Tips to Stop Impulse Buying
Impulse buying and compulsive shopping can quickly derail a budget and lead to financial stress. Impulse purchases can jeopardize your finances and your relationships. These tips, strategies and skills will help you make more mindful spending decisions:
Create a Shopping List:
Always make a shopping list before you go to the store or shop online. Stick to the list to avoid buying unnecessary items. Using a list keeps you focused. Write down what you need, take that to the store, and do not buy anything that’s not on the list. It’s that simple.
Wait 24 Hours:
Implement a 24-hour rule for non-essential purchases. If you see something you want, wait 24 hours before buying it. This helps you determine if you really need it or if it's just an impulse.
Set a Budget:
Establish a clear budget for discretionary spending. Once you reach your limit, stop spending until the next budgeting period.
Use Cash Instead of Cards:
Leave the plastic at home. Using cash automatically makes you spend less compared with using plastic. When shopping, use cash instead of credit or debit cards. This makes you more aware of how much you are spending and can help curb impulse buys.
Unsubscribe from Marketing Emails:
Unsubscribe from retailer marketing emails and newsletters that tempt you with sales and promotions.
Avoid Shopping When Emotional:
Don’t shop when you’re feeling emotional, such as when you’re stressed, bored, or upset. Emotional shopping often leads to impulse purchases. Being upset or angry can make you vulnerable to overbuying. Be willing to go home and put off shopping for another day.
Shop with a Purpose:
Only shop when you have a specific purpose or need. Avoid browsing stores or online shops just for the sake of it.
Set Savings Goals:
Focus on your financial goals, such as saving for a vacation, a new gadget, or an emergency fund. Remind yourself that every impulse buy takes you further from achieving these goals.
Limit Access to Money:
Carry only a small amount of money with you when you go out. Leave your credit cards at home to prevent impulse purchases.
Track Your Spending:
Keep a record of all your purchases. Reviewing your spending habits can help you identify and reduce impulse buys.
Find Alternatives:
Find other activities to replace shopping. Hobbies, exercising, or spending time with friends can provide fulfillment without the need to spend money. Try a brief meditation and make time for yoga, walking and other exercise that feeds your soul and helps manage stress.
Practice Mindfulness:
Be mindful of why you want to make a purchase. Ask yourself if it’s something you truly need or if it’s an impulse driven by external factors.
Compare Prices:
If you’re tempted to buy something, compare prices from different sources first. This not only delays the purchase but also ensures you get the best deal if you decide to buy. Take a photo of the thing you think you can’t live without. Photograph the price tag, too. Don’t buy yet. Bring your photos home and use them for comparison shopping online and to help you think about the purchase.
Use a Cooling-Off Period:
For larger purchases, implement a cooling-off period. This allows you to think through whether the purchase is necessary and worth the cost. It gives yourself time — an hour, a day, a week. It’s a chance to come to your senses or make certain the item you want is something you can afford and that truly contributes to your life.
Create a “Wish List”:
Instead of buying something immediately, add it to a wish list. Review the list periodically to see if you still want or need the items.
Shop alone
The confusion and chaos of shopping with kids or a spouse can lead you to make purchases without thinking or buy stuff to pacify noisy kids. Shopping solo may give you a calmer, more in-control experience.
Shop with a (trusted) friend
Do you have a friend or family member whom you can share this struggle with, someone who doesn’t judge but simply has your back? If so, shop together and ask for the friend’s help staying focused on avoiding unplanned purchases.
Be savvy about sales
We all know this, and yet it’s hard to remember: Buying something on sale that you don’t need doesn’t save money. It’s a form of overspending.
Rest up before shopping
Shopping when you’re exhausted can put even the most disciplined consumer at risk. If you have a problem controlling impulse purchases, you’re more vulnerable when you’re in a store while tired. Rest up and eat something before you shop.
Don’t buy anything you can’t return
If you have saved receipts and purchased only items you can return, you can undo the damage from a shopping binge. So before taking out your wallet in a store, ask about the return policy. Don’t shop a sale if purchases are final.
Get help
If overspending is damaging your finances, relationships or self-respect, you probably are dealing with something too big to tackle alone. Get the help and support you deserve. Find a reputable debt professional in your area.
By incorporating these tips into your routine, you can reduce impulse buying and make more thoughtful, intentional spending decisions, leading to better financial health.
