4 Tips to Avoid Impulse Spendings
You’d be surprised at how common it is for people to go out to a store for one thing and then return with way more than they planned on purchasing. Or better yet, making excuses for why you should buy certain things even when you know that you have other more important things to pay for.
The definition of impulse buying is actually tied to our emotions. How you’re feeling at the exact moment you see a particular item in a store can be a huge influencer of whether or not you decide to buy it. Here are just a few things you can do to try and change this habit.
1. Only carry cash
When you carry cash, you’re less likely to overspend because you can’t physically spend more cash than you’re actually carrying. This method is tried and true and works really well for most people.
2. Create & follow an actual budget
We can’t stress this tip enough. If you aren’t using some type of budget already, you are essentially saying. “I don’t know where my money is going and I don’t really care.” Please, don’t live like this. Creating a budget helped us stop living paycheck to paycheck and eventually led us to debt freedom. It holds you accountable and shows you where you’re overspending so that you can make adjustments.
3. Weigh the opportunity costs
Something that really helps me save money these days is putting everything in terms of how much sushi I can buy if I don’t impulsively spend money. For example, impulse buying a new video game for $60 is going to cost me two nights of sushi eating.
4. Always have a plan for your purchases before you go out
If you know you have a problem with impulse buying, you can avoid shopping stores altogether or do yourself a favor and carry a list whenever you go shopping. It seems like a simple idea, but you really feel a tremendous power when you go out shopping armed with your list. You know exactly what you need and it’s a lot easier to avoid getting anything that isn’t part of the plan.