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The ability to regulate and alter your responses to avoid undesirable behaviors and increase desirable ones is called self-control. Self-control helps you achieve your long-term financial goals. Studies showed that having self-control can be important for your health and well-being.
People use a myriad of terms for self-control such as discipline, determination, willpower, grit, and fortitude. The ability to delay gratification and resist unwanted urges is self-control.
Achieve your long-term financial goals by reducing your spending. Start by applying self-control when you shop.
#1: SHOP WITH A FRIEND
Shopping with a friend is a good strategy for dealing with compulsive spending. Salespeople are trained to play the role of your friend to encourage you to buy more. Hence, having your friend along can help you weigh your options.
Compulsive and impulse shopping play on your complex emotional urges. Avoid shopping while you are angry, sad, or hungry. If you are feeling these states, you cannot rely on the internal resources that are used to curb your impulses.
#2: CARRY CASH AROUND
It is easy to get carried away when you are paying for the items via credit card. Increase your awareness while you are shopping by opting for cash. Paying by cash slows down your transaction because you must think about your purchase.
When you pay with cash, the impact of buying is more dramatic. You are forced to see and feel what is happening to you now.
#3: HAVE A 24-HOUR RULE
Although you are eyeing an item for a while, ensure that you are getting a good deal by setting the 24-hour rule. Ask the physical store to hold your item for at least 24 hours. This will give you enough time to think about the item before purchasing. This rule can be applied to online stores too. Put the item in your cart and wait for the next day to buy it. Do you really need to buy it?
The ability to delay gratification or to wait to get what you desire is an important part of self-control. Delaying gratification involves putting off short-term desires in favor of long-term rewards.
#4: STEER AWAY FROM TEMPTATION
Reduce the temptation by going on shorter shopping trips or by visiting fewer websites. Spending less time window shopping can help reduce the number of products you see and like. By exposing yourself to fewer temptations, you will have more energy to make thoughtful spending decisions.
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