Clipping coupons can actually cause you to OVERSPEND!

Uploaded by admin on June 25, 2024 at 6:30 pm

Clipping coupons can actually cause you to OVERSPEND!

Watch the whole video here: https://youtu.be/_ywjdnpXsgg

How can we control spending money this holiday? One way is to not be fooled by store or brand coupons. Coupons are something of a budgetary Trojan horse that is meant to undermine your spending habits and increase your impulse spending.

During the holidays, our spending can easily spiral out of control. One of the challenges is the allure of store coupons, which are designed to entice us into making purchases we weren't planning to make. These discounts, while appealing, can lead to impulse buying and the acquisition of items that weren't initially on our shopping list.

The issue with store coupons goes beyond just the immediate purchase. When we save money with a coupon, there's a psychological phenomenon at play. The savings from the coupon can create a sense of having extra funds available for spending. Unfortunately, dropping our guard on our budget can lead us to spend the saved amount on additional items.

This phenomenon is a result of what behavioral economists term "mental accounting." While we might save a small amount of money with a coupon, our failure to integrate this saved amount back into our overall budget allows us to spend that money multiple times over. We overlook the fact that the saved amount should be considered part of our total budget, and instead, we tend to allocate it to various unplanned purchases, thinking we've gained extra funds.

To control holiday spending, it's crucial to recognize the potential pitfalls of store coupons. While coupons can provide legitimate savings, it's essential to resist the temptation to overspend on non-essential items just because a discount is available. Practicing proper mental accounting involves acknowledging that saved money should be treated as part of the overall budget, preventing the trap of spending the same funds several times over. By being mindful of these behavioral tendencies, individuals can better manage their holiday spending and avoid unnecessary financial strain.

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Watch the whole video here: https://youtu.be/_ywjdnpXsgg

During the holidays, our spending can easily spiral out of control. One of the challenges is the allure of store coupons, which are designed to entice us into making purchases we weren’t planning to make. These discounts, while appealing, can lead to impulse buying and the acquisition of items that weren’t initially on our shopping list.

The issue with store coupons goes beyond just the immediate purchase. When we save money with a coupon, there’s a psychological phenomenon at play. The savings from the coupon can create a sense of having extra funds available for spending. Unfortunately, dropping our guard on our budget can lead us to spend the saved amount on additional items.

This phenomenon is a result of what behavioral economists term “mental accounting.” While we might save a small amount of money with a coupon, our failure to integrate this saved amount back into our overall budget allows us to spend that money multiple times over. We overlook the fact that the saved amount should be considered part of our total budget, and instead, we tend to allocate it to various unplanned purchases, thinking we’ve gained extra funds.

To control holiday spending, it’s crucial to recognize the potential pitfalls of store coupons. While coupons can provide legitimate savings, it’s essential to resist the temptation to overspend on non-essential items just because a discount is available. Practicing proper mental accounting involves acknowledging that saved money should be treated as part of the overall budget, preventing the trap of spending the same funds several times over. By being mindful of these behavioral tendencies, individuals can better manage their holiday spending and avoid unnecessary financial strain.