FINANCE
THE
RIPPLE EFFECT OF IMPULSE BUYING By Tr i s h Va n Si c k l e , LLQP, CSC Pr i m e r i c a Fi n a c i a l Se r v i c e s
Life is full of temptations. Whether it’s a new truck, a membership to the gym or a set of clubs that are guaranteed to up your game, temptation is all around us. And it’s usually combined with temptingly “affordable” finance options. But there may be plusses to not giving in. It’s like the old saying, “Buyer Beware.” Buy today and pay tomorrow…and the next day, and the next week and possibly for years to come. You’ll not only pay the price, the additional interest, and all the other associated costs, but you’ll also pay the price for all the stress that comes with overspending. What impact
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will those impulse decisions have on your personal and financial life?
is the best way to protect yourself and make good decisions.
Maybe you snatched an awesome designer jacket, or decided to furnish your home on a don’t-pay-for-a-year credit card you were offered the second you stepped in the door. No worries, you thought. I’m spending, but I’m also collecting points of some sort, so it’s worth it, right?
ASK YOURSELF: HOW MUCH WILL THIS COST ME IN THE END? IS IT WORTH IT?
WRONG. Impulse buying can have serious and long-lasting consequences, so arming yourself with knowledge about the potential impact
We all make impulse buys once in a while, no matter how wise and financially mature we may think we are. Something catches our eye, we think we have to have it, and out comes the credit card. It’s all about the spur of the moment. The shopper hasn’t planned to make a purchase and the decision is made without premeditation.
Impulse buying is all about emotions and feelings rather than logic and planning. In many cases, simply seeing the product is enough to get you to buy. Years ago, an impulse purchase would have involved being physically in a store, but technology has revolutionized our shopping access, giving us the ability to acquire items we’ve never before been able to purchase from home. Whether you’re at your computer or sitting on the couch with your phone, you can make an impulse purchase with a single click. In fact, hands-off technology makes it possible to simply
