Impulse Spending: Ways to Stop the Habit and Save More

Impulse Spending: Ways to Stop the Habit and Save More

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Everyone’s done it—you pop into a shop for one thing and walk out with a bunch of things you didn’t plan to buy. Impulse spending is one of the biggest barriers to saving money, and it can quickly derail your money goals if you’re not mindful. The good news is that overcoming spontaneous purchases is possible, and with a little focus and a few simple strategies, you can start increasing your savings and making better money choices. The key is to identify the triggers behind your spending and replace those habits with positive, money-saving behaviours.

The first step to reducing impulsive buying is to set up a spending plan and follow it. Knowing exactly how much money you have set aside for non-essential purchases each month can help you resist the urge to buy things on a whim. When you see something you are tempted to purchase, wait before buying—give it a day before making a purchase. This gives you time to assess whether you truly want it or if it’s just an urge. More often than not, you’ll find that the desire to buy fades, and you’ll keep your money in your pocket.

Another helpful strategy is to reduce opportunities for temptation. If online shopping is saving money tips for women your downfall, opt out of marketing emails and remove saved payment details from your favourite retail sites. If you tend to buy without thinking in person, avoid bringing your credit cards and shop with cash instead. By putting limits on your ability to 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 eventual payoffs—more savings and lower money worries—are worth the discipline.