QuickTip Instead of making impulsive purchases, this tip will give you time to "chill' 0 2016 Life coaching https://www.lifecoachhub.com/img/uploads/quick_tips/thumbs/827_1457829093.jpg Financial coaching life coaching Lifecoachhub Pty Ltd LifeCoachHub
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Addicted to Spending Money? Freeze Your Finances

 
TAGS: coaching, life coaching, business coaching, coach, life coach, self help, personal development finances, reducing debt, spending, save money, compulsive shopping, slow down, thrifty, credit card, resourceful, ice, online, purchase

Addicted to Spending Money? Here's a tip to curb your impulse spending.

We live in a fast-paced world. With the convenience of online shopping, it is only a matter of minutes (or less) to make a purchase. Then the package arrives a few days later and all is well in the world…until the credit card statement comes along.

Yikes! Those purchases really do add up. Shortly after, buyer’s remorse creeps in and that shiny new purchase isn’t so exciting. Sound familiar? 

For some, this online buying cycle can start to spin so fast, it can become out of control.  If you find yourself compulsively shopping, this tip will help you slow down and give your credit cards a much needed break. 

The credit card exercise

If you are ready to make a change, keep on reading. Now for the credit card exercise. 

Step 1: Freeze your cards!

The first step is to put your credit cards into a small plastic container and fill it with water. Place the container in the freezer.

Yes! This will turn into a large credit card ice cube. This might seem as extreme as the temperature in your freezer, but it is one way to slow down the purchasing process.

The next time you want to make a purchase, your credit cards will not be as easy to access. They will be frozen and unavailable for a compulsive purchase. You will have time to actually think about it before you charge the credit card.

Step 2: Ask yourself these questions

Before making any purchases, there are a few questions you should ask yourself. 

  • Is this purchase for something you want or need? 
  • Can you afford to make the purchase or will this add to your credit card debt? 
  • Can this purchase wait until next month or 6 months from now? 

You might decide not to proceed with the purchase at this point.

If you are still on a mission to make the purchase, you will have more time to replay these questions and think about your purchase, while the credit card ice cube is thawing out. To melt the ice, you'll have to take the container with your frozen credit cards out of the freezer and run warm water over the container. 

It will take some time, but eventually, the credit cards will thaw out and you will be able to use them again. Some find a shift takes place, wherein the sense of urgency to make the online purchase melts away.

By the time the credit cards are ready to use, you will have had time to really think about the purchase before you spend any money. There's a good chance you won't be as tempted to make the purchase.

Being mindful of your finances

Give it a try. You can always re-freeze the credit cards again. It's sure to be a chilling experience!

Eventually, this exercise will teach you how to really think about the purchase in advance instead of after you get the credit card bill.

The time it takes to thaw out the credit cards is an opportunity to be mindful. It will empower you to make a more sound decision. Try to give in less to impulse buys to avoid buyer's remorse. This lesson can also be carried into other areas of your life where you might need to slow down and chill.


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