Impulsive Financial Decisions to Avoid in the New Normal

Published: November 26, 2020 | Posted by: Ricky Publico | Lifestyle


impulse purchases to avoid in the new normal

The “new normal” is far from the buzzword[1] we all knew when the pandemic started. Basically, we’re living in the new normal now and all things considered, we’re doing okay–except for the impulse purchases and other financial setbacks along the way.

It’s okay to stumble and fall when it comes to your finances, as long as you know the importance of bouncing back. That includes avoiding these impulsive decisions that a few of us probably already made in the new normal. Better take note while you can.

Spending on Impulse Purchases

It’s normal to feel bleak about the future. It becomes wrong when you use it to justify adopting a YOLO lifestyle all of a sudden. Obviously, this isn’t the time to use your hard-earned savings to splurge on things you’ve always wanted but the pesky adult responsibilities prevent you from doing so. COVID-19 isn’t a life sentence—you still have a future to look forward to.

Read more: 7 Questions to Re-Think Your Budget Strategy During COVID-19

Starting a Business Without a Stable Income

Don’t let unemployment plant risky ideas into your head. Sure, the job market isn’t necessarily welcoming these days, but it’s not a license to bet every money you have to start the business you’ve always wanted. Don’t give up on finding a new job and be patient when it comes to earning capital. You will always need a fallback if your business fails to gain profits.

Start a New Hobby Just Because

impulse purchases - plantita

You’ve probably taken a cash loan from online loan providers like Tala Philippines[2] just to start a new expensive hobby. While that’s fine and all, at least consider other ways to spend a loan. Why not invest in more durable furniture that can withstand typhoons or upgrades to your ailing car? Before your hobby, make sure your essential and basic needs are provided for.

Hoarding All the Essentials

Taking frequent trips to the grocery store just to hoard essentials is never wise. Aside from draining your financial resources over nothing, you’re preventing other people from getting the essentials they need to survive. Don’t be a hoarder or a panicker. Continue budgeting your grocery spending, only buy what you really need, and avoid impulse purchases.

Read more: Bad Financial Habits to Get Rid Of in the New Normal

Withdrawing All Your Investments

Pandemic or not, why would you do this? After spending years growing your investments, don’t waste your efforts just because your impulse told you to do so. Don’t listen to that urge to make all the impulse purchases you want. Continue growing your money and exploring other investments options. It’s not over until the financial world says it’s over.

Panicking About the Future

Most impulse purchases we make stems from the panic we feel about the future. Again, it’s understandable to not anticipate good things about the future. But that doesn’t mean you have nothing else to look forward to. Instead of focusing on what bad things await you, why not focus your financial efforts on the good things? As long as you’re breathing, the hustle should never stop—not even for a global pandemic.

Read more: 8 Financial Mistakes Single People Make

Final Thoughts

If you already made a few of these decisions and you’re already feeling the effects of these decisions, don’t just give up. You can always pick yourself up and do better next time. Take the lessons you learned from your impulse purchases and take them to heart to avoid another financial disaster. The new normal doesn’t have to be a hard time for you.

This article first appeared in The Manila Times.

Read more related articles:

impulse purchases - personal loan cta

Sources: