by Farnoosh Torabi for CBS MoneyWatch.com
Here are five tips to help you gain control during your next shopping trip.
1. Stick to Your List
When you narrow your options, you simplify the decision making process. Making a shopping list - and sticking to it - can be one of the best ways to avoid impulse shopping. And be specific: Instead of considering all 200 winter coats in the department store, zero in on the few that meet your needs and fall within your budget. Otherwise, you may be tempted to spend more than you should.
2. Get Some Air
Give yourself at least 10 to 15 minutes to disassociate your mind from whatever it is you’re considering purchasing, whether you’re shopping online or in a store. Put the item in your shopping basket online, or leave it at the sales counter while you take a lap around the mall. Without a sense of urgency or the pressure to buy, you can make a more rational decision.
3. Be Critical
Before you pull out your wallet, ask, “What are the trade-offs?” If you have ample cash in the bank, then you can afford the purchase. But what if buying a new laptop is the difference between going to the Bahamas for spring break or a staycation?
4. Phone a Friend
For big-ticket items, it sometimes helps to grab a second opinion. (And no, the salesperson’s doesn’t count.) You want to ask someone who understands your goals and can give you honest advice on whether that new sofa is worth the $1,200 price tag.
5. Use Cash
Using cash, rather than a credit card, may seem more painful. But if you can’t afford to pay cash, you might not be able to afford your new splurge, period. Actually watching our funds shrinking can be the very wake-up call we need to beat the impulse buy.
