Rein in impulse spending MILLENNIAL MONEY
NerdWallet
“The desire to make impulse purchases lessens, I think, because I know I have the permission to make an impulse purchase if I choose to.”
it by redeeming that aligns with credit card rewards your goals and valfor cash back or ues, Klontz says. statement credit He suggests if it makes sense. choosing a spend(Some credit cards ing limit that merits discussion. Lauren Miller lessen the value of rewards when you For instance, if a Massachusetts resident redeem for certain purchase exceeds options.) $100, then it may But if impulse be worth running ney. spending, she gave spending is conby an accountability Avoiding the herself $20 to use stantly causing you partner. Another inside of the store at each store. Over to stray from your option is to use someans “you’re not time, that amount budget and get into cial media followers seeing those sealowered to $5 per debt, it may be to stay accountable. sonal items and store as she emtime to reevaluate Miller, as a content those flashy marbraced the habit. creator on YouTube, keting strategies,” Since she frequents spending habits or speak to a credit documents her she says. These can only about four counselor or finanprogress on social often lead to imstores per month, cial therapist. media platforms by pulse buying. the total doesn’t sharing her plans to Some retailers dent her budget. 5. GET AN ACstick to a shopping may charge for “The desire to COUNTABILITY list. curbside pickup make impulse purPARTNER or require you to chases lessens, I An accountability This article was spend a certain think, because I partner can help provided to The amount to waive know I have the Associated Press by the cost. You’ll have permission to make you dissect your reasoning for a pur- the personal finance to weigh whether an impulse purwebsite NerdWallet. it’s worth paying a chase if I choose to,” chase. They don’t have to offer an Melissa Lambarefew dollars to avoid she says. the potential cost of If you exceed your opinion, just an ear. na is a writer at The goal is to hear NerdWallet. Email: impulse spending. allowance, take yourself talk about mlambarena@nerdIf you have to go that amount out of it out loud and wallet.com. Twitter: into a store and the next month’s budmake a decision @lissalambarena. urge wins, do an get, or supplement online price comparison of the item, suggests Longo. “See if you can find something similar at a better price or Dedicated professionals providing unrivaled service. maybe on sale,” she says.
114 W. Hall Of Fame • Stillwater • 405.533.3000
StillwaterSignatureRealEstate.com|
@RemaxSignatureStillwater
OPEN HOUSE • SUNDAY, SEPT. 12th 814 S. STONEYBROOK ST. 12:30-2:00 JAMES
1014 N. DRYDEN CIR. 2:00-4:00 BELINDA
307 S. BERRY ST. 2:30-4:00 JAMES
C5
4. GIVE YOURSELF A SPLURGING ALLOWANCE Build a personal allowance into your budget for potential must-have purchases. When Miller first started to curb impulse
Stillwater NewsPress • Thursday, September 9, 2021
significantly more money when using their credit cards instead of cash. He Since the COVIDsuggests keeping 19 vaccine started 24 to 48 hours to becoming available see if you still want a cash envelope to use in areas where in the U.S., there an item, suggests you tend to overhave been more Brad Klontz, a fiopportunities to nancial psychologist spend, like dining out, for example. impulse spend on based in Colorado. Also, minimize items and expe“Ask yourself: impulses by not riences that you Can I afford this? storing credit card didn’t get to enjoy Where am I going early in the panto put it? How am I information on websites or apps, demic. going to feel about says Kathy Longo, With the freethis purchase toa certified financial dom to do more, morrow? How am planner and presconsumers are I going to pay for ident of Flourish spending more. this?,” he says. Wealth ManageFor the first seven He adds that months of 2021, this pause can help ment, a financial retail sales were up calm the “emotional planning firm in 15.5% compared to brain” and activate Minneapolis. “It’s much easier that same period the “rational brain,” to be like, ‘I’ll look in 2020, according the one that holds to calculations by you accountable to- at it later because I’m not going to go the National Retail morrow. Federation. If you can’t bring find my purse and get my credit card,’” As some restricyourself to wait, she says. That time tions have eased, a store’s return can indirectly make it’s likely that policy may prove you’ve had new useful should regret you rethink a purchase. spending needs: set in. The return Once you do returning to work, protection benefit charge a purchase visiting with friends on a credit card, to a credit card, pay and family, and if available, can it off in full to avoid partaking in other also offer a backup interest and save back-to-normal acoption. When you money. For large tivities. But when make a purchase purchases, consider the nonessentials with the card that threaten to put offers the benefit, it using a card with a 0% introductory your finances in can provide a winAPR. jeopardy, it’s imdow of time to file portant to keep a claim and receive 3. USE CURByour financial goals a refund when a SIDE PICKUP on track. retailer’s return Many retailers Here are five policy fails. have offered curbstrategies to help side pickup since you navigate im2. PRACTICE the start of the pulse spending. SAFE CREDIT pandemic. It’s one CARD HABITS 1. WAIT A DAY Credit cards may option that Lauren Miller, a MassachuOR TWO help or hurt, deWhen you feel pending on how you setts resident, uses to stay on track in that overwhelming spend. Klontz says her debt-free joururge to spend, wait that people spend By Melissa Lambarena