10 Easy Ways to Stop Impulse Shopping

Many people experience sadness, anger or other negative emotions or try to fill a void in their life by self-medicating through shopping. Shopping can become an addiction which results in impulse shopping. 

Impulse shoppers regularly shop sales purchasing items they don’t need because they enjoy the thrill of getting a bargain, getting the latest fad item or getting the item before someone else does. Some signs of impulse shopping include:

• Unplanned shopping that happens based on an emotional or external trigger (window shopping, sadness, anger, sales)
• Spending money you don’t have (uses credit cards, payday loans, cash advances)
• Purchasing unnecessary items that you don’t need or didn’t intend to buy
• Shopping that is excessive
• You shop despite knowing the consequences
• You go into debt or experience financial trouble because of your shopping
• You make shopping a priority in your life above everything else

But don’t worry, there is help. Here are 10 easy ways to stop impulse shopping and develop good spending habits to reduce your chances of going into debt.

Budget

Create a budget and track your spending daily or weekly using online banking or a smartphone app.

List

Create a list of what you want to buy and stick to it. Avoid giving in to flashy retailer advertisements and gimmicks.

Cash

Pay for items with cash. Leave credit card and debit cards at home until you develop better spending habits.

Wait

Set a waiting period for yourself - 24 hours, 3 days, 1 week or whatever works for you. Determine if you still want to purchase the item. Then determine if the item is a need or a want. Delay wants until you have the cash to pay for the item.

Reduce Temptations

Create a list of things that tempt you and reduce exposure to those temptations – window shopping, shopping trips, shopping channels, TV or internet advertisements, mailers or newspaper advertisements, shopping catalogs, newsletters, or retailer social media posts.

Time Limit

Set a time limit to reduce the amount of time you walk around in a store. Find the item you want to purchase and buy it, don’t waste time browsing – get in and get out!

Consequences

Determine the consequences of the purchase and how it will impact you – your current bills, your savings account, your financial goals, retirement, family obligations, college savings, paying off debt or vacation.

Total Cost

Calculate how many hours you have to work to pay for the item and determine if it is worth it.

Alone

Go shopping alone. Peer pressure to shop can be hard to resist. Sales clerk will pressure you to purchase an item so stick to your shopping list. If tempted, leave the items on the counter and run out of the store until you can regroup. Think about why you are shopping – is it a need or want, is it filling a void. Then develop a positive way to deal with those feelings.

Support

Develop a support network. Inform your social circle that you are working to develop better shopping habits and need support and encouragement to stay on track. You can also join online or face-to-face impulse shopping or shopping addiction support groups in your area or consult a therapist.  

How to Survive a Government Shutdown

A government shutdown is when the government stops providing services except those deemed "essential". Government shutdowns do not exist in other countries. Services that continue despite a shutdown include the National Weather Service, medical services at federal facilities, the postal service, armed forces, air traffic control and management, and corrections. Personnel that continue to get paid during a government shutdown: the President, Congress, the military, federal law enforcement agents, doctors and nurses working in federal hospitals.

The DC Government, National Archives, The Kennedy Center, Food Safety and Inspection Service, Patent and Trademark Office, Social Security benefits, unemployment benefits, SNAP (food stamps), IRS refund delays, border patrol, some high ranking presidential appointees, approximately a dozen presidential personal aides would still function.

Americans have to change the way they think about money and how they spend it.  They must change their bad spending habits to ensure they have a decent life in case an unexpected expense occurs such as a medical condition, job layoff, and death of a loved one or economic crisis.  Here are 11 practical ways to shield yourself from a personal or economic crisis.

Essentials

Always have enough food for at least one week.

Bills

Pay priority bills first such as mortgage/rent, utilities, cell phone, auto and health insurance.

Emergency Fund

Create an emergency savings account to pay your bills and monthly expenses for at least 6 - 12 months.

