Connect with us

Technology

From Little Treats to Trouble: New Study Exposes The Hidden Financial Impacts of Impulsive Spending

Published

1 year ago

on

LEHI, Utah, Aug. 9, 2023 /PRNewswire/ — Nearly all (94%) of American adults admit to spending impulsively, with purchases like dining out (55%) and clothing/shoes (53%), being among the most common sources, according to a new study commissioned by YNAB and conducted online by The Harris Poll among over 2,000 U.S. adults. Among impulsive spenders, 53% of them cited emotional fulfillment as the leading cause of engaging in this form of spur-of-the-moment retail therapy.

 

This study on impulse buys comes on the heels of a social media trend known as “little treat culture” where people impulsively treat themselves for a quick boost of happiness. The term “little treat” has over 55 million views on TikTok. However, for many, impulse buying has a sneaky way of adding up. It is shown to delay big financial goals for more than half of impulsive spenders (52%) and sometimes causes financial stress for 47%.

“It’s important to spend money on things that bring joy and align with your goals and priorities,” shares money and lifestyle expert Ashley Lapato of @theorganizedwallet (84K followers on TikTok). “Sometimes, that means indulging in a little treat because, well – you earned it or had a bad day. People often feel like impulse shopping makes them ‘bad’ at money, and that’s simply not the case. Setting even a few dollars aside each month for a little treat gives us permission to spend without guilt, enjoy life, and stay on track with goals down the road.”

Nearly everybody spends impulsively now and then. Even though almost 6 out of 10 Americans (56%) are using a form of budget or spending plan, impulsive purchases still cause regret and debt. There has to be a better way for Americans to make financial progress, reduce their money stress, and still leave room for guilt-free spending – because who doesn’t love the occasional serotonin boost of a little treat?

“It’s unrealistic to think that you can eliminate all impulsive spending, and frankly, unreasonable to imagine a day-to-day without ever buying a latte, new book, or ordering takeout,” says Jesse Mecham, founder of YNAB. “I don’t want to live in a world where spending money isn’t fun. The key to getting a handle on the stress caused by impulse buys is to increase awareness of where every dollar is going, be honest about how frequently you spend impulsively, and create a realistic and flexible plan going forward. This might be a hot take: the biggest mistake most people are making is not overspending, it’s under-budgeting in certain categories.”

Other key findings include:

Nearly two-thirds (64%) of impulsive spenders have regretted purchase decisions they’ve made impulsivelyImpulsive spending has delayed big financial goals for 52% of impulsive spenders, including paying off debt (27%), building an emergency fund (22%), and saving for retirement (18%)Fear of Missing Out (FOMO) is among the top three causes for Americans’ impulsive spending (20%)More than half of impulsive spenders use credit cards to pay for their impulsive purchases (55%)More than half of impulsive spenders (51%) have had debt over the past year as a result of their impulsive spendingThe most popular impulsive purchases among impulsive spenders are dining out (55%) and clothing/shoes (53%)68% of Americans say they are more tempted to spend impulsively during the holiday season (October-December)While nearly 6 out of 10 of Americans (56%) are using a budget/spending plan of sorts, nearly half of those budgeters who spend impulsively (49%) report sometimes feeling financial stress because of impulse spending behavior

FOR MORE INFORMATION:
To learn more about YNAB, the impulsive spending survey, or to schedule an interview, contact Haley Cemper at haley@ynab.com

METHODOLOGY:
This survey was conducted online within the United States by The Harris Poll on behalf of YNAB from June 22 – 26, 2023 among 2,051 U.S. adults ages 18 and older, among whom 1,945 spend impulsively. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Haley Cemper at haley@ynab.com.

ABOUT YNAB:  YNAB is a simple method and budgeting app that has taught millions of people to change their relationship with money. People find YNAB because they want to pay off debt and make financial progress—they stay because they’ve stopped fighting about money and have never slept better. More than just a budgeting app, YNAB offers an ever-evolving list of helpful features, and  a wealth of resources, including free workshops, videos, podcasts, articles, guides, a book, and award-winning customer support. All designed to educate and inspire people with a friendly, flexible method that allows them to take total control of their finances (and their future!). Learn more at www.ynab.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/from-little-treats-to-trouble-new-study-exposes-the-hidden-financial-impacts-of-impulsive-spending-301896365.html

SOURCE YNAB

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

MyComputerCareer Looks Back on Rewarding 2024 Fueled by Student and Grad Success; Shifting Mindset to Alternative Higher Ed Learning Pathways

Published

33 minutes ago

on

December 23, 2024

By

Skills training is having a moment

APEX, N.C., Dec. 23, 2024 /PRNewswire-PRWeb/ — There’s an important conversation happening in higher education that is shifting the way students of all ages approach how, and where, they choose to gain knowledge. Do I need a “traditional” university degree to find a career or are there viable alternatives to gain skills and knowledge? While this question and conversation will, and should, continue throughout 2025, skills-training is undoubtedly having a moment.

