Welcome to Part 3 of my interview with Pete the Planner where we discuss how to better manage your finances if you happen to have ADHD or are married to someone who has it!
In this episode Pete and I talk about how to resist making impulsive purchases. One way to resist blowing all your money on “fun stuff”, is to think about the things that you really care about before hitting the “buy” button. For example, your kid’s college education or paying off your mortgage ahead of schedule and being completely debt free or saving up for a month long trip to Europe. Granted it’s hard to think of these things in the heat of the buying moment, but for me, at least if I’m shopping online, what helps is having a note either on my pinboard (which is right above my computer desk) or a sticky note stuck to my monitor with the list of my financial priorities so that it’s just a glance away. It’s a tiny bit sadomasochistic, but it usually does the trick and helps me remember that some of the things that I WANT to spend money on, have a very short shelf life, as opposed to something long-lasting like being debt-free or being able to take the family on a Disney cruise.
With it being Christmas and everyone gift shopping, Pete and I also talk about the definition of charitable giving/gifting. Spending money on others feels good, but we shouldn’t confuse that with being charitable. I found this whole point quite interesting. Christmas is a time of giving, and we should really think about whether our giving is truly charitable or are we just “transferring wealth” between family and friends?
One good suggestion of Pete’s is to make a list of people you’re getting presents for and to put a dollar amount next to each name to create a gift budget of sorts. The goal is stick to that amount or try to come under it.
Last but not least, one of the best ways to not over-spend when shopping is to use the cash envelope system and put your debit/credit card on ice. 🙂
Do you have any tips for how you curb impulsive shopping? Would love to hear about them!