Mindful Spending: The Cure for Impulse Buying
Breaking the Cycle of Debt
Impulse spending can lead to a vicious cycle of debt, but there’s a solution. According to consumer savings expert Andrea Woroch, “slow shopping” is a trend worth adopting to make more mindful buying decisions. By taking the time to think through each purchase, you can avoid emotional buying and make more level-headed choices.
The Benefits of Slow Shopping
Slow shopping allows you to time your purchases when items are on sale for the lowest price. With the help of price-tracking browser extensions like CamelCamelCamel or Keepa, you can keep an eye on price changes and snag deals when they arise. Additionally, slow shopping gives you more time to save up for big-ticket items, reducing the need for credit.
A Growing Trend
Slow shopping is gaining popularity, with 73% of consumers adopting this approach for the holiday shopping season, according to a survey by Affirm. Many shoppers are starting their shopping earlier and being more mindful of their purchases, taking advantage of deals and promotions along the way.
The High Stakes of Holiday Spending
With credit card debt already at $1.14 trillion, the importance of mindful spending cannot be overstated. This year, holiday spending is expected to increase again, with shoppers planning to spend an average of $1,778, up 8% from last year. To avoid overspending, it’s crucial to have a plan and stick to it.
Tips for Managing Holiday Spending
- Make a list and check it twice to guide your spending and resist impulse buying.
- Set aside money in a holiday fund to give yourself more freedom to spend without taking on debt.
- Start shopping earlier to take advantage of deals and promotions.
- Sign up for store e-newsletters and mobile alerts to access early deals and discounts.
By adopting slow shopping habits and being more mindful of your spending, you can avoid the pitfalls of impulse buying and make more intentional purchasing decisions.
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