WAYS TO COMBAT IMPULSE SPENDING
You can hear the audio version of this discussion on my podcast at Lola’s Frugal Life Podcast, on Apple Podcast, and many other platforms!
WHAT IS IMPULSE SPENDING?
Impulse spending is when we make a purchase on a whim often without giving consideration to how it will impact our financial situation. In order to help us reach the financial goals we have set for ourselves, it is important to be aware of impulse spending and take steps to prevent it.
MAKE SURE YOU HAVE A BUDGET
If you have a budget that you are really determined to stick to, knowing that an unplanned purchase will cause you to go over budget can really be a motivator. Make sure that you do include some dollars in your budget for impulse purchases so that you are not super restricted in never being able to purchase something that you really love. By having a dollar amount assigned for these type of discretionary purchases it will also set some boundaries to help keep you from going overboard.
CREATE FINANCIAL GOALS THAT ARE EXCITING TO YOU
By having goals that you really want to achieve, you can use them as a tool to help you not make poor spending decisions. Talk about and review your goals often, this will help keep them on your mind which can help make it easier to avoid impulse spending. Reminding yourself that spending $20 on some random thing you saw at Target, means that’s $20 less going towards your goals can really help in making good choices.
REMIND YOURSELF HOW MUCH BETTER IT FEELS TO MAKE A PLANNED PURCHASE
If you see something that you truly love but don’t have the money for it right now, see what you can do to add it to your budget. When you save up for something and have it budgeted for, there is such a good feeling about making the purchase. You won’t have that regretful feeling you might get when updating your expenses after making some unplanned purchases that now threw you over budget. Plus, it’s fun to save for something that you are really excited about getting. Anticipation is part of the fun in life, so by saving up for things, you can extend the joy you get out of that purchase.
UNSUBSCRIBE FROM PROMOTIONAL EMAILS
Promotional emails are written in a way to make you think you need something that you had no idea you needed just prior to reading the email. They also try to make you feel that if you don’t take advantage of this deal right now, you are going to miss out. If you are unsuccessful at unsubscribing, as I have been. I still seem to get the emails, even though I have asked to unsubscribe. Try to make it a habit to automatically delete the email without reading it. Don’t worry, there will always be another sale on whatever it is they are promoting. Try to remind yourself that you are not saving money by purchasing something that you had no intention of buying, that is spending, not saving!
DELETE SHOPPING APPS FROM YOUR PHONE
If you find that you struggle with making impulse purchases on shopping apps such as amazon, consider removing the apps. Or put them several screens back to make them harder to get to.
DON’T GO SHOPPING JUST TO “GO SHOPPING”
When you go to the store – make sure it is for a purpose. Make it a challenge to buy just what you went in for and get out of there! If you struggle with emotional spending, keep yourself out of the stores if there is really no reason for you to be there. Try to find something else to do with the time that you might have previously gone shopping so that you can resist the temptation of making additional purchases.
GIVE YOURSELF A WAITING PERIOD
When you have the urge to buy something put it on a list, or add to your shopping cart and save it for later (if the website allows). I have heard of the 24-hour rule, some people do 7 days, and I have also heard of the 30-day list. There is no right way to do it. It’s just about the idea of giving yourself time to think about making a purchase. Often after you give it some time, the excitement will wear off and you will find you might not even want the item anymore.
Thanks so much for checking in! If you would like to hear the podcast version of this topic to check out Lola’s Frugal Life Podcast! Also, be sure to check out my other blog posts on this site!
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