Money Tips - Impulse Spending

Reducing Impulse Buys

Advice Seeker: Dear April,

My husband and I, both retired, are on a fixed income. We are really good budgeters ... most of the time. During the Summer, however, our three grandchildren spend three weeks with us and our budget goes out the window. Ice cream trucks, presents, dinners out ... suddenly we are strapped for cash.

I want to spoil my grandkids, but of course, not put myself into debt. How can I keep everything under control?

Sincerely,

Generous Granny

April Masini's advice:

Dear Generous Granny,

To control your spending, think about the triggers and manage them before they come up.

Impulse spending can be triggered by the following:

* Guilt. If you feel that you haven't done enough for someone -- whether it's your grandchildren or your children when they were younger, or your children now that they're older, you may be likely to compensate by spending and impulse spending when you see your grandchildren. Your grandchildren will trigger those feelings of guilt that make you feel so uncomfortable you want to compensate.

* Immaturity. If you know you have a certain amount of money to spend, or a budget, and you don't stick to it, this is just immature behavior. If you're not mature enough to manage your money, let someone else manage it for you, and dole it out to you. If you have trouble managing it around your grandchildren, have someone allow you a certain amount of cash (no credit cards) to spend while you're with the grandkids.

* Impulsiveness. If you lack impulse control, you may spend impulsively. Lots of people spend with different degrees of impulsiveness. If you can't control your spending and you recognize that you're an impulse spender, limit the amount of cash you have access to when you're around your grandkids.