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Spending Vices and Justifications....and a Giveaway!

One of the biggest financial issues that many people struggle with is overspending. The following article is writen as a guest post in conjunction with ZenithOptimedia and Natwest and details some of the key reasons why people make those damaging spontaneous purchases. ZenithOptimedia and Natwest have agreed to sponsor a giveaway at the bottom of the post. Enter to win £50 of John Lewis Vouchers below!!! It's so easy!

The majority of young people secure themselves a credit card in the event of an emergency; whether it’s in preparation for broken home appliances, food supply before payday or a last-minute train ticket home when the current account has run dry.  All first-time credit card owners’ intend on confining their spending to such circumstances, but then one day it arrives; the unplanned, irrational and crazy opportunity to spend large, and lead oneself into a period of repayments. It may be travel, shopping or luxury bargains that tickle your fancy, but whatever it is – we all have a weakness and a price. What’s really interesting is how we justify our own purchases when we’re standing with card in hand. Here are some impulse buys and their corresponding internal justifications.

1.      “It’s the opportunity of a lifetime”

For all adrenaline junkies, this usually comes in a form of an adventure. A group of friends plan on going skydiving, a mountain biking trip or heli-skiing expedition in Alaska and by the end of the day, the “emergency fund” is maxed out but travel, accommodation and sport equipment is all paid for. It’s an unforgettable opportunity, and this is why it’s a little easier to justify. After all, life is merely a series of experiences is it not, so therefore what better could I spend my money on, right? It’s almost difficult to dispute that.

2.      “It’s a ‘Must have’ Item”

Ah, it’s the definition that allows all justification. It’s a must-have therefore I can’t not-have, or that would be unfair. You’ll notice that when someone else owns that same item, it becomes all the more must-have, which is at least an indication to how fickle your own mind is with such desires. Whether it’s that pricey pair of shoes that you just can’t say no to, or it’s a new games console that your mates have all got, at that very moment in time – you just can’t afford NOT to. Incidentally, if you’re one who’s already ordered their PS4 or Xbox One, you probably belong to this group, having already secured the must-have item of the year for the highest price. And if you’ve whacked that on your credit card, make sure yours is 0% interest on purchases – as most of us would struggle to clear off £400 so easily.

3.      “I’m a Sucker for a Deal”

Groupon and Wowcher are experts at making the population go weak at the knees for a good bargain. This may not seem so crazy at first, but beware the power of a good deal. It starts with the birthday teeth whitening treat at 50% off, a girls’ day at the spa for an outrageous 80% discount, the knife kit with a needless selection or a dress making sowing class. How could anyone resist?

To all first- time card holders, be careful of the persuasive little voice that encourages the impulse to buy. A little spending once in a while never hurt anyone, but all in moderation. Don’t forget what defines an “emergency” and just remember to live within your means.

4.      “This is something I’ve ALWAYS wanted”

For some, a Mulberry handbag is not just something that they have admired through the shop window in passing. Oh no, that bag has been a lifelong desire of theirs, so deep routed that their eyes glaze over in wonder as they reach out to touch that which cannot be theirs. Or can it? With the credit card, it IS possible. And there’s the hook.

It omits a signal which compels them to walk toward the counter and request it from the shop assistant, who is only too happy to oblige. On their walk over, their credit card is in hand – though they don’t remember pulling it from their purse. The thought of securing the bag of all bags – the lifelong desire is about to be fulfilled. No other bag would ever suffice anyway. Not now.

At this point, you’d need a very strong friend to pull you out of the trance.

5. “I need to reward myself”

A real classic in the justification zone. The internal monologue goes something like this:

“I’ve been working really hard lately, and I’ve not treated myself in a long time. If I don’t treat myself now, I won’t feel like I’ve really got anything to show for all my efforts. If I don’t reward myself, who will? I earn money each month, I shouldn’t feel guilty about spoiling myself. And any rate, when was the last time I bought myself something over £300? Hardly ever.”

Hand card over to cashier. Pin. Receipt. Bag. Done.

The guilt will come later so enjoy the absence of it while it lasts.

The Giveaway!

We want to hear what your credit card guilty pleasure purchase. NatWest and I have teamed up to bring you A £50 John Lewis Voucher for the winner in the below competition. For the chance to win the competition, please use the widget and tweet us with your answer, or complete one of the other two tasks. Good luck!
a Rafflecopter giveaway

264 comments

«Oldest   ‹Older   201 – 264 of 264
Mr. Moneybanks said...

you make them sound like black cats

Lauren Coupe-Robinson said...

definitely lottery tickets

HayleyT said...

I struggle to stop spending on my children! I definitely overspend on them!

zeenie said...

im quite good, i am a bit of a pen geek and buy a few a week but they only cost me a couple of quid so its not breaking the bank. i like to save and would never spend a large amount of money willy nilly!

diva1977 said...

Crisps cant just buy 1 or 2 bags have to have selection

Chris Fletcher said...

yellow sticker time at the supermarket - I always buy too much, especially when the cakes are on offer!

