Being a teenager is a very confusing time in one’s life, and increased freedom with money does not make it any less confusing. Many teens at this stage in their lives have jobs, allowances, and cards, allowing them to spend money freely. This, however, leads them to make many irresponsible decisions, such as impulse buying. The brain of a teenager is used to thinking long-term and is easily influenced by emotions. If a teenager is having a bad day, let’s say he or she went through a breakup or failed a test, they are much more likely to buy things that will benefit them at the moment. This is an example of instant gratification, where the brain seeks easy sources of pleasure in the moment. This phenomenon is further exacerbated by the rise of social media, where teens seek pleasure through pictures and short videos online, along with peer pressure and a general “fear of missing out”.
Impulse buying can become a very destructive habit, potentially leading to devastating financial decisions down the line. In this article, we will talk about three main ways that you as teens can stop this habit dead in its tracks.
The first thing that all teens who have trouble with impulse buying should do is create a budget. Take a portion of your monthly allowance or income and designate it as the money that you will use to buy things for your own pleasure while saving the rest. This is your budget. Ideally, your budget should not be the majority of your monthly income, as it is a good habit to save money. It is all about self-control. When you become more disciplined with your finances and force yourself to spend within your means, you will realize that a lot of the items you desired would have been regretful buys. This is especially important as an adult since you will be managing your own money while worrying about bills, groceries, and rent. Running out of money due to irresponsible spending is simply not an option then.
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Secondly, you must shop with a concrete plan in mind. This goes hand-in-hand with budgeting. Before you go to the store or engage in online shopping, write down a list of all the things you think you should buy. This way, the chances of you overspending drastically decrease. You will force yourself to differentiate between wants and needs, thus forcing you to buy necessities over impulse buys. When you plan out your shopping sessions, the less likely it is for impulse buys to chip away at your debit card.
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Finally, to avoid impulse buys, expressing gratitude for what you already have is helpful. When you acknowledge the things that you already have, the weaker your impulse to buy will become. Not only will you impulse buy less, but you will also become less materialistic, valuing experiences over objects. You will also become less susceptible to the negative emotions that may influence your impulse buys, as you focus on the positives in your life rather than your problems.
Impulse buying is a major problem that many people face on a day-to-day basis, and if unchecked, can become a very destructive habit later in life. Heeding the advice in this article can help the frustrated impulse buyer turn into a lifelong responsible spender.
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