We have all done it, gone shopping for items on our list and came home with things we did not intend to purchase. Impulse spending is buying based on feelings instead of necessity. This might not cause a problem if done occasionally but if it becomes a habit it can lead to financial difficulties.
Making an impulse purchase might make you feel happy or satisfied at that moment but later you may realize that the happiness was short lived, and you might regret the purchase and the money you wasted.
If you are trying to stick to a budget and save money curbing impulse spending should be a priority. Here are some steps you can take if you want to stop impulse spending.
Recognize When You Are Most Likely to Impulse Buy
Think about the times you have most often bought something on impulse, is there a pattern to the spending? Maybe you spend more when you visit a certain store, or you are tempted to spend when you feel sad or bored. When you discover what triggers the spending you can take steps to avoid those situations, and just recognizing when the spending occurs will empower you to stop yourself when you are tempted to buy.
Implement a Waiting Period
If you are shopping online and are tempted to buy something, put it in your cart but don’t checkout, instead leave it in your cart for a few days and then go back and decide if you still want it.
Do the same when shopping in a store, designate an amount of time that you must wait before making the purchase, maybe a week. Chances are the urge to buy will have dissipated during that time and you may not want it after all.
Ask Yourself Questions
Good savers and people who are debt free are intentional about every dollar they spend. Setup a budget and stick to it. If you feel the temptation to buy, ask yourself these questions.
Do I need It or just want It?
Was this on my list when I left the house?
Can I get by without It?
Is It budgeted for?
Where will I put it?
Is it useful and will it serve a purpose?
Do I need it right now?
Do I already own something similar?
How many hours will I have to work to pay for it?
Is there something else I would rather spend the money on?
Stopping to ask yourself these questions will help you to think clearly and not buy based on emotion.
Identify Your Feelings
Since most impulse spending is based on a feeling or emotion understanding that can help you identify that this is a fleeting feeling, and you may later regret the purchase.
Replace Shopping with Something Better
When you understand that impulse buying is based on emotion look for other ways to capture the same feeling that does not involve shopping or spending money.
Maybe you are shopping and spending out of boredom, if so look for other ways to fill your time with activities you enjoy. Go to the park, go for a walk, read a book, watch a movie, visit a friend or relative, anything that brings you joy.
Maybe shopping and running errands make you feel productive, like you are getting things done, instead find other tasks you can complete that give you the same sense of fulfillment. I love to clean and organize, prepare meals for the week ahead and get chores done so I can cross them off my list. Find something that gives you the same feeling but is productive and doesn’t cost money.
Focus On Your Financial Goals
Make a list of your financial goals, saving for a home or car, building your retirement account, paying off credit card debt, paying off student loans. Then whenever you are about to buy something imagine the money instead going toward one of these goals. This helps you stay focused.
Save for Splurges
There are times when you might want to have a little fun and shop for items that are not in your budget. Save for those moments, you can save spare change and money in a jar or envelope and then when you get the urge to shop use that money and nothing more. You might even find that when you are about to make the purchase you feel less tempted and would prefer to save even more money. But if you do spend the money, it can be without guilt or regret. Think of it as a treat.
Unsubscribe From Email Lists
When you check out online or at the store counter you are often asked to provide your email address, then you start to receive ads and promotions notifying you of every sale and bargain. This just makes you more tempted to spend. Unsubscribe from those types of email messages, their sole purpose it to get you to spend money.
Final Thoughts
Curbing Impulse shopping is not easy, consumerism is ever present in society today and shopping and spending are normalized and encouraged, but you can take steps to make sure you are sticking to a budget and not spending money on frivolous items. Impulse spending can become a habit, so you need to replace the spending habit with a saving habit and thoughtful consideration. You will feel good when you resist the urge to buy something you don’t really need and that will encourage you the next time you are tempted.
The Tech Minimalist 