Brought to you by: Consumers Cooperative Federal CU
Related Links
Bookmark and Share

Keep your Financial Goals on Track!

Impulse spending can be a major roadblock on the path to financial stability and success. These unplanned and often unnecessary purchases can quickly add up and sidetrack your financial plans. Here are some tips to help you take control of your spending:

Set financial goals: Whether it's saving for a vacation, buying a new car, or building an emergency fund, having a goal in mind can help you stay focused on your long-term objectives and resist impulse purchases that don't align with your priorities.lady

Create a budget: Take the time to review your income, expenses, and financial goals so you have a clear understanding of your financial situation. A budget can help you make more informed decisions about where your money should be going.

Track your spending: Keep a record of your daily expenses to see where your money is going. This can help you identify patterns in your spending habits (which might surprise you!) and pinpoint areas where you can cut back on unnecessary purchases.

Avoid shopping when emotional: Try to avoid shopping, including online shopping, when you're feeling stressed, lonely, bored, or upset. These feelings can cloud your judgment and lead to impulsive spending. Try to find healthier ways to cope with your emotions, such as exercising, meditating, or talking to a friend.

Take some time: If you find something you want to buy that is unplanned, give yourself some time to think it over. Put the item on hold or add it to your online shopping cart and wait at least 24 hours before making the final decision. This can help prevent impulse buys and give you time to consider whether the purchase is truly necessary.

Use cash: Paying with cash instead of a credit card or PayPal/Venmo can help you better manage your spending. Try using the envelope system, where you allocate a set amount of cash for different categories of expenses each month. Once the cash is gone, you can't make any more purchases in that category until the next month.

By being more mindful of your spending habits, you can take control of your finances and work towards a brighter financial future.