Published at: 2/3/2017 9:42:04 AM
If you’ve ever made an impulse buy because…well, you only live once (YOLO!), you’re not alone. Our research shows almost one in two Australians have indulged in YOLO purchases.
There’s no doubt YOLO spending can be fun – as well as an opportunity to pick up a fabulous bargain. So it’s no surprise we found 40% of YOLO shoppers enjoyed their impulse buys. However for one in five YOLO shoppers the pleasure rapidly turns to guilt.
Part of the problem is that YOLO purchases aren’t restricted to low dollar items. A new lipstick or a colourful sarong for summer is unlikely to break the bank. But one in two YOLO shoppers spent $300 or more on their most recent impulse buys. That’s some serious shopping.
The big concern is that close to 50% of us are paying for YOLO buys with a credit card. And for one in ten YOLO spenders that’s left behind a legacy of unwanted debt.
Yes, we only live once and it’s important to make every day count. But a ‘spend today, worry about it tomorrow’ attitude simply isn’t sustainable for most of us.
Happily, it is possible to enjoy the best of both worlds. The solution is to treat yourself from time to time - but be sure to budget for the outlay. Unless you can pay off your credit card balance in full each month, stick to a debit card or aim to pay with cash when the temptation for YOLO spending proves irresistible.
A fresh bargain is always around the corner. But your financial wellbeing is important, and the pleasure of having your money matters in great shape can be far more rewarding than a fleeting shopper’s high.