Music Mondays – Heat of the Moment

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Heat Of The Moment

I am a huge fan of 80s music. Growing up, I frequently tried to avoid my siblings as much as possible, so I holed myself up in my room and listened to my clock radio (it was all I had) all day. The soundtrack of my escape was 80s music. I have fond memories of days spent with Bon Jovi, Journey, and Foreigner. I daydreamed about being friends with Tiffany and Debbi Gibson. This music shaped my life, and it still does.

I have to confess that I’m not the biggest Asia fan, but I am a fan of this song, which was highlighted in a bike escape scene in The 40-Year-Old Virgin. From a financial perspective, we can all relate to this song. We have all had times where we are in the heat of the moment and make a financial choice we may or may have not planned on making. Impulse buying is a very common habit, and retailers often rely on it. In this article from MediaScope, they claim that 40% of purchases are impulse buys and 90% of people have made impulsive purchases.

While some of these purchases are not financially troubling on their own (i.e. gum, i-tunes songs, magazines), they can add up to problems over time. The same article states that the average person spends $114,293 in a lifetime on impulse spending.

So how do we prevent ourselves from spending a college education on impulsive buys? Here are some tips to help you from getting caught up in the “Heat of the Moment.”

1)   Stop and ask yourself why you are buying it before you buy it. If it is not life or death or you have not planned for it, then you probably shouldn’t buy it.

2)   If you forget to stop yourself, then keep your receipt and don’t take tags off. You will likely get buyer’s remorse after the fact, and you want to make sure you can get your money back with no issues.

3)   ALWAYS ask about return policies especially for larger items. If there is not an “easy” way to return the item, then walk away and think more about if you really “need” or “want” that item. It is easier to deal with the disappointment of not making that purchase on the spot rather than the buyer’s remorse and inability to reclaim your money after the fact.

Here is the video for this song.  I LOVE videos from the 80s! They are truly ridiculous. I love how they chose to shoot a VERY literal interpretation of this song. Too funny!  Enjoy!

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

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