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Comfort Buying Wastes Money - Do This Instead

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.

To clearly illustrate this new reality, WalletHub posted and infographic on their site recently that outlines the fact that Americans are spending more money during this mandatory “stay at home” deal.
 
This global pandemic situation has had an unprecedented affect on jobs, income, stress reactions. And the fact that most of the globe has been stuck at home trying to find ways to cope with all the uncertainty has lead to a massive spike in comfort buying.
 
Let's jump into WalletHub's survey findings.
 

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.

 
Do you Pinterest? Would you consider sharing this on one of your Pinterest boards?
 
 
Here are some of the stats in brief: 
  • Some Americans are shopping more during the pandemic: 58 million Americans are spending more money while social distancing.
  • Many people use shopping to ease stress: 43 percent of Americans have participated in "comfort buying" due to social isolation.
  • Deliveries cause anxiety: 57 percent of Americans are concerned about package safety while comfort buying.
  • People use entertainment and drinking to take the edge off: Americans are spending the most "non-essential" money on entertainment (29 percent) and alcohol (23 percent) right now.
  • Over 40% of Americans have indulged in "comfort shopping." They spend about 30% on entertainment and almost 25% on booze.
  • Jeff Bezos is now richer than he was in February (that one’s mine). 

Okay, so we've established that this is a problem. But, what do we do about it?

 

What To Do Instead Comfort Buying

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.

Sound good? 

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.

 

There’s really no "secret" or "magic" involved in this process. Rather, it begins with a simple question.
 
Are you ready for a change? 
 
 
If so, this free resource will help you to navigate the first four bullet points of:
 

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)