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Serving Empty-Handed: The Curse of Impulsive Spending

Social media’s allure often leads us down a treacherous path of impulsive spending, leading to regrettable financial choices. A recent Bankrate survey revealed that 48% of social media users impulsively spent an average of $754 after seeing items online, resulting in a staggering $71 billion spent collectively by Americans in the past year with a 68% rate of buyer’s remorse.

Why does impulse buying fail us? It’s a trap, fueled by curated online highlights that rarely reflect the reality behind those purchases. What we don’t see is the financial strain these indulgences impose on individuals, families, and communities.

In our pursuit to “keep up with the Kardashians,” we often overlook the hidden debts behind their façade leading to financial strain. This November, let’s focus on serving others and ourselves by making mindful, well-considered financial choices. By curbing impulse spending, you’ll free up resources to serve your community and contribute meaningfully to the lives of others. Remember, true wealth lies in financial wisdom, not impulsive spending.

This November, as we focus on acts of service, it’s essential to recognize what does not serve you well, so that you are able to serve others well.

Practical tips to curb impulsive spending and redirect your resources towards meaningful acts of service: Implement A Time Delay: Exercise patience before making any purchase. Allow yourself a day or two to consider the necessity of the item. This pause often leads to reevaluation and prevents impulsive decisions.

Crunch the Numbers: Calculate the real cost of your purchases, especially when utilizing credit cards with high-interest rates (which now average a staggering 24.45%). Don’t fall into the trap of revolving balances and “Buy Now Pay Later” schemes, which can snowball into significant debts.
Understanding the financial implications can be a sobering reality check.

Seek Accountability: Discuss significant purchases with a trusted friend, family member, or partner. Just as acts of service are more impactful when shared, financial decisions gain perspective when reviewed by others. This accountability can steer you away from unnecessary expenses.

Avoid One-Click Purchases: Do not link your credit card to social media accounts. Manual entry creates a pause, allowing time for reflection. Use this moment to question if the purchase aligns.

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