How impulse buying can hurt your finances

An animated discussion in a matatu among four friends, two men and two women seated at the back focused on women being extravagant spenders.

While the women talked about the fairer sex being careful in expenditure and nurturing the family income, the men argued that women spent money carelessly on things they really did not need.

"My wife's wardrobe is packed to capacity. Yet every morning I hear her complain that she has no clothes to wear! If she did not like what she has, why did she spend a fortune on the collection?" he wondered.

The second man nodded his head in agreement. "Mine buys piles and piles of shoes. She wears them once or twice and then 'forgets' about them. The shoes have taken quite a lot of space in our house and she won't hear about giving them out."

The women somehow were unable to defend their sisters in this argument. The conversation ended unceremoniously. But it kept replaying in my mind.

When I went home that evening I opened my wardrobe. I looked at the clothes neatly arranged on white hangers which I have not worn for more than a year. Some still new and with their designer tags intact. I may never wear them but every time I want to get rid of them, I change my mind thinking that one day I will wear them. Why, that man could as well have been talking about me! And you.

If you add up the amount of money spent in acquiring these clothes, shoes and bags, you will be shocked at the figure used in investing in these 'white elephants'. Unfortunately, that does not stop women from getting more, and more. "Oh that shoe is beautiful!" the woman will exclaim and go right into the shop and purchase it, without thinking about what the money she spends was supposed to do.

"Well, I can go hungry, as long as I get that bag or shoe," a colleague once mentioned. I thought she was joking but she was dead serious.

Ladies use the excuse of 'it's a woman thing' to be extravagant and collect clothes, handbags, bed sheets, utensils and an assortment of carpets they do not need.

Once, a colleague selling bags brought beautiful and stylish sets to the office sometime last year. They cost quite a tidy sum but the sweet-voiced marketer said encouragingly, "Don't worry Vero, you can pay me in three installments. You can even give me post-dated cheques."

With that assurance and unreasonableness, I took five bags and ripped off my budget by nearly Sh20,000. I committed all that money without thinking about how to cover the holes of my normal monthly expenditure. The sad thing is that at the end of it all, I realised that I use just one bag; the others are still in their wrappers, a year later. If I were wiser, I would have just taken the one bag that I really needed instead of buying so many that I do not need.

Impulse buying can be declared a condition...or a disease that ails women. Otherwise how can you explain a situation where a lady friend sees your dress likes it and decides to get the same?

You can beat impulse buying.

· You don't have to buy something just because your friend is the seller and you want to 'promote' her. Purchase it because you really need it.

· Never buy anything using post-dated cheques; discipline yourself about getting something new using cash, especially after saving towards the acquisition of that particular item.

· Buy something because you NEED it and not because you want it. For example buy an iron box because yours has exploded not because there is a 'better' brand in the market.

· If you have spent money to buy something, it means you like it, therefore, make an effort to use it.

· Once a year, clean your wardrobe. Give out what you do not need as there will be someone who will appreciate it and you.

Come on ladies, plan to do a personal overhaul as we come to the end of the year and begin the next one on a clean slate. Discard the habit of collecting and filling your house with clothes, handbags, shoes and furniture you do not need. You will be amazed at how much you save.