We’ve all been there—you go to the shop for one thing and leave with a bag full of items 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 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 curbing impulse spending is to make a financial plan and adhere 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 it’s just an impulse. In most cases, 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 internet shopping is your downfall, unsubscribe from saving money tips for women promotional emails 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 creating barriers to spending, you’ll have more time to consider what you’re buying 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 definitely rewarding.