Fighting Against Impulse Purchases
Debt is a growing problem with families around the world
. A lot of this problem comes from an impulse buying. You go out, see something you like, and if you do not have the money in your pocket you put it on a credit card or finance it. This is one of the biggest reasons why people are drowning in debt. This is just a simple idea that may help with this problem.
The pay before you pick up plan was created for people who buy on impulse. It will not only keep you from going into debt with credit cards and finance companies but it will also give you the opportunity to think about whether you really need this product. If you follow this plan it can be a great tool to keep you out of debt.
Say you are walking down the street and you look into a store window and see the most beautiful diamond ring. You do not have the money in your pocket to pay for it, so the first thing you do is start grabbing for your credit card or ask the clerk for a finance application. Instead of doing this why not just take a loan out with yourself.
Figure out how much the item will cost and in what time period you want to pay off the loan. When you have paid the loan off, to yourself, take the money back to store and buy the laptop for cash. You will not be able to get the laptop today but you will save and load of money in the end.
Once you have decided what your payment will be your next need to find out where you will pay it to. Make sure you have a place setup to make your payment. You can pay it into a bank account, put it on a prepaid debit card, or even an old cigar box. If you keep your payments up you will have the money you need to buy the ring in no time.
This is also a great way to make sure you are not making an impulse buy. If it is going to take you to three months to pay off the loan to yourself you will have plenty of time to make sure you really want the ring. If you get three payments and find out it is not something you really want then you either have the extra money to spend or you can save it for the next ring that you see.
It will be a great feeling when you pay the loan off and are able to walk in the store with the cash needed to buy your ring. Just imagine being able to put the full payment on the counter and not have to worry about paying a bank or a finance company for the next five years. Now there may be times that you'll need to take the loan out but on purchases under 1500 dollars this is a great plan. This plan will take some self control that if you set your mind to it there is no doubt that you can pull it off.
This is just a simple common sense plan that could help you stay away from impulse buying that will increase your debt. The first step to staying out of debt is not getting into it. Hopefully this will help someone do just that.
by: Tobias McTavish.
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