Alex had been thinking about purchasing a new electric guitar for some time. A model that he considered out of his price range went on sale. Even at the discounted price, the guitar was still not within Alex’s budget, but he felt like he couldn’t pass up the deal. So, Alex used his credit card to pay for the guitar. This impulse purchase caused him to carry a balance on his credit card for three months, and Alex struggled to make the payments. Now, take a moment to think about a time in your life when you made an impulse buy. Maybe you purchased something that you wanted that wasn’t a need, and the choice to make the purchase caused you financial strain. Or, think about when you’ve witnessed someone, such as a family member, exhibit this purchasing behavior.

Part A
What were your motivations for making the purchase? Describe them in one or two sentences.

Part B
Reflect on this choice. Was it financially wise? If so, explain why. If not, what would be a more responsible way to have handled the situation and the money that was spent? Use concepts and ideas that you’ve learned about so far in the lesson. Write your answer in just a few sentences.