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

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

Blog Article

Everyone’s done it—you walk into a store for one thing and walk out with a bag full of items you didn’t plan to buy. Spontaneous spending is one of the major obstacles to accumulating wealth, 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 identify the triggers behind your spending and swap those tendencies with positive, money-saving behaviours.

The first step to stopping spontaneous purchases is to create a budget and follow it. Knowing exactly how much money you have allocated for extras each month can help you resist the urge to purchase items impulsively. 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 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 your pocket.

Another great tip is to reduce opportunities for 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 putting limits on your ability to free online financial money advice spend, you’ll have more time to consider what you’re buying and avoid getting caught in impulsive buying habits. Breaking the habit may take time, but the benefits over time—increased financial security and reduced money anxiety—are worth the discipline.