How To Exercise Self-Control When Shopping?

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.

Image Credits: pixabay.com

Sources: 1 & 2

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Surefire Ways To Gain Financial Willpower

If you lack self-control or you are low in willpower, you may constantly catch yourself wondering where your paycheck went. Give these three strategies a sincere shot! You will be glad that you tried.

TAKE ONE STEP AT A TIME

To understand how willpower works, you must imagine stretching a ribbon for seven days straight. The ribbon will eventually tear. The same principle applies to your willpower – “it loses its strength when you exhaust it”.

Image Credits: pixabay.com

Image Credits: pixabay.com

Willpower affects the way you spend. Compared to people who have not exerted their willpower, people who are running low on willpower spend an increased amount of money and purchased additional items. It goes to show that multiple decisions can test your willpower’s strength. Thus, it is best to take one financial decision at a time. Do not overwhelm yourself!

CHOOSE A TRUSTED ALLY

Having a depleted willpower is not a problem because you can always search for someone whose willpower is stronger than yours. Choose a trusted ally that will support you for a common financial purpose. The ally may either supervise you or help you regulate your money.

If you trust the person enough (e.g., your parent or spouse), ask him to keep your money and not give it back until you have reached your goal. Alternatively, the person can regularly ask you how much you have saved and spend in the past two weeks. Be careful who you trust!

LEAD A CASH-ONLY LIFESTYLE

One of the primary reasons why institutions advocate credit cards is that it has the ability to distract the holder from how much they are spending. This is problematic for people who lack self-control or are low on willpower. They can pay their monthly bills thru credit without realizing the consequences of their purchases, until their minimum credit card bills became huge. It will take them years before they can pay off everything!

Image Credits: pixabay.com

Image Credits: pixabay.com

The solution for this scenario can be as simple as leading a cash-only lifestyle. If you do not have enough cash to cover an expense, then you must skip it or save enough money for it. Commit yourself to this lifestyle for at least eight months. When you know what you are doing, you can eventually use credit in a smart way.

Sources: 1,  2,  &  3

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