The Power of Delayed Gratification: How to Resist Impulse buying.

Coming from someone who eats junk a lot, it is safe to say that I have my own experiences with impulse buying. Not just when it comes to food (snacks in this case), but also things around me. Sometimes, we get carried away in the moment of plenty and fail to plan for tomorrow. Well, here are some tips on how not to spend impulsively.

1. Understand why you mustn’t.

There is this saying that goes, it is easy to get rich but very hard to stay rich. Getting money can be very easy, multiplying it though, not so much. Especially when we can’t seem to get a grip on our hands when it comes to our appetites. Appetite is subjective here, might not be food but you want to get something you don’t need at the expense of everything else.

No one is saying you can’t satisfy a want or two, however, make sure you understand your situation perfectly and how much you can let go of. There are wants and needs. Do not satisfy the wants first. For example, you may want a new phone. Why? What is wrong with the one you are using? Can it not serve longer? What happens if you get that phone? What is the impact on your finances - negative or positive? What is the source of your income like? Start by asking yourself these questions.

There is a saying, “If it ain’t broken, then don’t fix it”.

2. Have a savings box.

Okay, here!

Savings box can be a bank account or an app with great interest rates on savings. I know it is easier said than done, but this is where you discipline yourself and appetites. When that impulse comes over you to get something, especially when you fully understand the gravity of what you are about to do, you know how it may affect you, you can just send the money instead to savings.

If you have more money than you know what to do with for a time, don’t be quick to utilise that money because chances are you will spend them on frivolous things that would later come to bite you in the arse. You can lock up that money and decide what it can be used for later.

3. Don’t be “a plan”.

In a country like Nigeria, where the cost of everything multiplies daily, it would be unwise to let yourself be part of someone else’s plan. I’ll explain.

Transportation alone is now equivalent to money used for a full meal. It will be wise to clearly identify your movement (maybe weekly) and plan towards it. Be firm with how you leave your environment, as over here they say, there is every possibility to spend more than intended when you leave home.

When you are on a budget, unless you need to, avoid situations where you have to pay for things you can otherwise get at home free or not at all. You can circle out people who make you spend more than necessary, places that you can’t afford at a certain time.

The ultimate goal is to limit reckless spending and instead use money wisely on other things that are needed to live and make more money.

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