Impulse Purchases: How to Overcome the Urge and Increase Your Savings

Impulse Purchases: How to Overcome the Urge and Increase Your Savings

Blog Article

We’ve all experienced it—you pop into a shop for one thing and end up leaving with a bunch of things you never intended to purchase. Impulse spending is one of the largest challenges to building savings, and it can sabotage your budget if you’re not mindful. The good news is that overcoming spontaneous purchases is possible, and with a little discipline and a few helpful tricks, you can start saving more money and making wiser spending decisions. The key is to identify the triggers behind your spending and shift those behaviors with positive, money-saving behaviours.

The first step to reducing impulsive buying is to create a budget and follow it. Knowing exactly how much money you have available for discretionary spending each month can help you fight the temptation to make unplanned buys. When you see something you want to buy, take a break—pause for 24 hours before making a purchase. This gives you time to evaluate whether you actually need the product or if it’s just an unnecessary desire. More often than not, you’ll find that the urge to purchase disappears, and you’ll keep your money in saving money tips for women your pocket.

Another great tip is to limit your exposure to temptation. If buying online is your downfall, remove yourself from mailing lists and remove saved payment details from your favourite shopping websites. If you tend to spend impulsively in person, shop without credit cards and use only cash. By creating barriers to spending, you’ll have more time to think about your purchases and avoid getting caught in impulsive buying habits. Changing your spending habits may take time, but the eventual payoffs—greater savings and lower money worries—are definitely rewarding.