Use 'Stranger Test' to keep impulse spending in check

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Those people looking to get to grips with their credit cards and other aspects of their personal finances may want to consider using a special mental test, it has been suggested.

Writing in an article for Lifehacker, Jason Fitzpatrick points out those people are often tempted into making impulse purchases and when presented with the opportunity of buying something will only ask themselves if they can afford it straight away.

However, to help prevent constantly buying unnecessary items he suggests people consider the Stranger Test.

According to a reader from Five Cent Nickel this is defined as when considering a purchase, "picture a stranger offering you [the cash value of the purchase] or the item in question" they should consider which is of greater value and which they would choose.

And such a test could prove to be an effective means of getting to grips with credit card bills.

Mr Fitzpatrick suggests that when presented with a high-value electronic items such as a computer or TV, consumers may find that the money involved to purchase such a product would actually be "a pretty nice credit card payment".

Should this be the case he claims people should look to put their money towards more crucial financial commitments.

Such advice comes as Richard Foster, executive officer of the Financial and Consumer Rights Council, stated that those experiencing major financial difficulties should look to speak to financial counsellors for assistance.

Written by Ashley King