Impulse Purchases: How to Overcome the Urge and Increase Your Savings

Impulse Purchases: How to Overcome the Urge and Increase Your Savings

Blog Article

Everyone’s done 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 major obstacles to saving money, and it can sabotage your financial plans if you’re not mindful. The good news is that getting over impulse buying is possible, and with a little focus and a few practical tips, you can start putting more aside and making smarter financial decisions. 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—pause for 24 hours before making a purchase. 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, opt out of marketing emails and take out saved payment free online financial money advice options from your favourite e-commerce platforms. If you tend to make impulse purchases in person, leave your credit cards at home and pay in cash. By putting limits on your ability to spend, you’ll have more time to evaluate your choices and avoid falling into the impulse spending trap. Breaking the habit may take time, but the benefits over time—increased financial security and reduced money anxiety—are worth the discipline.