Now I don’t know about you, but I think we’re all guilty of impulse spending from time to time. Admittedly some of us impulse spend more than others (like me). But it’s a habit I’m consciously trying to break. Impulse spending is great in the moment, but I’m sure we’ve all felt the pangs of guilt as soon as we’ve ordered something wondering how we’ll get to the end of the month without having to rely on savings, credit cards or overdrafts to see us through. So if like me, you want to control your spending better, here is how to stop impulse spending.
IDENTIFY YOUR TRIGGERS
Impulse spending is, well impulsive. It’s not a planned spend. So you need to think about when you splurge and why you do it. Is it because you’re in a certain shop. Or you’re with certain people. Or you feel a certain emotion. If you can identify your triggers, then you can change your habits to avoid triggering situations. For me, I know I impulse spend when I’m feeling bored and want some excitement. So it’s usually when I’m home alone on an evening that I’ll spend my time online browsing.
FOCUS ON WHAT YOU WANT
If you have a money goal in mind then you’re less likely to spend impulsively. Your money goal could be a new car, a holiday, moving house. Whatever it is. If you have a clear idea on why you’re saving. And what you’re saving for. That’ll help you spend less impulsively as that money can go towards your goals. But if you don’t have any money goals you’re more likely to impulse spend.
TRY CASH NOT CARDS
it seems that hardly anyone carries cash anymore. But if you swap out cards for cash, you’re less likely to impulse spend. Why? Because it’s easier to keep spending when it’s so easy to just tap your card. When you have to actually count out the money and see the amount of money in your purse significantly drop. You’ll think twice about spending. Plus if you don’t enough cash for what you want, you can’t buy it!
UNSUBSCRIBE FROM MARKETING EMAILS
It’s so tempting to spend when you’re constantly bombarded with marketing emails from your favourite brands enticing you in with their discounts, sales and final offers. So unsubscribe so you can’t see them. If they’re out of sight, they’re out of mind. There will always be another sale and another bargain to be had.
SLEEP ON IT
Rather than impulsively buy something, if you really want something. Add it to your online basket, don’t check out and sleep on it. Chances are you would have forgotten about it by the time the morning comes or realised that you don’t actually want that dress, half as much as you thought you did the night before.
Trying to stop impulse spending is hard, but it gets easier if you have a financial goal in mind and take yourself out of situations that enable you to impulsively spend. These were my tips on how to stop impulse spending, do you have any to add in the comments?
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