It’s Take Control Tuesday, and this week Mansa Musa and I continued our consumer psychology series. We’re looking at why it can be so easy to spend money online without really feeling like we’re spending it.
Mansa explained a concept called the “pain of paying.” When you use cash, the exchange feels immediate. You hand over your money and receive something in return. You can actually see your purchasing power leave your hands.
Online shopping feels very different. Your payment information may already be saved. One click can complete the purchase. If you use a credit card, the money may not even leave your bank account right away.
That distance can make spending feel easier. Retailers know this, too. They make checkout quick and convenient while keeping our attention on discounts, rewards, and the product we want.
So how can we use this knowledge to our advantage?
Highlights From Our Conversation
- Focus on the actual dollars. Instead of getting distracted by discounts or reward points, look at the total amount you’re spending.
- Put the purchase in context. Ask what else that money could do for your household. A $125 purchase may look different when you consider what else $125 could cover.
- Give yourself time. Leave an unplanned purchase in your cart and come back later. If you still want it, it fits your budget, and the price makes sense, you can make a more intentional decision.
- Use a wish list. Mansa gave me a great tip for all those items sitting in my online shopping cart. Move them to a wish list instead. That creates one extra step between wanting something and actually buying it.
The goal isn’t to stop yourself from ever spending money. Instead, Mansa wants us to become more intentional buyers.
Before your next online purchase, ask yourself one simple question: Is what I’m getting worth what I’m giving up?
That pause could save you from an impulse purchase and help you put your money where it matters most.