase, checking a few websites can help you make the best decision. Read reviews from people who have bought and used the product. Make sure it will last for a long time and does exactly what it says it will do. Make sure you don’t need to buy additional accessories. Check a few other websites and see if you can find it even cheaper, or with free or faster shipping. Sometimes you’ll find that you don’t really need this exact product, or that you’d rather wait to find it cheaper at another outlet.

7. Keep a wish list.

You don’t have to buy everything right now! A lot of websites allow you to keep a wish list, or add things to your cart and save them to purchase later. Or you can keep a list in a text document, complete with links. This ensures that you’ll remember cool things you’ve seen for yourself or others, but you can wait and make sure you still want or need them at a later date, instead of buy them right at that moment when you might not have the finances.

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Featured photo credit: Jorge Franganillo via flickr.com

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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