Impulse buying is one of the most common ways that consumers end up spending more than they budgeted for. If this is a problem for you, try the following tips.
1. Make a shopping list and stick to it
Before you set out on a shopping trip, make a list. You can use either paper or your phone, but stick to the list, and only buy what’s on it. If you see other items that you think you want or need, try adding them to next week's list to give yourself time to decide if you still want to spend the money on them.
2. Postpone your decision until your shopping trip comes to an end
If you are at a store shopping, and you see an item that catches your eye, wait until you check out to decide whether you want to make the purchase or not. You might decide that you don't need that item once you've gotten past the initial thrill of finding it. If you do end up buying it, you'll have given yourself a chance to put something else back to make room for the item in your budget.
3. Be willing to return items
Hold on to your receipts and refrain from using the impulse item immediately when you get home. Just because you made an impulse purchase, that does not necessarily mean you have to live with your decision. As long as you keep your receipt and don't damage the item, you will most likely be able to return it to the store and get your money back, or at least exchange for store credit that you can use for something you need more than the item you bought.
4. Spend less time online
If most of your impulse buying is online, try spending less time online in general. You may be tempted by items you see on social media, in email offers, or even in ads on websites, which can be highly targeted and aggressive in coaxing you into buying something that you may have shown interest in earlier. These ads can be effective, but if it's not an item that you need to buy, it amounts to an impulse purchase. Spend less time looking at the Internet and reduce the temptation.
5. Don't use your phone to make purchases
Go a step further and make a vow that you will never make purchases using your phone. The reason is that it can be a little too easy to reach into your pocket and start browsing. Even reaching for a laptop requires more effort because your computer is most likely not constantlyin reach the way your phone is. It requires a little more thought and effort to go to your computer and make a purchase than it does to pick up your phone.
6. Pay with cash
When going to a store, pay with cash. You will have a set amount that you are able to spend, so you are more likely to buy less. If you're using your debit or credit card, you're only limited to your bank account or credit limit, making impulse purchases much easier.
An occasional impulse purchase is not necessarily a terrible thing, but the more it happens, the more your finances can suffer. Try some of the above tips to get your impulse buying under control and save more money.