Home > Education > Financial Planning & Investing > Are You an Impulsive Buyer?
Legs of woman, surrounded by excessive shopping bags

Are You an Impulsive Buyer?

Understand what triggers this behavior and what it can do to your finances.

Impulsive spending can be fun. But done too frequently or carelessly, it could damage your family’s finances.

Five in six Americans admit to having made an impulsive purchase, according to a poll conducted by Princeton Survey Research Associates International for CreditCards.com in 2017 — with millennials as the biggest offenders.

An impulsive purchase is unplanned and unnecessary. It’s no surprise that young adults are twice as likely to do it: Nearly all millennials (91%) admit to impulse spending, whereas one in five senior citizens say they’ve never made such a purchase.

No matter what you’re about to buy, think before you act. Go have a cup of coffee, take a walk or engage in some other activity as you consider the pros and cons — whether you really need the item, whether you can afford it and how you might feel about it a few days later. Consider what your spouse might think.

If you make the purchase and later suffer buyer’s remorse, remember that some credit card issuers offer guaranteed returns — even after it’s too late to return an item to the store. Rules vary; if in doubt, call your card issuer’s customer service number.

Talk with a Financial Advisor

No Cost. No Obligation.

Single Step Form Articles

  • What is the approximate value of all your investments and savings, not including your home or other real estate? Investments and savings include your retirement accounts, stocks and bonds, funds and savings accounts. We can help you move your financial life forward no matter where you are in your journey.

By clicking submit you are agreeing to our Terms of Use and Privacy Policy.

Schedule Your Free, No Obligation Consultation

You May Also Like:

  • Pile of coins and money on a table with a house in background
    Article
    Q&A: Can I Get a Mortgage When I am Retired?
    Read More
  • Ric Edelman explains the differences between layoff and furlough
    Video
    The Differences Between A Furlough and Layoff
    Read More
  • Millennials sitting on floor looking at books
    Article
    Q&A: Money Management for Millennials
    Read More