Buyer Beware
Impulsive Spending

By Jennifer Gioia, staff writer

Remember when you were in the checkout lane at the supermarket getting ready to pay and you turned and saw a display filled with candy?

You thought, "I am kinda hungry" or "I could go for something sweet." Without any further thought, you grabbed a king-sized candy bar. Guess what? That was impulse buying.

Something to Think About

What if that same feeling you got out the checkout lane happened to you all the time. Buying one candy bar is kind of harmless, but what if every time you went to the store to buy something specific, like a sweater, you came home with five sweaters or a sweater, shirt, pants, boots—the works? It can be a real nightmare on your savings.

The Skinny on Impulse Buying

• Impulse buying is fueled by the uncontrollable urge to spend money, mostly on things you don't need.
• Impulse buying can become a serious addiction, and can land a person in financial trouble.
• A sign of impulse buying is when a person starts having urges to spend money they don't have, such as using credit cards to make outrageous purchases.

Here's a foolproof way to know if you purchase is worth it. Ask yourself these three questions:

1. Have I bought items like this before and never used them?
2. Am I buying it because it makes me feel better?
3. Am I making a purchase I can't really afford?

If you said yes to any of these questions then STOP! You're in danger a of making an impulse buy.

Thinking about your purchase can help you decide whether it is necessary and keep you from mindlessly spending money for a useless item. Be honest and ask yourself why you are buying a particular item.

Believe it or not, many stores count on impulsive spenders, and actually arrange their products accordingly—pairing chips and soda on the same aisle. Becoming aware of the buying environment can help you see what items you are more likely to spend impulsively on and give you the power to say no.

But sometimes you can't just pass up a good deal, right? Right! An educated consumer knows the difference between an impulse buy and a good deal. So shop around! Take your time, think about what you need, and make informed choices. That way a little impulse buy every now and then isn't so bad—as long as you have the money to make the purchase.