{"id":2173,"date":"2022-11-17T06:00:14","date_gmt":"2022-11-17T14:00:14","guid":{"rendered":"https:\/\/humanitywealth.com\/?p=2173"},"modified":"2022-11-18T23:31:49","modified_gmt":"2022-11-19T07:31:49","slug":"impulse-buying-and-its-negative-impact-on-financial-health","status":"publish","type":"post","link":"https:\/\/humanitywealth.com\/financial-planning\/impulse-buying-and-its-negative-impact-on-financial-health\/","title":{"rendered":"Impulse Buying And It\u2019s Negative Impact On Financial Health"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><em>\u201c<a href=\"https:\/\/www.shopify.com\/retail\/10-tactics-for-impulse-buying#:~:text=Recent%20i%20ndustry%20research%20shows%20that,is%20sold%20because%20of%20impulsiveness\" target=\"_blank\" rel=\"noreferrer noopener\">Recent industry research shows that impulse buying accounts for between 40% and 80% of purchases<\/a>.\u201d<\/em><\/h3>\n\n\n\n<p>Picture this- you\u2019re out with your friends at the mall and want to treat yourself. You start making a few small purchases that you know are in your budget. However, at a certain point, you\u2019ve noticed that you\u2019re exceeding your budget as you keep making more purchases.&nbsp;<\/p>\n\n\n\n<p>Yet somehow, you couldn&#8217;t care less and just want to feel good. This is called impulsive buying- you have no second thoughts and considerations towards your budget after you pass the initial \u2018treat yourself\u2019 purchases. You just keep making purchases and think, \u201coh well! I\u2019m treating myself.\u201d&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>At no point do you have the thoughts, \u201ccan I afford this? Is it necessary? Can it wait? etc.\u201d\u00a0<\/p>\n\n\n\n<ul>\n<li>Something to really think about when it comes to impulsive buying and deeming everything as \u201cretail therapy\u201d for yourself is- <em>\u201cNothing feels good, sounds good, tastes good, or smells good when you are hurting in your pocketbook .\u201d\u00a0<\/em><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>What we should now turn our focus on is the fact that this impulsive buying is taking a toll on our financial health. The first step to limit impulsive buying so that our financial health remains healthy is to manage one&#8217;s emotions.\u00a0<\/p>\n\n\n\n<ul>\n<li><a href=\"https:\/\/www.shopify.com\/retail\/10-tactics-for-impulse-buying#:~:text=Recent%20i%20ndustry%20research%20shows%20that,is%20sold%20because%20of%20impulsiveness\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Research shows<\/strong><\/a> that <em>\u201ca key factor in triggering an impulse buy is the shopper\u2019s emotional state.\u201d <\/em>If you can keep your emotions in check when you\u2019re out shopping, you\u2019re going to be able to better suppress the urge to pull out money from your wallet. And in this case, it\u2019s a win-win- you\u2019re saving money and maintaining your financial health!\u00a0<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>However, if this isn\u2019t followed, we see that impulsive buying also conflicts with one\u2019s plan to stay on track with their financial plan. When someone gets caught up in the \u201cfeel good\u201d sense of impulsive buying, it\u2019s common for them to forget their long-term financial goals because, to them, they\u2019re still living in their current moment.\u00a0<\/p>\n\n\n\n<p>Additionally, if impulsive buyers rely on utilizing their credit cards as payment, they may potentially be in danger of increasing their credit card debt because the nature of impulsive buying makes a person unhinged at the moment they choose to be buying.\u00a0<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Once caught in this spiral of impulsive buying, <a href=\"https:\/\/www.wiseradvisor.com\/blog\/financial-planning\/how-impulse-spending-can-get-your-financial-planning-off-track\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>studies also show<\/strong><\/a> that this cycle can cause several harmful emotions, such as anxiety.\u00a0<\/p>\n\n\n\n<p><em>\u201cOn the one hand, there is the guilt of buying an unnecessary item, and on the other is the realization of how it can impact your overall finances. This can lead to a lot of stress, tension, and pressure.\u201d [2]\u00a0<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>With all these negative impacts of impulsive buying being discussed, you might wonder how to avoid the urge to buy impulsively.\u00a0<\/p>\n\n\n\n<p>The one key point to recall is your future financial goal. You want to be able to create a financial cushion for yourself and work towards the target you have. &#8211; If you can maintain a stable mindset that prioritizes your financial future, you\u2019re on the right track to securing your financial plan amidst impulsive buying urges that may arise.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong><em>Humanity Wealth Advisors <\/em><\/strong>believes in sharing good knowledge and education. We believe your financial wellness comes from knowing good information&#8211; after all, knowledge is power, and that&#8217;s what we&#8217;re all <strong>about<\/strong>.<strong>\u00a0<\/strong><\/p>\n\n\n\n<ul>\n<li>The articles we provide are free <strong>resources <\/strong>used simply to educate and pass knowledge; a knowledgeable investor is a great investor!\u00a0<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>We&#8217;re the financial advisors you want to come to for affordable financial planning in the Bay Area\u00a0<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Did someone ask for financial advisors without a minimum asset requirement? That&#8217;s <strong>us!<\/strong><\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Lack of knowledge on impulsive buying consequences may lead to diversion of financial planning; giving readers information on long term care planning helps us meet our goal to educate the general public\u00a0<\/li>\n<\/ul>\n\n\n\n<ul>\n<li><strong>C<em>ontact us <\/em><\/strong>if online financial advice is crucial to you- we can help you with that.\u00a0<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/info.humanitywealth.com\/free-ebook-5-easy-steps-to-start-retirement-planning-now\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"600\" src=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/11\/A-Simplified-Retirement-Planning-Guide-5-Easy-Steps-To-Begin-CTA-1400x600.jpg\" alt=\"\" class=\"wp-image-2154\" srcset=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/11\/A-Simplified-Retirement-Planning-Guide-5-Easy-Steps-To-Begin-CTA-1400x600.jpg 1400w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/11\/A-Simplified-Retirement-Planning-Guide-5-Easy-Steps-To-Begin-CTA-500x214.jpg 500w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/11\/A-Simplified-Retirement-Planning-Guide-5-Easy-Steps-To-Begin-CTA-768x329.jpg 768w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/11\/A-Simplified-Retirement-Planning-Guide-5-Easy-Steps-To-Begin-CTA-1536x658.jpg 1536w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/11\/A-Simplified-Retirement-Planning-Guide-5-Easy-Steps-To-Begin-CTA-2048x877.jpg 2048w, https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/11\/A-Simplified-Retirement-Planning-Guide-5-Easy-Steps-To-Begin-CTA-1600x685.jpg 1600w\" sizes=\"(max-width: 1400px) 100vw, 1400px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>\u201cRecent industry research shows that impulse buying accounts for between 40% and 80% of purchases.\u201d Picture this- you\u2019re out with your friends at the mall and want to treat yourself. You start making a few [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":2177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[39],"tags":[121,74,57,120],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Impulse Buying And It\u2019s Negative Impact On Financial Health<\/title>\n<meta name=\"description\" content=\"Learn about the dangers of impulse buying and how it can hurt your financial health. 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