Impulse Spending: How to Break the Habit and Boost Your Savings

Impulse Spending: How to Break the Habit and Boost Your Savings

Blog Article

Everyone’s done it—you walk into a store for one thing and leave with a bunch of things you never intended to purchase. Impulse spending is one of the major obstacles to saving money, and it can sabotage your financial plans if you’re not mindful. The good news is that overcoming spontaneous purchases is possible, and with a little discipline and a few helpful tricks, 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 create a budget and follow it. Knowing exactly how much money you have allocated for extras each month can help you resist the urge to purchase items impulsively. When you see something you are tempted to purchase, give yourself a cooling-off period—give it a day before pulling the trigger. This gives you time to evaluate whether you actually need the product or if it’s just an unnecessary desire. Usually, you’ll find that the desire to buy fades, and you’ll keep your money in your pocket.

Another useful idea is to limit your exposure to temptation. If buying online is your challenge, remove yourself from mailing lists and remove saved payment details from your favourite retail sites. If you tend to spend impulsively in person, avoid bringing your credit cards and use saving money tips for women only cash. By putting limits on your ability to spend, you’ll have more time to think about your purchases and avoid succumbing to spontaneous purchases. Changing your spending habits may take time, but the eventual payoffs—greater savings and lower money worries—are well worth the effort.