Comfort buying is a problem right now.
If you think about it, it probably always has been really, especially when you look at the fact that 78% of the US population lives paycheck to paycheck. But, because of this current coronavirus quarantine, it seems like the problem has ballooned quite suddenly.
From the WalletHub Article:
The coronavirus pandemic is changing the way the world shops, perhaps forever in some respects, so WalletHub conducted a nationally representative survey to see how Americans’ shopping habits have evolved during this time of crisis. One of the most surprising results of the survey was that 58 million Americans are actually spending more money while social distancing, despite being able to go out less, in large part because many people are participating in “comfort buying” – or shopping as a way to relieve stress and boredom.
Below are more highlights from the survey, which included questions ranging from what types of non-essential items people are purchasing most to whether they have concerns about the safety of packages or food delivery. You can also check out a Q&A with a panel of experts, followed by a complete description of our methodology.
Okay, so we've established that this is a problem. But, what do we do about it?
That's right, put a clamp on that guy. You're going to need him to gain some weight instead.
So, I'm going to give you the information about exactly what to do and then I want to offer you a free resource that will serve as a guide to help you make sure you succeed in doing it.
The only way to avoid wasting money on comfort buying is to:
1. Organize your finances.
2. Get on a written budget.
3. Build your emergency fund, so...
4. You can pay down your debt.
5. Focus on producing rather than consuming.
- Learn a new skill.
- Start a blog or a YouTube channel.
- Document your experiences.
- Consume something uplifting, like your Bible.
1. Organizing your finances.
2. Getting on a written budget.
3. Building your emergency fund, so...
4. You can start paying down your debt.
This brief and actionable guide will be a “light in the dark” for you.
Believe me, I understand that a crisis necessarily involves the heightened emotions of fear and panic. It's normal and natural, especially as unprecedented as this one has been.
Rather than succumbing to those emotions that lead to this "comfort buying" behavior, I want to help you to move through them.
I want for you to move through these heightened emotions as quickly as possible so that you can set your finances up for great success as we move through and beyond this crisis.
Here's the link to our: Financial Crisis Survival Guide (Version: COVID19)