When one tries to picture impulse buys, one can almost always picture a woman unable to resist buying the hundredth lipstick or her forty-seventh pair of shoes, however, the latest research, titled 'The Invest in You Spending Survey' by CNBC and Acorns revealed that men actually spend more money on impulse buys than women and the difference is considerable.
Buying expensive items you'll never use can threaten financial security.
While the study revealed 90 percent of men and women are equally guilty of making impulse buys, interestingly, 25 percent of men said thy they have spent $100 dollars or more on them, while only 16 percent women, on the other hand, made impulse buys. Ross Steinman, co-chair, and professor in the psychology department at Widener University aid, "The stereotype of women as impulsive in their purchase decisions is an inaccurate one. Impulse purchases are a result of consumer personality characteristics as well as a strategic placement of enticing stimuli in the shopping environment." Whether it's clothing items, random items from the checkout counter, or personal care items, there isn't a single person who hasn't succumbed to the temptation of an impulse buy. Financial advisors reveal that while buying cheaper signs may not amount to much, buying a large number of cheap items can definitely add up over time. Meanwhile, buying expensive items that you'll never use can threaten one's financial security.
Ask yourself if you really need this or simple desire it
However, there is a remedy if you find that you cannot control yourself from buying things that you'll never use. The first step is to keep a track of your expenses, however small they might be because it will give a good insight into where your money is going. You can either use an app or actually write it down; writing expenses down makes you think about your expenditures more. Step two is to ask yourself whether you really need this time or simply want it. Step three is to use cash instead of your debit or credit card because when you use cash you feel the pinch of it more than when you use a card. But if you really feel you can't control yourself at all, just leave your cards at home; you can't spend money if you don't have the plastic monster.
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