How To Control Impulse Spending & Save Yourself Loads Of Money
No matter how frugal you think you are, no one is immune from making impulse spending from time to time. But the more you give in, the more harmful it can be to your financial life. This post teaches you how you can control impulse spending.
What is impulse spending?
Impulse purchase is an unplanned decision to buy a product or service, made just before a purchase. One who tends to make such purchases is referred to as an impulse spender.
1. Use 30-day period waiting period rule.
The 30-day Rule is a Simple Method to Control Impulse Spending.
Here’s how the 30-day rule works:
- When you feel the urge to splurge — whether it’s for new shoes, a new video game, or a new car — force yourself to stop. If you’re already holding the item, put it back. Leave the store.
- When you get home, take a piece of paper and write down the name of the item, the store where you found it, and the price. Also write down the date.
- Now post this note someplace obvious: a calendar, the fridge, a bulletin board. (I use a text file on my computer.)
- For the next thirty days, think whether you really want the item, but do not buy it.
- If, at the end of a month, the urge is still there, then consider purchasing it. (But do not use credit to do so.)
2. Shop with a list
Have a list of what you really need to buy and challenge yourself to stick to it. Whether you’re shopping for groceries, holiday gifts, or clothes,
You’ll always find something you didn’t know you wanted, whether it’s Oreos or designer shoes on sale.
Using a list as your shopping plan keeps you focused so you’re less likely to become distracted by anything that’s not on the list.
3. Think about your last purchase regret
Before you pull the trigger on your next shopping impulse, think about the last time you made a buying decision that you regret.
That may reveal a pattern in your behavior that you want to squelch.
Decide that you won’t let yourself make another bad impulse purchase today that you’ll be sorry for in the future.
4. Remember your goals.
Whether your goals are financial or otherwise, keep them in mind before wasting money.
Perhaps you are trying to save a certain amount of money to have in a savings account, or you want to plan a trip across the country but can’t afford it.
Think about these goals and remember that your small impulse purchases add up to a lot of money, and can prevent you from meeting your goals.
5. Avoid using credit cards.
Using credit cards can be dangerous because you may develop an “I’ll worry about it later” mindset.
The problem is, when “later” comes, you will probably regret spending the money because you will then have to come up with the cash to pay off your purchase.
This is likely to disrupt your budget.
This list should give you a little insight into how you can control your impulse spending.
If you have any questions or inquiries, please don’t hesitate to let me know in the comment section.