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

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

Blog Article

We’ve all experienced it—you pop into a shop for one thing and end up leaving with a basket filled with products you never intended to purchase. Impulse spending 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 assess whether you truly want it or if 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 great tip is to reduce opportunities for temptation. 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 online financial advisor you’re buying and avoid succumbing to spontaneous purchases. Changing your spending habits may take time, but the eventual payoffs—more savings and less financial stress—are well worth the effort.