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 walk into a store for one thing and walk out with a bunch of things you didn’t plan to buy. Spontaneous spending is one of the major obstacles to saving money, and it can easily disrupt your financial plans if you’re not cautious. 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 better money choices. The key is to pinpoint the reasons behind your spending and replace those habits with healthier financial practices.

The first step to stopping spontaneous purchases is to set up a spending plan and stick to it. Knowing exactly how much money you have set aside for non-essential purchases each month can help you avoid the impulse to buy things on a whim. When you see something you are tempted to purchase, give yourself a cooling-off period—give it a day before pulling the trigger. This gives you time to assess whether you really need the saving money tips for women 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, remove yourself from mailing lists and remove saved payment details from your favourite retail sites. If you tend to spend impulsively in person, avoid bringing your credit cards and use only cash. By putting limits on your ability to spend, 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 well worth the effort.