Impulse spending is up during pandemic, experts say



More self-isolation and time at home has gifted some with a little extra spending power. But financial experts warn that power can lead to an urge to buy impulsively. “Whenever there’s good news, whenever people are feeling hopeful and optimistic, people were really excited and out spending more,” she said.According to the National Retail Federation, retail sales were up more than 15% compared to the same time in 2020. It’s why financial expert Sue Rogan says impulse spending can get tricky.”What we see a lot of is around the holidays or people’s special events in their lives, they tend to be like, ‘Oh, I deserve this. I need this. I want this.’ And so, sometimes we let our guard down around our dollars and just kind of let them throw out,” said Rogan, director of Cash Campaign of Maryland.You might want to shop small and support local businesses, but Rogan said it’s all about balance by first taking a look at your budget.”It’s really important to put in your spending plan some money, whether it’s for fun or some money for buying those things that you want,” Rogan said.Rogan said understanding the external and internal factors behind why you buy helps. She also recommends buying one thing, throw another out or take the time to think — as much as six months before you buy.”What is it that I can spend that makes me feel I’m in control of my dollars?” Rogan said. Watch the video for more on this story.

More self-isolation and time at home has gifted some with a little extra spending power. But financial experts warn that power can lead to an urge to buy impulsively.

“Whenever there’s good news, whenever people are feeling hopeful and optimistic, people were really excited and out spending more,” she said.

According to the National Retail Federation, retail sales were up more than 15% compared to the same time in 2020. It’s why financial expert Sue Rogan says impulse spending can get tricky.

“What we see a lot of is around the holidays or people’s special events in their lives, they tend to be like, ‘Oh, I deserve this. I need this. I want this.’ And so, sometimes we let our guard down around our dollars and just kind of let them throw out,” said Rogan, director of Cash Campaign of Maryland.

You might want to shop small and support local businesses, but Rogan said it’s all about balance by first taking a look at your budget.

“It’s really important to put in your spending plan some money, whether it’s for fun or some money for buying those things that you want,” Rogan said.

Rogan said understanding the external and internal factors behind why you buy helps. She also recommends buying one thing, throw another out or take the time to think — as much as six months before you buy.

“What is it that I can spend that makes me feel I’m in control of my dollars?” Rogan said.

Watch the video for more on this story.



Source link

Leave a Comment

x