In today’s society so many people get caught up in the “Jones’ trap.” They feel they need to have the latest widget or gadget. If you find yourself caught up in this trap that leads to poverty, there are some things that you can do to overcome this type of mentality.
Step 1: is to have a financial vision of where you see yourself financially in the future. This is the first step to overcoming the impulse of buy. I have this as the first step because I believe that you should always start your goals with the end in mind. If you do not know where you want to be with your finances then it does not matter what you do with your money today. When you have a plan for the future the small steps you take towards your end goal start to mean something to you.
Step 2: is to make sure that you always distinguish between the needs and your wants ask yourself “do I really NEED this,” before you buy anything! Keep a small journal and write down your thoughts and feelings. Get to the bottom of why you feel you need to impulse buy. Is it so you can feel better about yourself is it so you can appear to be wealthy to your neighbor? Why do you buy what you buy? Recruit a friend or family member. If you have been trying to overcome impulse buying on your own and it has not worked for you then recruit a friend or a family member to help hold you accountable for the things that you spend your money on. This may be hard for some of you to accept that you need help from someone else but, having an outside force helping you will do wonders for your finances.
Step 3: Increase your knowledge when it comes to your personal finances. There is a lot of information out there for those who are willing to use their library cards. Use you card and look up the subject on personal finances. There are a few personal finance books that I highly recommend. The Millionaire Door is a great one and if you have never read a book on personal finance I would start here.
Step 4: Get rid of the temptation to buy. If you weakness is QVC and ordering things on the TV then, turn off the TV and find a new hobby. If you were an alcoholic and you were trying to stop drinking would you hang out at a bar? The answer to that is obviously not. Then why would you hang out where your weaknesses are?
Following these steps will definitely help but the only way to fully benefit from the things that I have said today is to take ACTION! Without taking action the things you know matter less and less. Decide today that you are going to take control of your financial future and that you are going to stop trying to keep up with Mr. Jones!
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