Spending on Impulse: Ways to Stop the Habit and Save More

Spending on Impulse: Ways to Stop the Habit and Save More

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Everyone’s done it—you walk into a store for one thing and walk out with a basket filled with products you weren't expecting to get. Buying on impulse 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 getting over impulse buying is possible, and with a little discipline and a few simple strategies, you can start saving more money and making better money choices. The key is to pinpoint the reasons behind your spending and swap those tendencies with healthier financial practices.

The first step to curbing impulse spending 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 feel like buying, wait before buying—wait 24 hours before deciding to buy. This gives you time to think about whether you truly want it or if free online financial money advice it’s just an impulse. In most cases, you’ll find that the want to spend lessens, and you’ll save yourself from unnecessary spending.

Another helpful strategy is to minimise your access to triggers. If internet shopping is your downfall, unsubscribe from promotional emails and delete stored payment info from your favourite shopping websites. If you tend to buy without thinking in person, shop without credit cards and shop with cash instead. By creating barriers to spending, you’ll have more time to consider what you’re buying and avoid falling into the impulse spending trap. Overcoming impulse spending may take time, but the benefits over time—increased financial security and reduced money anxiety—are worth the discipline.