I’m happy to welcome you to this lovely setting. Please notice that for the time being, we’ll be talking about the simplest technique to stop yourself from making impulsive purchases.
Try your best to honestly respond to the following questions first:
1. Does your boyfriend or spouse criticize you for your excessive spending?
2. Do you find it surprising each month to see that you charged more than you anticipated when you receive your credit card statement?
3. Do you own more clothing and shoes than you could ever wear?
4. Do you purchase each new device before it has a chance to gather dust on a store shelf?
5. Do you buy things you didn’t know you wanted until you saw them on display in a store?
So therefore assuming you answered “yes” to any two of the above questions, you are an impulse spender and indulge yourself in retail therapy.
Although this is not a good thing. It will prevent you from saving for the important things like a house, a new car, a vacation or retirement. You must set some financial goals and resist spending money on items that really don’t matter in the long run. Learn the 7 Steps to Become Financially Free And Live a Good Life.
Impulse spending will not only put a strain on your finances but your relationships, as well. To overcome the problem, the first thing to do is learn to separate your needs from your wants.
Ways to stop impulse buying
We put together some key tips to help you stop impulse buying when you feel the urge creep up!
1. Always limit your cash and credit
Only bring cash when you go out to avoid impulsively running up credit card debt. Users of credit cards can spend up to 83% more than users of cash on a single purchase.
Alternately, if your issue is online buying, you might want to freeze your credit cards. To do this, get in touch with the company that issued your credit card.
2. Stop and consider
Before making any purchase, ask yourself, do you really need this item? Up to 53.8% of women make an impulse purchase because they have a fear of missing out on a sale or good deal. Perhaps even worse, 36.4% of women said they made an impulse purchase because they had no reason not to. We beg to differ on that one!
Our take? Stop and wait a day to see if you still want it then. If you still absolutely can’t live without it, see if you can move your budget around a bit to make the purchase work.
3. Stay off social media
These days, social media is more about product placement and influencing than it is connecting with friends. Even if you’re just using it to see how your loved ones are faring, you’ll be exposed to tons of ads along the way.
4. Create and stick to a budget
Budgeting should be one of your top goals. There are a number of budgeting methods to try. Regardless of which plan you pick, you’ll likely separate your money into an emergency fund, debt fund, essential needs fund, and life goals fund.
Then, if you have enough leftover, you can create a category for personal spending. That way, you can limit your impulsive buying to however much you allot to this category.
5. Avoid temptation
The best way to stop an impulse purchase? Avoid places that sell things you want to buy! Especially those with “buy now, pay later” options! This might mean avoiding the mall or blocking your favorite shopping websites.
When you’re constantly surrounded by shiny new objects, you’re bound to be attracted to them. Don’t risk the temptation, and that way, you know you’ll only be buying things you really need.
6. Think about your motivations to make an impulse purchase
For some people, impulse spending is about looking good in the eyes of others. You may be concerned about how others perceive you. Sometimes, having new things can elevate your image.
For others, an impulse purchase can stem from being overly emotional. You might have a hard time controlling your feelings or have anxiety about certain issues. An impulse purchase can be a way to try and make yourself feel better.
If any of these are the case for you, you might want to work on the root of your problem instead of patching it up with a new purchase. Take a deep breath and think about your motivations before taking out your credit card.
Easy Steps to Avoid Impulse Spending in 2023
Make a list before you go shopping, and only bring enough cash to cover the items on it. Don’t bring your credit cards with you.
Give yourself two weeks to consider if you really need anything you believe you see or if you can live without it. This is just in case. You may fix your relationships and financial fences by using this straightforward technique.
The simplest way to prevent impulsive purchases and have a financially balanced life is the one just described. So do let us know if you have any thoughts on this topic or even if you have any more suggestions for preventing impulsive purchases.
Leave a Reply