How should spenders control their urge to spend

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Bombay: You can prevent your child from buying many toys. You’ve seen videos of parents closing their eyes as they walk past a toy store, just so they don’t throw tantrums and demand another new game. But who’s to stop you over 20 from buy clothes when you have a wardrobe full of clothes? It’s just YOU, right?

No matter how fun impulse buying looks and sounds, it has the potential to take you away from your long-term financial goal. Shinghal, Founder & CEO from Scripbox said, “Spending a lot on unnecessary products makes it harder to save money. Every small amount of money saved and invested today can contribute to your future prosperity.
With the advent of technology and banking at their fingertips, buy now, pay later, Shinghal warned that shopaholics could go into massive debt without knowing it, which would affect their credit score. If you deplete your credit score on things that don’t really have value, you won’t get help when needed and that could be health emergencies, buying a house, a vehicle, etc.

Therefore, it is important for everyone to inculcate habits of planning, budgeting and saving. Shinghal advised shopaholics to stick to the budget no matter how tempting things are. Pay with cash or debit card and avoid the use of credit cards. Another way to control the urge to buy things is to decide what your motive is to visit the mall.

However, that doesn’t mean you have to stop enjoying life. Shinghal advised spenders to maintain a balance between long-term financial goals and personal indulgences. “You should set aside some of your money and use the rest to treat yourself,” he said.
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