vlog

NOWCAST vlog News at 6am Weekday Mornings
Watch on Demand
Advertisement

Impulse spending up during pandemic. So, how can you control it?
Amy Lu
Washington Bureau Reporter
Impulse spending up during pandemic. So, how can you control it?
AND JUSTIFY AT MANGO AND MAIN BOUTIQUE IN ANNAPOLIS. WE PARERTN WITH GROUPS AND AFRICA HAITI INDIA, PERU. SO EVERYTHING H AAS BIGGER PURPOSE AND A STORY BEHIND IT AN OWNER SHANNON REISENFELD SAYS SALES HAVE COME AND GONE THROUGHOUT THE PANDEMIC HOLIDAYS, ESPECIALLY WHENEVER THERE’S GOOD NEWS WHENEVE PEOPLE ARE FEELING MORE HOPEFUL AND OPTIMISTIC PEOPLE WERE RELYAL EXCITED. THEY WERE OUT SPENDING MORE ACCORDING TO THE NATIONAL RAILET FEDERATION RETAIL SALES WERE UP MORE THAN 15% COMPAR TED SAME TIME IN 2020. IT’S EXACTLY WHY FINANCIAL EXPERTS. SU E ROGAN SAYS IMPULSE SPENDING CAN GET TRICKY WHAT WE SEE A LOT OFS I AROUND THE HOLIDAYS OR PEOPLE’S SPECIAL EVENTS IN THEIR LIVES. THEY TDEN TO BE LIKE, WELL, I DESERVE THIS. I NEED THIS I WANT THIS AND SO SOMETIMES WE LET THE GUARD DNOW A LITTLE BIT AROUND OUR DOLLARS AND JUST KIND OF LET THEM FLOW OUT. SO, OF COURSE YOU WANT TO SHOP SMALL YOU WANT TO SUPPORT YOUR LOCAL BUSINESS. SAYS BUT ROGAN SAYS IT’S ALL ABOUT BALAN BCEY FIRST TAKING A LOOK AT YOUR BUDGET. IT’S REALLY IMPORTANT TOUT P IN URYO SPENDING PLAN SOME MONEY WHETHER IT’S FOR FUN OR SOME MONEY FOR BUYING THOSE THINGS THAT Y ROUEALLY WANT. AND SAYS UNDERSTANDING THEPEERXT BEHIND WHY YOU BUY HELPS. SHE ALSO RECOMMENDS BY ONE THING THROW ANOTHER OUT OR TAKE THE TIME TO THINK AS MHUC ASIX S MONTHS BEFORE YOU BUY. WHAT IS IT THAT I CAN SPEND THAT MAKES ME FEEL I’M IN CONTROL OF MY DOLLARS CONTROL CAN ALSO COME WITH SOME HELP INCLUDING THE NON-PROFIT CASH CAMPAIGN OF MARYLAND ALL PLANNED FINCIALAN SUCCESS THROUGH THE PANDEMI
Advertisement
Impulse spending up during pandemic. So, how can you control it?
Amy Lu
Washington Bureau Reporter
More self-isolation and time at home has gifted some with a little extra spending power. But financial experts warn that power can lead to an urge to buy impulsively. "Whenever there's good news, whenever people are feeling hopeful and optimistic, people were really excited and out spending more," she said.According to the National Retail Federation, retail sales were up more than 15% compared to the same time in 2020. It's why financial expert Sue Rogan says impulse spending can get tricky."What we see a lot of is around the holidays or people's special events in their lives, they tend to be like, 'Oh, I deserve this. I need this. I want this.' And so, sometimes we let our guard down around our dollars and just kind of let them throw out," said Rogan, director of Cash Campaign of Maryland.You might want to shop small and support local businesses, but Rogan said it's all about balance by first taking a look at your budget."It's really important to put in your spending plan some money, whether it's for fun or some money for buying those things that you want," Rogan said.Rogan said understanding the external and internal factors behind why you buy helps. She also recommends buying one thing, throw another out or take the time to think -- as much as six months before you buy."What is it that I can spend that makes me feel I'm in control of my dollars?" Rogan said. Watch the video for more on this story.
ANNAPOLIS, Md. —

More self-isolation and time at home has gifted some with a little extra spending power. But financial experts warn that power can lead to an urge to buy impulsively.

Advertisement

"Whenever there's good news, whenever people are feeling hopeful and optimistic, people were really excited and out spending more," she said.

According to the National Retail Federation, retail sales were up more than 15% compared to the same time in 2020. It's why financial expert Sue Rogan says impulse spending can get tricky.

"What we see a lot of is around the holidays or people's special events in their lives, they tend to be like, 'Oh, I deserve this. I need this. I want this.' And so, sometimes we let our guard down around our dollars and just kind of let them throw out," said Rogan, director of Cash Campaign of Maryland.

You might want to shop small and support local businesses, but Rogan said it's all about balance by first taking a look at your budget.

"It's really important to put in your spending plan some money, whether it's for fun or some money for buying those things that you want," Rogan said.

Rogan said understanding the external and internal factors behind why you buy helps. She also recommends buying one thing, throw another out or take the time to think -- as much as six months before you buy.

"What is it that I can spend that makes me feel I'm in control of my dollars?" Rogan said.

Watch the video for more on this story.