We’ve all experienced it—you go to the shop for one thing and leave with a bag full of items you never intended to purchase. Impulse spending is one of the major obstacles to accumulating wealth, and it can quickly derail your budget if you’re not mindful. The good news is that breaking the impulse spending habit is possible, and with a little self-control and a few helpful tricks, you can start saving more money and making smarter financial decisions. The key is to understand the causes behind your spending and shift those behaviors with positive, money-saving behaviours.
The first step to stopping spontaneous purchases is to make a financial plan and adhere to it. Knowing exactly how much money you have available for discretionary spending each month can help you resist the urge to purchase items impulsively. When you see something you feel like buying, wait before buying—pause for 24 hours before pulling the trigger. This gives you time to evaluate whether you really need the item or if it’s just an impulse. More often than not, you’ll find that the urge to purchase disappears, and you’ll avoid spending money needlessly.
Another helpful strategy is to minimise your access to triggers. If internet shopping is your downfall, remove yourself from mailing lists and free online financial money advice take out saved payment options from your favourite e-commerce platforms. If you tend to buy without thinking in person, shop without credit cards and use only cash. By putting limits on your ability to spend, you’ll have more time to evaluate your choices 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.