Are You Susceptible to Impulse Buying? Here’s How to Cope

Impulse buying affects a significant portion of the U.S. population, and has led many Americans to amassing oppressive credit card debt. While most of us regard ourselves as being sensible shoppers, we all have bad habits that can (and often do) lead us to spending more money than we should.

If you are struggling with significant credit card debt, it is extremely important to curb any and all bad spending habits. However, many of us don’t realize that we even have bad spending habits. Here are a few tips for combatting our worst spending impulses.

Don’t visit online retail sites just to “window shop”.

Checking our favorite shopping sites can be an enjoyable pastime, but e-commerce sites were designed to encourage purchasing, and it is very easy to become seduced by products (“I thought they discontinued that color! I need that!”) Unless you planned to purchase and need a specific item, don’t visit online retailers.

Always make shopping lists.

If you’ve struggled with impulse buying in the past, you should never enter any retail outlet without a strategy. When you’re heading to a store (or even shopping online), make a list of vetted purchases, and don’t stray from it.

Use your phone calculator for in-store shopping.

Decide what you are going to spend when you leave the house, and add up the price of the individual items as you add them to your cart. This will help put the little items into perspective --- five or six small purchases can add up to a significant dollar amount once you’re at the register.

Don’t be fooled by “free shipping with a $50 purchase”.

Remember, you’ve made a shopping list for your online purchases, too. All too often, we see that we can get free shipping after a certain dollar amount, and then we wind up spending money – far in excess of the cost of shipping – on items we don’t really need. And still we think it’s a good trade! If the price of all of the items on your shopping list does not amount to the dollar amount that qualifies you for free shipping, just pay for the shipping. If you think you’ve saved $5.99 by spending $9.99 on something you could have easily done without, you’re woefully misguided.

Americor Funding helps borrowers get their finances back under control through customized debt settlement and lending services. If you have personal debt that you are struggling to resolve, let the team at Americor Funding help. To learn more, please visit AmericorFunding.com

Avoiding Student Loan Debt Problems – 3 Ways You Can Manage Student Expenses Now

More than 50 percent of Americans with a college degree currently have outstanding student loans. Student debt is one of the most difficult burdens to overcome, which is why the current public college default rate is over 11 percent. If you want to ensure manageable finances post-graduation, here are a few tips that can help you keep any scholastic debt under control.

1. Read your loan repayment agreement – then read it again.

It is critically important that you understand the terms of your loan repayment agreement before you make your decision. You may want to opt for standard repayment, which is a fixed amount over a structured term, or an income-driven repayment, which will be a percentage of your income. Consider carefully what your earning potential will be once you enter the job market, as well as your cost of living. If you earn a bachelor’s degree in Musicology, for example, your starting salary will likely be less than if you earn a Petroleum Engineering degree, so plan your expenses accordingly.

2. Don’t over-borrow.

You may be tempted to borrow a substantial amount – enough to sustain you comfortably without the income of a part-time job – but do your best to resist. Do not commit to an amount that will only be burdensome later on.

3. Communicate with your loan servicer.

Don’t lose touch with your loan provider. If you find yourself in financial difficulties, it is important to contact your servicer in order to work out an immediate solution that preserves your credit score and possibly suspends your repayment obligation.

Student loans don’t have to be an insurmountable obstacle – Americor Funding delivers customized debt management solutions that allow you to maintain control of your finances.