Do you sometimes get the feeling that you need to spend? Sometimes, and particularly when I get paid, I feel like buying something, anything. It’s no surprise that Americans spend an average of $314 every month in impulsive spending.1Source: Statista
This could be any purchase you made without planning to. Like adding a few snacks outside of your grocery list at the cashier. Or visiting a clothing shop “just to browse” and then going out with a brand-new jacket. Or even “treating yourself” to an expensive dinner after a stressful day at work.
Society has trained us to believe that we need to treat ourselves by spending our money. How does that work? You work hard to earn and then you spend that money in a few minutes? How does that give you satisfaction?
I’m not saying all impulse purchases are bad. They’re a natural part of life. But when things get out of control, your impulsive spending habits will destroy your finances and prevent you from building wealth.