Impulsive shopping habits hurting your budget? Introducing Shopping Loans

Shopping Loan


22 May 2020

Impulsive shopping habits hurting your budget? Introducing Shopping Loans

The idea of a satisfying shopping experience lies not in denying yourself of anything but in curbing the habit of impulsive spending. Many of us who use retail therapy to uplift our mood without thinking about money while shopping, later end up feeling guilty about ruined finances. 

Our emotions play a big role in our shopping decisions and this is what marketers around the world aim for when they work on promotional strategies. Hence, to resist and to keep more money in your pocket to fulfill your needs and wants, create a backup option to splurge when you want to. Here in this blog, we share strategies to help you beat the urge to spend mindlessly and balance your budget.

1. Plan the purchase 

The first step towards cutting down on unnecessary impulse shopping is staying within means with a list, and not randomly roam around the aisles looking for “bargains”. Understanding your sudden urges to refuse to buy something on an impulse will make you a smarter consumer and help you keep more of your money.

2. Differentiate between needs and wants

Whenever you are bitten by the shopping bug, ask yourself if the potential is a legitimate need or a want that can be fulfilled later. Spending decisions should be made with open eyes and mind. The golden rule is to remember that if you buy things that if you keep buying things that you do not need, you would soon end up selling things that you need. 

3. Time rule

Be patient and maintain a cooling-off period. If you see something that you like, make yourself wait for it. Take a walk, process all the information when your emotions have cooled and you’re thinking more rationally. If it would be for an impulse buy, you would forget about it, but if it was essential, you’ll remember it. 

4. Allot a portion of your budget to splurge

Budgeting depends on our saving behavior. If you successfully break the chain of hurtful impulse purchases that can cost you dearly in the long term, then you can comfortably give yourself a splurge budget. Clearance sales can be tempting, but no one wants to blow the monthly budget before the appraisals, would you?

It’s Ok to Make Impulse Purchases Sometimes

Impulsivity can become a problem if it starts to control your actions beyond rationality. However, sometimes it is fine to give in to your wants. With the growth in fintech, now you can easily avail an instant cash loan online. Online borrowing options such as a personal loan from EarlySalary can provide instant shopping loans without any documentation. 

Just download the EarlySalary app, upload your address proof, identity proof, and last three months’ salary slip. Your shopping loan will be credited in your bank account within 24 hours of your loan application. EarlySalary provides shopping loans at an interest rate as low as Rs 9/day and with flexible repayment terms and no prepayment charges.

Tie-ups with Amazon and Flipkart make your next online purchase affordable with flexible EMI options from EarlySalary. These loans can be used to shop anything ranging from fashion to smartphones, electrical appliances to gadgets, and a lot more. You can transfer your limit to the Flipkart wallet or Amazon Pay by redeeming gift cards, avail exclusive EarlySalary discounts during sales, and grab the latest deals.

Always borrow the amount that is sufficient enough to meet your current needs or requirements. In a world full of choices, it is easy to fall prey to decision fatigue and impulse shopping. Remember, each decision has a cost. Weigh your options and then put them in context!

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