What are some hard consequences of impulse buying? Buying things on impulse can be a dangerous habit to get into, and it can derail you in more ways than one. Here is a little info on impulse buying and how it can negatively impact you.
What is Impulse Buying?
Impulse buying is the practice of a consumer buying goods or services without preplanning it. These purchases are usually triggered or driven by emotion. Patterns of impulse buying are seen in small items such as phones, clothing, and food. It can also be observed in large items such as cars, expensive jewelry, and timeshares.
Some companies will gear their marketing to exploit your emotions so they can tap into your tendencies to make impulse purchases. The ease at which many consumers can get credit cards magnifies this issue.
Consequences of Impulse Buying
There are more consequences to impulse buying than you may realize. Here are the main ones.
The most obvious consequence to impulse buying is the one that hits your wallet. Buying items without doing any research can land you in financial trouble if left unchecked. You can quickly find yourself with unmanageable credit card debt if shopping and buying unneeded items becomes habitual. You also run the risk of not being able to pay other bills and not being able to save or invest any money.
Impulse buying is triggered by emotions and feelings. Often negative feelings can lead to someone making impulse purchases to “find” happiness. This tactic often works, but the feeling is short lived. Before long you will have guilt and regret for making the impulse purchase. This can then lead to you making more impulse purchase to try to rid these negative feelings. The cycle can keep repeating. You can see how this can quickly spiral out of control.
Beyond strained finances and emotions, you can find yourself buried in “stuff” if you make too many impulse purchases. If you can imagine and entire room or even an entire basement filled with items that you will never use and don’t really want, then you can see where this can be a problem.
There are hard consequences of impulse buying. Whether financial, emotional, or disorganization, none of these things are favorable to you physically or emotionally. It is best to research purchases before buying. Don’t shop when you are feeling emotional, and if you must, leave your wallet at home if you are just out browsing. Keep your long-term financial goals in mind when you are faced with a possible impulse buy. Your mind and your wallet will thank you.
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Writer and Investor. Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.