Christmas is just some days away, which is a beautiful thing, we all love Christmas but this is also the prime season to fall into the impulse buying trap.
If you grew up in the typical African home, you know Christmas is not complete till you get a new dress, shoes and eat something that is not the regular day food. Even as adults, we still want to buy new things during this season. There is this meme making its rounds on social media which reads “I look all matured and grown but deep down I still want Christmas clothes. As much as this is not wrong in itself, it’s easy to get carried away with the euphoria of the holiday season and spend more than we need to and on things that are not necessities.
An impulse buy is anytime you purchase something you weren’t planning to. It could be as small as grabbing a chocolate bar in the checkout line of the supermarket that wasn’t planned or big as walking into a store “just to see what they have” and walking out with two new shoes and dresses. If it’s not planned for in your budget ahead of time, it’s an impulse.
This year has not been the easiest, the country is currently in a recession and we are still in the middle of a pandemic. We must still celebrate Christmas but not be pressured to do the norm especially if it is not convenient. There is so much going on everywhere, most businesses are doing massive clearance sales and it’s very easy to get carried away, feeling like we really need to get some things now or miss the chance to buy it cheaply. Some people even get into the pressure of borrowing to meet Christmas needs.
Here are few tips to help you avoid impulse buying this season
Make a budget and stick to it
It is a tradition for most people to draw up Christmas wish list, some people draw it up on paper but I think majority have a mental wish list. It is good thing to buy what we want but let it be what is on your budget. Carefully ask yourself questions, what do I need for Christmas? Is it important? Can it wait?
Importantly, a budget isn’t a magic wand that will suddenly make all of your money behave. It’s on you to tell your money where to go and then follow through with that plan. If it’s not already budgeted for, don’t spend the money.
Don’t buy based on emotions.
Stopping to examine the why behind the buy can help you determine if it’s a wise purchase. For the majority of non-necessity purchases, most consumers make the decision to buy based on emotion. The product evokes a positive feeling and that compels them to open their wallets. The hope of being more attractive can compel you to buy the bone straight hair, the new dress or having a new phone even though you have enough dresses and enough good hairs. Understanding why you buy can help you see it is not a necessity and it is based on emotions.
Wait a day or longer before you make a purchase.
When you have a strong impulse to buy a product, you could give yourself a day or more to calm down. Once you are much more calm, you can take a fresh perspective and ask yourself if you will actually use this thing and if you can confidently and conveniently afford to pay cash for it now.
Avoid the clearance sale trap
20% off, 50% clearance sales, sounds familiar? You must have seen that somewhere during this season as most vendors are trying to sell off old stocks. Everyone loves a good deal but it is important to understand that you don’t have to buy it even though on sales. There is this impulsive desire for most people to buy things during the period because it is seemly cheaper. If it’s not in your budget, don’t buy.
Then there is the countdown trap, watch out for sales that are only 5 days or even 24 hours. Don’t let a countdown rush you into buying anything! Remember the offer, save some money, and be ready for it next time if you can’t afford it right now. There will always be other sales.
Get off social media if you need to
Social media is one big billboard for impulse buying. Everywhere you scroll, there would be someone trying to get you to spend your money. This could put pressure on you to spend money. Getting social media for a while could be good for you; you won’t see all the flashy sales and deals calling your name.
Remember January is longest month of the year
Most people humorously say January is the longest month of the year especially regarding their finances. I have a theory; it feels that long because most people have spent all their money during the holiday season and now it is so difficult surviving in January. Therefore it feels like the end of the month when they get their next pay seem so far away.
As much as we want to enjoy Christmas, it is important to avoid the impulse buying trap and start the New Year financially strong.
