Today I had a conversation with one of my clients about a some impulse purchases that they had made.

Impulse Purchases

They purchased a new formal dinning room table and china cabinet.  However  they needed a dinning table for their eat in kitchen.  They don't want to use the formal dinning room table for their every day meals. The reason they gave for the purchase was the great deal that they received.It got me to thinking about impulse purchases.

Many of us make impulse purchases when we know that we are going to receive a lump

some of money in the near future.

That lump some may be from your income tax refund or a bonus from work.

Some impulse purchases come from trying to fill avoid from experiencing a lack of money.

Impulse purchases can be from you feeling that you deserve to buy a new dress, suit or a pair of shoes.

As for my client the best thing would have been to not go into debt for a formal dinning room.

It was not a priority.

The table for the eat in kitchen was the priority.

Many furniture companies have a lay away program.

The formal dinning room set could have been put in the lay away until they received their income tax refund.

Many of us don't understand the difference between a want or need.

So we make impulse purchases for our wants and neglect our immediate needs.

It's important to plan for a major purchase.

When you plan and budget for a purchase you can avoid impulse purchases that break your budget.

impulse purchases lead to debt.

impulse purchases can cost you in paying high interest loans.

impulse purchases can cause you to feel buyers remorse once the bills come due.

Impulse purchases can cause strains in your relationships.

impulse purchases can lead to bad credit if the bills aren't paid on time.

Do you make impulse purchases???

Your Financial Coach,

Renee Lawson