Ramblings of a bake-aholic said...

Toys for our pet bird, hes one spoilt lovebird :D

Mr. Moneybanks said...

Very selfless!

Mr. Moneybanks said...

No you're not! Just normal!

Mr. Moneybanks said...

I didn't know anyone still had a record player

Mr. Moneybanks said...

...and old music?

Mr. Moneybanks said...

Sounds like a party!

Mr. Moneybanks said...

...and dresses?

Mr. Moneybanks said...

you seem very sure about this!

Mr. Moneybanks said...

Good for them!

Mr. Moneybanks said...

Try a Mont Blanc pen and stretch the budget a bit!

Mr. Moneybanks said...

A choice in flavour or brand?

Mr. Moneybanks said...

6:30pm at the local M&S!

Mr. Moneybanks said...

Good Polly

Susan Carter said...

A bargain - I cannot resist a sale sign

charlieemma said...

Clothes for me... I restrain myself for so long but then end up getting soooooo much once I have a lapse in concentration!

Pauline Burroughs said...

Toys or clothes for my little granddaughter. I just can't resist buying things for her

casspuss said...

perfume

Patricia Avery said...

Books are my downfall although since getting my kindle I have saved a fortune by using the free ones but there's nothing like the smell and feel of a new paper book :)

Corinne Faulkner said...

Because I can't have children Im always booking to go away on holiday or to see friends abroad.

jrandrews72 said...

Chocolate :) I cant walk past it at the shops.

Paula Harvey said...

Underwear!! and socks!! haha

Naomib1980 said...

Food, when i see unusual or exotic things i have to try them x

elff73 said...

hand bags

Gillian Hale said...

merlin passes

Lucy Carter said...

clothes for the children

spike1 said...

chocolate. Buy a 7 pack of mars bars... I'll've eaten them by the end of the next day.

Dessallara said...

Things for my baby. She already has a lot of everything, because everyone likes to spoil my little girl, eh :)

Attachment Mummy said...

Beautiful bed linen is my HUGE weakness!

Kirsty Woods said...

Jelly beans, i love them, can't resist :)

Helen Schofield said...

DVD's - I've got hundreds!!

dwerry said...

My son started collecting Hex Bugs, but I was the one that got addicted. They're kind of addictive to watch, all with their different random movements. Rare ones are expensive, but really I'm making up for my childhood when I never had a hobby.

Jane Middleton said...

gadgets

Bridie Summersgill said...

has to be books - they get passed on to friends and charity shops

jodie harvey said...

jewellery - i have loads but always buy more if i see something i like. what can i say, a girl deserves a bit of sparkle in her life :)

teresa1963 said...

giraffes of any sort china, soft toys throws with them on pictures just love these beautiful elegant animals

sheridarby said...

Books - especially really old ones

Alfredo Vazquez said...

DVD's are definately my vice. Buying a few now and then is all good and well, but they can work out to be very pricey if you're buying 4/5 a week lol especially the new releases

Katie Walden said...

Lottery tickets!

Lady Chelington said...

cosmetics

Victoria thurgood said...

Boots i have loads but only really wear one pair

Catherine Gregory said...

Boots, I am addicted to them

Jayne said...

Chocolate always wins me over and has me spending money that I shouldn't.

Anonymous said...

Craft items :o( Just got back from a craft show where I've seriously overspent. Took out cash last night and promised myself that I'd spend it and that would be that. Had run out of money by the end of the first aisle.... Ooops!

Lucy Vlajic said...

I am normally really good. Tobacco though is a problem and I do like art things like pencils, pens.

Allan Fullarton said...

Cadbury Flake!

Carriecakes said...

Toys for my children,
I spoil them a lot!
But my four deserve
everything they've got!
I love my four babies
and I love buying toys,
its one of the reasons I
have two girls and two boys! :-)

hannahlw85 said...

I probably spend more on the dog than myself, especially where food is concerned, making sure she is on the best diet possible. It's paid off long term though, since doing so she's had no trips to the vets for infections or illnesses.

rah louise said...

Body butters and lotions. I run out, I need one. I come back with every type!

Mr. Moneybanks said...

Not long to go! Good luck! Thanks for taking part!

Mr. Moneybanks said...

Not long to go! Good luck! Thanks for taking part!

Mr. Moneybanks said...

Not long to go! Good luck! Thanks for taking part!

Happy Homebird said...

Books! Always have to buy them, they stack up, never enough time to read them all!

ted said...

bubble bath and toiletries i have loads but i cant resist buying more

Diane Wood said...

clothes and shoes

littlemisstrivia said...

Sweets and snacks

Melanie Burton said...

At the moment it is clothes! Especially ones that are in the sale! I have lost quite a lot of weight and can finally fit into normal size clothes, so love shopping for new ones!

Phillip James Davies said...

Chocolates! :-P

Valerie Kay said...

Shoes without a doubt :-)

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