“The first, and most important, metric that defines success for MyComputerCareer is positive student outcomes and 2024 provided numerous opportunities to celebrate so many of those accomplishments,” said Tony Galati, Founder and CEO of MyComputerCareer.

As more employers move towards dropping degree requirements, more than 70 million skills-warriors without degrees are paying attention. MyComputerCareer, which has specialized in IT-skills training since 2007, saw the impact first-hand as eager students excelled in the classroom and grads made an impact in IT.

In 2024, MyCC celebrated 3892 graduates, including a cohort of nearly 1600 in August that was the school’s largest since November 2022. By comparison there were 2998 graduates in 2023. The school’s live-led, DoD approved Cyber Warrior Program geared to transitioning service members, contributed to this uptick as the program grew more than 200% in 2024.

“My instructor served in the military and had 20+ years of cybersecurity experience, so he wasn’t just teaching me how to pass the exam, he was teaching me how to pass the exam then apply those skills to the real world,” said Air Force veteran and Cyber Warrior Program alumna Jayanna Berry.

How did students like Jaynna and others perform in the classroom? Collectively they earned nearly 6000 IT certifications which help provide the knowledge and skills needed to positively impact potential employers. Speaking of employers, the school’s Career Services team – which works with students and alumni for life – submitted more than 14,000 resumes on their behalf throughout the year.

Beyond student and graduate success, MyCC had a strong year in 2024, reinforcing the college’s position as a leader in the skills-training space. Some milestones and accomplishments included:

Named Top-10 Military Friendly schoolEarned EC-Council’s Circle of Excellence awardHR Team named “Team of the Year” by Merit AwardsFounder Tony Galati tagged as “innovative leader” in education (Forbes)Featured in a 30-minute Lifetime special titled “Operation Career” highlighting the school’s dedication to active and veteran service members.Named Military Friendly employer

“The first, and most important, metric that defines success for MyComputerCareer is positive student outcomes and 2024 provided numerous opportunities to celebrate so many of those accomplishments,” said Tony Galati, Founder and CEO of MyComputerCareer. “Every earned milestone beyond that bucket is very welcomed as it highlights the dedication of our employees to deliver a positive and rewarding experience to so many folks in an effort to change their lives.”

Since opening its doors in 2007, MyComputerCareer has equipped more than 27,000 graduates with the skills and resources needed for success, resulting in alumni working for some of the top tech companies across the country. The school welcomes students with no former experience or training in IT, and graduates come from a broad range of backgrounds – from hospitality to retail to stay-at-home parents.

About MyComputerCareer

MyComputerCareer is an accredited* technical school, with classes online and on-campus, that provides hands-on Information Technology training, certifications and job placement in as little as seven months. Founded in 2007, the school boasts nine campuses in Texas, North Carolina, Indiana, Ohio, and Nellis Air Force Base, with its headquarters in Holly Springs, North Carolina. For more information, call (866) 606-6922 or visit www.mycomputercareer.edu

* Accredited by the Accrediting Council for Continuing Education & Training (ACCET)

Media Contact

Aaron Martin, MyComputerCareer, 1 773.505.4325, aaron.martin@mycomputercareer.edu, www.mycomputercareer.edu

View original content to download multimedia:https://www.prweb.com/releases/mycomputercareer-looks-back-on-rewarding-2024-fueled-by-student-and-grad-success-shifting-mindset-to-alternative-higher-ed-learning-pathways-302337046.html

SOURCE MyComputerCareer

Continue Reading

Technology

Crowley Awards Maine Maritime Academy Cadets with Thomas B. Crowley Sr. Memorial Scholarship

Published

33 minutes ago

on

December 23, 2024

By

Cadets Anna LaDue and Odegaard Fields have been awarded the memorial scholarships for exemplifying the company’s values and intent on pursuing a maritime career.

JACKSONVILLE, Fla., Dec. 23, 2024 /PRNewswire-PRWeb/ — Cadets Anna LaDue and Odegaard Fields from Maine Maritime Academy have been awarded the Thomas B. Crowley Sr. Memorial Scholarship. These students were selected based on their performance during the cadet training periods aboard Crowley-operated or -managed ships and their intent to pursue maritime careers.

LaDue, a junior from Canterbury, New Hampshire, is studying marine transportation operations, with a minor in sail training. She has served as the Assistant Officer in Charge for the academy’s Delta Company during the 2024 training year and has achieved the Dean’s List for three consecutive semesters. Outside of her maritime studies, she is involved in the climbing club, singing ensemble, women on the water, environmental action club and her school’s student athletic advisory committee. After training aboard Crowley-managed tanker American Pride in summer 2024, LaDue seeks to sail aboard on tankers upon graduation.

