Most of us have been there. You shop for a gift at the last minute, or you just have no idea what to get someone, and you feel slightly guilty. Learn to recognise this feeling when shopping, because it usually leads to overspending.
Photo by Jeff Myers
In general, emotional shopping usually isn't a good idea. Our feelings override logic, and we're more prone to blow our budget. When we guilt-shop for gifts, we often try to make up for the guilt with buying an expensive present. In addition to guilt, Bankrate points out that panic and mob-mentality can also contribute to overspending.
Short-term sales create an emotionally charged situation. Whether it's a flash sale, a Black Friday deal or a weekend special, the fear of "missing out" can override common sense, Yarrow says. Being in a crowd can also change the way we think, she says: "When everybody is grabbing for something, we feel we should be grabbing for it, too." Online shoppers aren't immune. Surfing late at night when you're exhausted or after a few glasses of holiday cheer can get expensive, she says. The solution in any venue is to take a timeout.
Put the item in your cart, then wait a set amount of time before you make a final decision, Bankrate suggests. For more tips for avoiding common spending mistakes, check out the full post.
Avoid These 5 Holiday Spending Mistakes [Bankrate]