Impulse Buying is a Curse…Let’s face it, we live in a world of instant gratification. We’re not used to having to wait for anything. Technology has made everything faster and more accessible, but this expectation has also increased our penchant for impulse buying.

While on holiday recently, I spotted a watch I just had to have. I came up with a number of reasons why it was imperative that I buy it right then and the justifications worked. I bought the item. Back at home, I spotted the same watch in an advertising flyer from the local outlet — for much, much less. Had I just done a little research I could have saved a considerable amount of cash.

Impulse buying makes you spend money on items you may not really need or want. It is buying something that isn’t within budget or a part of a monthly spending plan. It’s a purchase that isn’t necessary and is one of the largest causes of consumer debt each year. Are you an impulse buyer, purchasing unnecessary items on a whim? A bad habit is a hard thing to break and if you are an impulse buyer, then you probably also have a credit card debt problem.

Impulse buying can lead to overspending on credit cards and some people fall into the trap of keeping balances on multiple cards. Problems may continue to mount with job loss or illness and even more reliance on credit cards instead of personal savings, all resulting in excessive accumulated debt. In addition, excessive debt can cause credit scores to drop because creditors prefer that you spend no more than 30% of your available credit.

Overspending on your credit cards means that you may not have funds available when you most need it; during an emergency for example. The interest charged for credit card overdrafts is extremely high and if an overdraft isn’t paid off quickly, the interest will rapidly start escalating. You land up paying much more for the purchased item. There are a number of ways to break the habit. When the temptation for a big impulse buy strikes, take a step back to evaluate the situation. Be patient and take your time. Take 24 hours, a few days or even a week to determine if the item is really needed. Often the desire will recede with some distance.

Doing a little research can save you a bundle. Find out if you can get the same product cheaper elsewhere and check for quality compared to other brands and identify sales in other shopping centres. Plan in advance — pay all monthly expenses and outstanding bills at the beginning of the month so you know exactly how much you have available for luxuries and non-essentials. Budget, budget, budget. Have a list of items that you intend to buy and stick to it. Remember all of those little purchases can add up. Be wise enough to thoroughly think over the necessity of each purchase you make. Impulse buying with credit cards is a sure way to financial disaster.

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