I had stepped away from personal finance for awhile to focus on more of what is going on in the world but it seems I missed something important that needs to be discussed, impulse buying and buying based off an overreaction... Let's Begin.
Impulse buying - we all do it, walk in a store and see something you just want so you purchase it, usually no big deal if the item is cheap ($10 or less) but there should be a limit on the amount of impulse items purchased. If you purchased 10 impulse items at $10, that's still $100 gone for items you didn't really want. I know personally I don't even use the impulse items purchased, so it's really wasted money that could have best been used elsewhere like making an additional principal payment on a reoccurring bill.
Buying based off an overreaction - So we all know how inconvenient it is for something to stop working; we all have been there! But remaining calm and make a sound financial decision. If the AC unit in your house goes out do you go buy another house? No! So if the radiator or radio goes out on your car that does not mean go purchase a new car, make the $200-400 repair and continue on with life! That is ah extreme example but it shows how we spend money out of frustration with a simple problem that is best solved with a little logic.
Impulse buying - we all do it, walk in a store and see something you just want so you purchase it, usually no big deal if the item is cheap ($10 or less) but there should be a limit on the amount of impulse items purchased. If you purchased 10 impulse items at $10, that's still $100 gone for items you didn't really want. I know personally I don't even use the impulse items purchased, so it's really wasted money that could have best been used elsewhere like making an additional principal payment on a reoccurring bill.
Buying based off an overreaction - So we all know how inconvenient it is for something to stop working; we all have been there! But remaining calm and make a sound financial decision. If the AC unit in your house goes out do you go buy another house? No! So if the radiator or radio goes out on your car that does not mean go purchase a new car, make the $200-400 repair and continue on with life! That is ah extreme example but it shows how we spend money out of frustration with a simple problem that is best solved with a little logic.