Have you ever bought something on a whim, or have a habit of making random purchases? You might be an impulse buyer and not even know it. Impulse buying can diminish your savings, so here are three tips to avoid those unnecessary purchases.
Set Financial Goals
Whether it’s saving up for a house, or a big family vacation, having a goal to look forward to will help you focus on your finances. Talking about your goals and setting reminders will prevent you from spending when you know you want to save. When you cut out those random purchases you will see you savings grow and your goals will become attainable.
Remove Payment Information
If you are an online shopper you probably have your payment information saved on the sites you visit most frequently. It’s much easier to spend when all you have to do is click once or twice. Forcing yourself to enter your card information for each purchase will give you an extra step and a little more time to consider if the purchase is necessary. Deleting your financial information will make it harder to impulse buy.
Parental control settings aren’t just for kids. They can help prevent you from those impulse buys. You can set up restrictions on your apps or even block retail sites. Like removing your payment information, this minor inconvenience might be all you need to stop a frivolous purchase. You’ll have the codes to get into the sites or apps, but needing to enter them each time could deter you from the item you want to buy.
Take the money you would have spent on impulse buys and put it towards the future! Open and begin regular contributions to an Individual Retirement Account (IRA). An IRA with SeaComm allows you to save for retirement with tax-free growth! There are no monthly fees, no minimum balance requirements, and dividends are paid out on a monthly basis. Call us at (800) 764-0566 or visit your local SeaComm branch to open an IRA. Our goal is to help you reach yours!