W
e’ve all been there — wandering the aisles of a store when something catches our eye. It seems so perfect at the moment as it calls to you: “Buy me! You need me!” Fast forward to arriving home, you sit with it in your hands wondering why you spent money on yet another unplanned purchase. Yes, impulse buying can wreak havoc on your budget and finances if left unchecked. But don’t fear as even the most impulsive shopper can rein it in with a bit of self-control and some helpful tips.
These are effective ways to manage impulse buying…
#1. Create a budget (and stick to it)
The foundation for any financial goal is a budget. The almighty budget helps you understand exactly where your money is going each month. Designate funds to categories like necessities, savings, and discretionary spending. With clear budget limits, you’ll be less tempted to overspend in categories like dining out, entertainment, or shopping. Monitoring how closely you adhere to your budget categories gives you the data to make good spending decisions, rather than impulsive ones. Knowledge is power, after all.
#2. Always shop with a list (and never wander far from it)
Planning and preparedness are essential for avoiding those sneaky impulse buys. Always hit the stores armed with a shopping list to stay focused on buying only what you need. As you wander the enticing aisles, do not stray far from what is on your list. Before dropping that “simply amazing” blender (or shoes, or gadget) in your cart, check your list for a reality check. Sticking to your intentional purchases means no surprises at checkout.
#3. Set clear financial goals
It’s easier to pass on impulse purchases that could hijack your budget when you have clear financial goals guiding your spending habits. Saving for a dream vacation? A down payment on a home? Retirement? Whatever your money targets, keep them top of mind and know what you’ll need to sacrifice now to get there later. Every time you want to impulsively buy, ask yourself how it impacts meeting your goals. Visualize the goal, and it puts impulse buys into perspective.
#4. Pay with cash only
Parting with actual paper money is indeed more “painful” than just swiping plastic. Paying cash gives you a tangible sense of what you’re spending with each dollar leaving your wallet. Studies show cash purchasers tend to spend significantly less than credit card users. To manage impulse buying, leave those cards at home and take only the allotted cash for what you need to buy. When the cash is gone, your shopping trip must end too before you blow your budget.
#5. Avoid “therapy shopping”
Be mindful of your mood or emotional state while shopping. For some, a bad day can lead straight to the mall for some “retail therapy” to lift the mood. While buying may provide a temporary mood boost, it’s likely not what you need and could be detrimental to your financial health. Keep your mood, emotions, and life stressors in check before hitting the stores. If you recognize therapy-shopping tendencies in yourself, find healthier outlets that don’t cost money. Take a walk, call a friend, meditate…anything that averts using shopping as a pick-me-up.
#6. Never shop hungry
We’ve all felt “hunger” escalate, leading to crankiness and poor decisions (especially of the impulsive buying type!). A rumbling tummy lowers willpower so always shop after eating. Low blood sugar levels make the simple candy bar in the checkout aisle seem irresistible. A healthy snack beforehand wards off urges to grab and buy treats you don’t need. Shop with satisfaction, not starvation.
#7. Make it difficult to access money
Out of sight, out of mind. Set yourself up for financial success by keeping credit and debit cards tucked away in a wallet. Turn off digital payment methods on your smart device when out shopping. Access your “fun fund” cash stash only by making a special trip to the bank, versus carrying excess spending money around. Create obstacles to spending by making it more difficult to access money at the moment. Every hurdle between rational thought versus impulsive purchase gives your sensible side a chance to win out.
#8. Make yourself wait
To effectively manage impulse buying, patience pays its rewards. When the urge strikes to buy something right now, force yourself to walk away from the item and make a note of it. If it still appeals after leaving the store, then evaluate if the purchase aligns with your budget and financial priorities listed above. Often the thrill of the moment passes after a little distance and time. For substantial purchases, consider creating a mandatory waiting period of 24 hours (or longer) — no running back to snap up that item the same day. Give yourself time for the logical side to prevail.
#9. Research before buying
Especially for higher-cost goods, doing some quick internet searches on your phone can unveil helpful reviews and comparative pricing. Discovering potential issues with quality or learning you can buy a similar product cheaper elsewhere dampens that burning desire to “own it now.” Read consumer reports and complaints for insight. Maybe what called to you so strongly from the gleaming store shelf isn’t as great as it seems? A little research goes a long way.
#10. Track your spending
While keeping a detailed budget helps plan what you want to spend, tracking what is actually spent reveals reality. Analyze spending patterns to identify where unplanned purchases happen. Note purchases you later regret or return. Seeing the dollars leave your wallet (or account) keeps impulse buying top of mind. Download spending tracker apps or go old-school with a notebook. Regardless of how you track, the act raises self-awareness around unwarranted spending.
Featured image: javi_indy/iStock
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