Impulse-Buy

Recovering after an Impulse-Buy:

We’re all human: Spontaneous spending can sometimes come out of nowhere and with only one little impulse-buy, your budget is compromised, and your finances take a knock.

With the festive season just around the corner, this kind of stress is just not ideal, but with discipline and foresight, we can recover.

We have a few tips to possibly help you avoid or recover after an impulse-buy.

Take the hit and avoid dipping into your savings:

If your impulse-buy is recently purchased and is able to be returned, return it. There is no shame in recovering money that you didn’t have to spend in the first place.

If you can’t return it, take the hit and stay positive.

Don’t dip into your savings; a reworked budget and positive attitude may be all you need. Enjoy your purchase for what it is, it’s yours, and look to recover with positivity.

Separate your money so you’re not tempted to spend it:

There is going to be a lot to spend your money on over the December holidays, so plan for it.

Within the money you have left for the rest of the month, tally up the equivalent of your impulse spending, or as close to it as possible and remove it from your account.

Developing your budget in this way means that you’ll only be working with money that you have already saved for.

Rethink your current budget:

With December on the horizon, it’s time to rethink your current budget and see where you can recover from the money that you have left for this month.

Ask yourself: Where can I cut?

Do the maths; find the unnecessary expenditure in your budget and mentally prepare for a quieter period in the upcoming weeks.

Cut down on entertainment immediately. Have friends over:

It is most likely that your entertainment budget is where you’ll need to cut, but, that doesn’t mean that you’re set for a terrible month in. Be innovative, think about simple ways you can entertain yourself without actually spending on the activity too much:

  • A games night in
  • A stay-at-home braai
  • A movie at home

Approach them with positivity and remember, not all entertainment is expensive.

Recovering from a spontaneous shopping spree is possible.

It all comes down to discipline, foresight and proper budget planning, you can still have the December that you had planned for yourself and your family.

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