Smart Money Training Program

Advertisers and influencers are purposefully trying to get you to spend more money than you’ve planned. For example, they may give you a sense of false urgency or make it very easy to spend money. Recognize these tactics so you will know how you may be influenced.

Start paying attention to when and where you feel the urge to make an impulse purchase. Once you’ve spent time noticing what triggers your impulses, see if you can identify patterns.

It helps to avoid temptation when possible.

• Do some people you follow on social media tempt you to spend money or derail your efforts on your goals?
  If so, consider unfollowing them.

• Unsubscribe from mailing lists that create urgency by sending you lots of deals or coupons.   You can shop for deals when you’re actually ready to purchase something.

• Check customer reviews and independent review sites and magazines.

• Use a list when you go shopping and stick to the list.

It may work to help you stay focused!

Force yourself to pause so you can be sure it’s not just an impulse.

• If you add an item to an online cart, shut down the browser before purchasing it. You can always come back later to buy it.

• If you’re tempted to buy something you don’t really need in a store, don’t put it into your basket. You can come back at the end of your shopping trip to pick it up.

• Don’t save your payment information at online retailers. Sometimes, having to enter your payment information gives you enough time to resist the impulse.

When you’re tempted to make a purchase that isn’t in your spending plan, try asking yourself:

• Is this a need, a want, or a desire?

• Is this in my spending and saving plan?

• Is there a better way to spend this money?

• Will buying this affect my ability to achieve my financial goals?

 Think about your hourly wage. If you are a full-time salaried employee, divide your annual salary by 2,080 hours. Then, divide the cost of the item by your hourly wage.

If an item costs 48 hours of work or six full days of work, it might help you decide to postpone buying it now and save money to buy it later.