It is important that in building financial wealth, people must understand the principles of financial prosperity. This principles highlight all the necessary steps to secure financial freedom and wealth including some risk factors that must be avoided.
Among the risk factors of financial freedom and wealth is impulse buying.
Impulse buying occurs when a person buys products or commodities that were not planned for. It is suddenly buying goods and services to satisfy pleasure or personality without proper budgeting. It deals with purchasing of goods or services without proper planning or consideration.
Most people especially among ladies, tend to buy items that were not budgeted for on their way to work, church, mosque, schools, events, etc. Immediately, they sight on beautiful and fanciful or luxury items like bags, wristwatches, shoes, dresses, etc, they immediately buy the product which fit into their fantasy without proper planning or budgeting.
This type of buying is especially not beneficial to the middle or low economic class people as these classes need to build on their financial strength, which can only be achieved via conscious planning/budgeting, savings and functional investments.
Though impulse buying may satisfy happiness or pleasure, its effects (especially when it's done more often) can become hazardous to the consumer's finance.
Here are some reasons why impulsive buying shouldn't be made a habit;
Impulsive buying destroys planned income meant for investment: this is because money meant for foodstuffs can be easily used to purchase luxuries that wasn't planned for. This affects the entire budget as money meant for investment will now be used for feeding.
Impulsive buying makes one live above his/her financial status, it destroys savings, it gradually leads to being in debts among others.
Content created and supplied by: Megzzy (via Opera News )
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