Impulsive Spending Might Be Ruining Your Life

Saying YOLO might push you to financial ruin quicker than you think

Written by Miriam Onyemenam

Alright, guys, it\’s time for a serious heart-to-heart about something that has been eating many students—and their pockets—up.

I’m talking about impulsive spending. Yes, that sneaky habit of making unplanned purchases all in the name of “retail therapy” is more dangerous to your funds than you think.

Let’s break it down, shall we?

The Thrill of the Spend

Picture this: You’re scrolling through Instagram, minding your own business when suddenly, an ad for the latest sneakers pops up. They’re flashy, limited edition, and calling your name. Before you know it, you’ve added them to your cart, entered your card details, and after a few clicks, you’re a proud owner of shoes that cost more than your monthly allowance. 

The thrill of spending money impulsively is real. It’s like a dopamine hit to your brain, making you feel good for a short while. But once that initial excitement wears off, you’re left staring at your bank balance, wondering how on earth you’re going to survive the rest of the month on vibes and inshallah.

If you’ve been a victim of this scenario, you were probably bit by the Financial FOMO bug. 

What is Financial FOMO?

Fear of missing out (FOMO) isn’t just about not being invited to parties. It’s also about that burning desire to own the latest gadgets, fashion, or even food trends. Your friend gets a new phone, and suddenly, your perfectly functioning device feels outdated. The urge to keep up can lead to making purchases that aren’t necessary but feel essential in the moment.

Remember, being financially savvy is the new cool. No one’s going to judge you for not having the latest tech or the trendiest clothes. In fact, they might just envy your ability to say “no” to every shiny new thing that comes your way.

Honestly, there is one very valid FOMO: the fear of missing out on Letters from TFS. Fix that fear now by subscribing.

The Aftermath of Impulsive Spending

The aftermath of impulsive spending is like a hangover—unpleasant and regrettable. You might experience buyer’s remorse, where you regret spending money on something you didn’t need or even really want. Worse still, you could find yourself in debt, having to borrow money from friends or family to make it through the month. Not to mention the emotional stress of constantly worrying about your finances. 

Strategies to Curb Impulsive Spending

It wouldn’t be right to lecture you without offering some solutions so here are some strategies to help you curb that impulsive spending habit:

1. Set a budget: I know, I know, “budget” sounds like a boring adult word, but trust me, it’s your best friend. Set a monthly budget for essentials, savings, and yes, a little bit of fun. Stick to it as religiously as you can.

2. Wait it out: When you feel the urge to make an impulse purchase, wait 24 hours. More often than not, you’ll realize you don’t need it after all. If you still want it after a day, then maybe it’s worth considering.

3. Make a list: Always make a shopping list before you go out. Whether it’s groceries, clothes, or supplies, having a list keeps you focused and prevents those unnecessary additions to your cart.

4. Track your spending: There are plenty of apps that help you track your spending. Seeing where your money goes can be a real eye-opener and a motivator to cut down on impulsive buys.

5. Find cheaper alternatives: Sometimes, you really do need that item, but it doesn’t have to break the bank. Look for cheaper alternatives or wait for sales and discounts.

The Long-Term Benefits

Curbing impulsive spending doesn’t just save you money; it also teaches you discipline and helps you build better financial habits. Imagine being able to save for a big goal – like a new laptop, a vacation, or even starting your own small business. It’s all possible if you can go against that desire to spend impulsively.

So, the next time you feel the urge to splurge, take a deep breath, step back, and ask yourself “Is this really worth it?” Your future self will thank you for it. And remember, it’s not about depriving yourself but about making smarter choices. After all, you’re a student, and this is the best time to learn not just in the classroom but in life too.

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