Impulse spending

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People always complain that they are not good with their money. They might be earning 1 lakh rupees per month but at the end of the month they would never know where this money has flown to magically.
Impulse spending is as dangerous habit as smoking cigarettes. Smoking will give you short term mental relaxation due to chemical component called nicotine. Same way is impulse spending. It will allow you to buy junk for unbelievably stellar prices thinking that possession of that thing will make you happy. There is an impulse that drives you to buy. Hence called impulse spending.

Like smokers, we could identify the impulse spenders too. How?? Simple, they know about what's new in online shopping website. They follow fashion apparel or anything of their interest in their social media and talk to you about them after all bragging is what their reward.

Process of Impulse spending detox:
Impulse spending detox can be started by blocking the credit cards.
1. Ask yourself, if this is what you really need. Will acquiring that object that you crave for, will give you happiness?
2. Look for things around you that you can use as alternative. Now it's time to ask yourself, if what you wish to blow up your money on is worth it. For Example:You already have a phone with 4gb RAM, android Oreo, and not the latest processor. To upgrade to android pie n 6gb of RAM, is it worth to spend it?
3. If above two questions yield yes as answer then wait for the two weeks before you go out to buy.  Because impulse spending is immediate behaviour and giving time will help us in reducing the impulse effect come back to normal.
4. There will be zero impulse if you can't see any money in your bank and if you don't have credit card. This doesn't mean you earning less money. This mean that automatically directing this money by setting up your investments.
5. Always remember the reward. Attaining FIRE is much more better than just bragging about what you fell prey for and bought it out of emotion.
6. Your financial decisions will also impact your spouse. If you are an impulse spender, get some help from your partner.

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