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4 Ways to stay away from usual spending traps!

Impulse Purchases

People make 76 percent of their shopping decisions when in the store, according to a 2014 mass merchant shopper interaction survey. This startling figure demonstrates that impulse shopping has reached epidemic proportions.

When you buy anything on the spur of the moment, you run the danger of going over budget. Create a strong, well-thought-out shopping plan and budget to minimize impulse purchases. Use cash and only bring as much cash to the store as your shopping list specifies.

Being without a budget

How can you possibly establish control over your money if you have no idea where it's going or how much of it you have left? It will be much simpler to succumb to the temptation of a deal and make an unanticipated buy if you are unaware of your financial status.

Making a budget that works for you isn't as difficult as you might imagine. Stick to your budget once you've made it, and see your finances improve over time.

Financial illiteracy and “Present Bias” are two issues that many people face.

You should be aware that if you place a higher value on immediate gratification than on your future self, and if you lack the foresight to invest in your future self now, you are jeopardizing your financial security.

Develop a healthy set of financial instincts by educating yourself. Focus on attainable, short-term financial goals to overcome your current bias.

Shopping Compulsiveness and Retail Therapy

Here's yet more prescription for financial ruin. Shopping addiction is a disease of impulse control. If you have a shopping addiction, figure out where it originated and get expert help.

Shopping addiction is often accompanied by retail therapy. Consider whether the needless items you amass as a result of this dubious "treatment" actually help you feel more powerful and well-off.

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