Impulse spending is one of the easiest ways to drain money from your bank account. It is easy to spend more than you intend to when you do not set rules. Here are seven tips to help keep more money in your account and support healthier spending habits.
1. Give Yourself Clear Spending Rules
One way to avoid spending impulsively is to create spending rules. This can reduce the mental effort needed to decide whether to buy something. Instead of choosing in the moment, you can establish guidelines ahead of time and follow them. For example, you can decide not to buy clothes unless you have recently worn everything in your closet. You might limit online shopping to once a month. You can still spend, as long as you stick to your rules.
2. Avoid Shopping While Tired or Hungry
Try not to shop (either in person or online) when you are tired or hungry. Both fatigue and hunger can reduce self-control. If you are tired, your judgment may be affected. If you go grocery shopping while hungry, you may be tempted by many foods that seem appealing at the moment. This is a common way to overspend. Delay spending decisions until you are well rested, clear-minded, and not hungry.
3. Give Yourself a Day
When you come across something you think you want to buy, try giving yourself some time before making the decision. You may talk yourself out of many purchases this way. Even waiting a single day can make a difference.
"These days it’s so easy to see something we want and click, click, click it into a
purchase," says Rachel Cruze at Ramsey Solutions.* "One way to help here is to give yourself a day or so before you buy something. Then ask yourself if you’ll use this thing and if you can pay cash for it now. And watch out for deals that are only good for 24 hours. Don’t let a countdown rush you into buying anything! Because a sale will come back around. Trust me."
4. Keep a 'Wants' List
Keep a list of items that interest you. Instead of buying something impulsively, add it to the list. This helps you acknowledge the desire without acting on it right away. You can revisit the list each week or month. You may find that some items no longer feel important. The ones that remain are no longer impulse buys but planned purchases.
5. Stick to Your Shopping List
You are probably already making shopping lists, especially for groceries. Make sure you have a list before you shop and commit to following it. Creating this rule for yourself can help you avoid picking up items you did not intend to buy.
"Know what your goals are before you even enter the store, and by having a list you can have a visual and tactile reminder of the specific items you are to purchase," says Ryley Amond at CNBC.** "It can be easy to walk into the grocery store on an empty stomach and get carried away, but by preparing yourself beforehand and checking things off your list, you have a better chance of staying on target."
6. Remove Shopping Apps from Your Phone
If you have shopping apps on your phone, it can be helpful to remove them. Most people carry their phones everywhere, which means shopping is always within reach. That convenience makes impulse purchases far more likely. Social media also exposes you to targeted ads designed to trigger spending. The fewer buying options you have at your fingertips, the less likely you are to make a quick purchase. If something catches your attention, you can visit the website later and decide whether it is worth buying.
7. Challenge Yourself to Save
Challenge yourself to save more money. This can be a fun way to gamify your habits. Try no-spend days or even no-spend weeks. These can help reset your behavior and reveal spending triggers. They also push you to use what you already have, which can help you spend less and build savings.
Impulse buying is a common temptation if you shop regularly. Recognize your patterns and consider these tips to help improve them.
* https://www.ramseysolutions.com/budgeting/stop-impulse-buys