We’ve all experienced it—you pop into a shop for one thing and end up leaving with a bunch of things you never intended to purchase. Buying on impulse is one of the largest challenges to building savings, and it can sabotage your budget if you’re not mindful. The good news is that getting over impulse buying is possible, and with a little discipline and a few simple strategies, you can start saving more money and making better money choices. The key is to identify the triggers behind your spending and swap those tendencies with positive, money-saving behaviours.
The first step to stopping spontaneous purchases is to make a financial plan and adhere to it. Knowing exactly how much money you have available for discretionary spending each month can help you fight the temptation to buy things on a whim. When you see something you feel like buying, take a break—pause for 24 hours before making a purchase. This gives you time to think about whether you actually need the product or if it’s just an unnecessary desire. More often than not, you’ll find that the want to spend lessens, and you’ll save yourself from unnecessary spending.
Another great tip is to minimise your access to triggers. If internet shopping is your challenge, opt out of online financial advisor marketing emails and delete stored payment info from your favourite retail sites. If you tend to make impulse purchases in person, leave your credit cards at home and use only cash. By creating barriers to spending, you’ll have more time to consider what you’re buying and avoid succumbing to spontaneous purchases. Changing your spending habits may take time, but the eventual payoffs—increased financial security and less financial stress—are well worth the effort.