We’ve all been there—you go to the shop for one thing and end up leaving with a basket filled with products you never intended to purchase. Impulse spending is one of the largest challenges to building savings, and it can quickly derail your budget if you’re not mindful. The good news is that getting over impulse buying is possible, and with a little focus and a few simple strategies, you can start putting more aside and making wiser spending decisions. The key is to understand the causes behind your spending and shift those behaviors with smart, savings-focused actions.
The first step to reducing impulsive buying is to create a budget and adhere to it. Knowing exactly how much money you have set aside for non-essential purchases each month can help you avoid the impulse financial advice to buy things on a whim. When you see something you feel like buying, wait before buying—wait 24 hours before deciding to buy. This gives you time to assess whether you really need the item or if it’s just an urge. Usually, you’ll find that the desire to buy fades, and you’ll avoid spending money needlessly.
Another useful idea is to limit your exposure to temptation. If online shopping is your challenge, opt out of marketing emails and take out saved payment options from your favourite retail sites. If you tend to make impulse purchases in person, avoid bringing your credit cards and pay in cash. By putting limits on your ability to spend, you’ll have more time to evaluate your choices and avoid getting caught in impulsive buying habits. Overcoming impulse spending may take time, but the benefits over time—increased financial security and lower money worries—are definitely rewarding.