 

Voluntary Simplicity Movement

The movement means spending in terms of needs vs. wants, cutting back in various areas of your life – reducing expenses, and being responsible with your spending.   

Get current on past due accounts

Pay down credit card and loan balances. Keep credit card balances at 20% or less of the credit limit which helps increase your credit score.  Pay credit card balances in full each month.

Create a budget

Create a budget to determine how much you earn, how much you owe and how much you are spending.   Include savings in your budget.  Track your spending daily, weekly or monthly.

Reduce expenses

Determine areas where you can reduce spending by buying more needs vs. wants such as bringing your lunch to work, shopping at discount stores or buying generic brands or downsizing to a smaller car or home.

Don't hide from bills

Call your creditors right away to setup payment plans to get current on old bills to prevent harassing calls or letters from creditors, damage to your credit report or legal action.

Get Protection

If you don't have health, life or disability insurance consider getting at least basic health and life insurance.  Bundle services with the same company to save money.

Extra Income

Find ways to earn extra income.

Plan for the unexpected

Plan for the unexpected. Reduce spending by 30-50% and have a plan A and B.  Think of possible scenarios. Develop an action plan for each and how you can adjust your spending to accommodate for those events.

Shop differently

Buy a used car instead of a new car. Buy everything generic: household items, clothing, prescriptions, toiletries, dry goods, canned goods, paper products. Buy non-designer clothes.  Avoid impulse shopping. Buy basic necessities and limit the amount of wants purchased.

9 Easy Ways to Hire a Tax Preparer

Tax season is here. Some people procrastinate and wait until the last minute to file their taxes which makes it difficult when trying to find a reputable tax preparer. It can take time to find a good tax preparer but if you wait until the last minute you have limited options and may be charged a higher fee. The average cost ranges from $150 to $300 but can range as high as 1,500.

Learn more at http://tiny.cc/kbnmpy 

Some tax preparers charge by the hour, charge a flat fee for each form used, charge a fee based on the previous year’s fee plus additional charges for any changes, charge based on the complexity of the client’s situation, charge a flat fee for each data entry item and some charge based on a percentage of your refund. Here are 9 steps to hire a tax preparer:

Expertise

When hiring a company verify who will prepare your taxes - an entry level, junior or senior employee. Ask about their experience and the type of clients they have serviced.  If a less seasoned employee is preparing your taxes request that a senior employee review your returns before filing to ensure no deductions were missed and no errors are found. Not everyone is knowledgeable in every area and not everyone will admit that they lack that knowledge because they want to get your business.

Claims

Avoid hiring tax preparers who guarantee a refund or a specific amount, this information cannot be determined until your taxes are prepared. These types of individuals or companies conduct unethical or illegal practices to get large refunds, may charge additional fees and put taxpayers at risk for an audit.

Disclosure of Fees

Ask for disclosure of all fees that can be charged. Inquire about payment methods and installment plans.

Registration

Verify the tax preparer is registered in their state and possesses a Preparer Tax Identification Number (PTIN).  Tax preparers can have different credentials. You have the option of using a Certified Public Accountant (CPA), Enrolled Agent (EA) or Tax Attorney.

Known Companies

Companies can be used such as H&R Block or Jackson Hewitt to prepare taxes. However, these companies may not have tax preparers who specialize in certain areas. These types of companies are best for taxpayers who have common tax deductions, homeowners and those who do not own a business.

Customer Service

Verify their level of customer service by looking up the individual or company on the Better Business Bureau (BBB) website or with your state directory for licensed tax preparers.

File Electronically

Ask if the tax preparer offers electronic filing which spends up processing time and the time to receive a refund.

Obtain Contact Information

Ensure you have the tax preparer’s contact information including first and last name, work and cell phone number and email address if you have questions during or after the tax preparation process.

Guarantee

The tax preparer should guarantee the accuracy of your tax returns and offer to amend your tax return at no cost if an error is made or be willing to represent you during an audit.

Learn more at http://tiny.cc/kbnmpy