Fields, a junior from New Marlborough, Massachusetts, is pursuing a degree in marine transportation operations. In addition to his studies, Fields is a small vessel handling instructor and terrestrial navigation teaching assistant on the George C. Previll Memorial Inter-Academy Monomoy challenge team. Fields sailed as a cadet with Crowley on the American Pride. Upon graduation, Fields wants to continue sailing as a deck officer on a tanker or offshore wind supply vessel.

The scholarship, which is awarded annually by Crowley, was established in 1994 by the company’s CEO and chairman Thomas B. Crowley Jr. to commemorate and honor Thomas B. Crowley Sr. and his instrumental leadership and accomplishments for the company and maritime industry. Since 1984, Crowley has provided over $3 million dollars in scholarships to more than 1,000 students studying at maritime academies and other select schools in the United States mainland, Puerto Rico and Central America.

About Crowley
Crowley is a privately held, U.S.-owned and -operated maritime, energy and logistics solutions company serving commercial and government sectors with $3.5 billion in annual revenue, over 170 vessels mostly in the Jones Act fleet and approximately 7,000 employees around the world – employing more U.S. mariners than any other company. The Crowley enterprise has invested more than $3.2 billion in maritime transport, which is the backbone of global trade and the global economy. As a global ship owner-operator and services provider with more than 130 years of innovation and a commitment to sustainability, the company serves customers in 36 nations and island territories. Additional information about Crowley, its business units and subsidiaries can be found at http://www.crowley.com. 

Media Contact

David DeCamp, Crowley, 904-727-4263, David.DeCamp@crowley.com, www.crowley.com 

Torey Vogel, Crowley, 904-726-4536, Torey.Vogel@crowley.com, www.crowley.com 

View original content to download multimedia:https://www.prweb.com/releases/crowley-awards-maine-maritime-academy-cadets-with-thomas-b-crowley-sr-memorial-scholarship-302338138.html

SOURCE Crowley

Continue Reading

Technology

TheLotter: Celebrate Christmas with a Stellar Mega Millions Jackpot!

Published

33 minutes ago

on

December 23, 2024

By

AUSTIN, TX, Dec. 23, 2024 /PRNewswire/ – The excitement skyrockets as the Mega Millions jackpot climbs to an estimated $944 million / $429.4 cash option, just in time for Christmas! To date, the popular multijurisdictional lottery has awarded 6 jackpot prizes over $1 billion, and this could grow to become the 7th.

At TheLotter, customers can order tickets for the upcoming Mega Millions draw, featuring such an extraordinary jackpot amount on Christmas Eve, 12/24/2024. TheLotter is the leading lottery ticket courier service, enabling customers across the state to join their favorite lottery draw games at their convenience without leaving home, and win prizes 100% commission-free. Just this week, T.B. from a small community northwest of Houston won $26,000 in the December 20, 2024 Daily 4 Morning draw after securing their entry through TheLotter. The Daily 4 Morning draw is one of the many state lotteries offered on the site. Some take place daily – even multiple times a day – while others are held twice a week.

“As we approach the end of 2024, excitement is at an all-time high with this Mega Millions colossal jackpot grabbing headlines. Adding to the buzz, the game is set to undergo a significant transformation in the coming year, promising even more excitement and chances to win big. With this perfect blend of monumental jackpots and innovative updates, Mega Millions is proving once again why it remains a favorite among lottery customers nationwide.” says Yael Hertz, CEO of TheLotter Group.

Once a customer’s order is confirmed at TheLotter, our agents ensure participation by purchasing tickets from licensed local retailers using the lucky numbers chosen by customers – either manually or via the Quick Pick option. Then, scanned copies, which serve as proof of ownership of these tickets, can be viewed in the customers’ online accounts before the draws take place.

TheLotter’s expanding list of winners who won huge prizes on the site includes Robert Talerico from San Antonio, who hit the $525,000 Texas Two Step jackpot in February 2023, as well as a Dallas customer who won $1 million in a Powerball draw in November 2022.

Lottery games enthusiasts in Texas eager for a chance at massive jackpots can join the excitement seamlessly by setting up an easy and secure account at TheLotter.

For more information about how Texas customers can take their shot at Mega Millions, Powerball and other state lottery draws’ prizes, visit the company’s website at tx.thelotter.com.

About TheLotter
TheLotter offers a lottery courier service enabling residents of Texas to order official Texas lottery tickets from their device, from the comfort of home or on the go.

Follow TheLotter US on Facebook, Twitter and Instagram.  

Gambling can be harmful if not controlled. Must be 18 or older. Please play responsibly. 

View original content:https://www.prnewswire.com/news-releases/thelotter-celebrate-christmas-with-a-stellar-mega-millions-jackpot-302338436.html

SOURCE theLotter US

Continue Reading

Trending