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Control impulsive spending from "summary" of The Psychology of Money - Gujarati Edition by મોર્ગન હાઉઝેલ
One of the key aspects of managing your finances effectively is being able to control impulsive spending. This means resisting the urge to make impulse purchases or splurge on items that you don't really need. Impulsive spending can be a major obstacle to achieving your financial goals, as it can quickly deplete your savings and leave you struggling to make ends meet. One way to control impulsive spending is to create a budget and stick to it. By setting limits on how much you can spend each month on non-essential items, you can help curb the urge to make unnecessary purchases. It's important to track your spending regularly to ensure that you are staying within your budget and not overspending. Another strategy for controlling impulsive spending is to avoid temptation. This means steering clear of situations where you are likely to be tempted to make impulse purchases, such as shopping malls or online shopping sites. By removing yourself from these environments, you can reduce the likelihood of succumbing to impulse buying. Additionally, it can be helpful to pause before making a purchase and ask yourself whether you really need the item or if it is just a want. Taking a moment to consider the consequences of your purchase can help you make more mindful spending decisions and avoid impulse buying.- Controlling impulsive spending requires discipline and self-control. By being aware of your spending habits and making conscious efforts to curb impulsive purchases, you can take control of your finances and work towards achieving your financial goals.
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