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How to Stop being an Impulse Spender
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An impulse spender is someone who spends his or her own money on purchasing things without knowing whether its really needed or not. If you are an impulse spender, you usually go to a supermarket or department store without bringing a list of things that you need to buy that day. Spending your money on goods you don't really need is bad for your personal finance. If you are a married person, you need to plan your family for future events such as when you want to buy a house, buy some clothing for your children and pay their tuition fee when they go to college. You also need to buy a bicycle or car to go to work. For those things, you need to save some percentage of your monthly earnings so that you will have enough money in the future.
Budgeting
To stop being an impulse spender, every month you need to outline or compose a monthly budget. Write down your earnings and your needs and wants. Analyze each item that you want to purchase and rearrange them according to urgency or priority. If you make 1,500 US dollars every month, don't spend 1,600 US dollar where the additional 100 dollars will be obtained from credit card. This is not a healthy lifestyle. The amount that you can spend range from 1,000 to 1,250 US dollars. Save between 150 to 250 dollars for big purchases such as car or home.
Stop spending your money on things that are bad for your health
If you smoke then you must stop now. If you drink alcohol, you need to find an alternative activity which can help you stop drinking liquor. Don't be ashamed of asking advice for someone who is expert in helping people out of their addictions. It's better to spend your money on buying and reading books, for example about personal finance, health or your other personal interest than on buying liquor. The money that you use to buy cigarettes, and whiskey can be saved for buying a house for your family.
Don't bring a credit card when you go to malls
Unless you have written down things that you will buy in the malls, don't go to malls or shopping centers with credit cards. Put your money as much as the amount that you have listed on the paper for things that you will buy that day. By having a shopping list in your hand, you will be able to control yourself on purchasing things that you really need. Having 5 credit cards is bad. The maximum number of credit cards that you can have is two. Use your credit card to buy things that you have allocated your money for, so that at the end of the month you can easily pay your debt. By doing this you have built a good credit and at the same time stay out of debt. Don't bring your student credit card if you are still studying in a university for treating your friends in an expensive restaurant or you will not be able to pay for your text books next semester.
Save
more money by cycling to work
In countries such as the Netherlands, Germany, Denmark, cycling to work is the lifestyle of a lot of people. If the distance of between your home and your office is less than 7.5 kilometers then riding your bicycle to work is a good alternative solution for saving more money that is good for your financial condition and the environment. You will not have to worry about the soaring price of gasoline or diesel fuel anymore. By cycling to work your health and financial conditions will be improved. In addition, you have done a great job in reducing the CO2 emission and in fighting global warming. Bicycle is much cheaper than car. Do extensive research on the internet on how to promote cycling as the daily lifestyle of citizens in your city if the number of cyclists is below 10% of the population.
There still a lot of other things that you can do to stop being an impulse spender. If you are serious in planning your life, you will live more prosperous and happy when you are old.
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