If we’re being honest, impulse buying is fun in the moment. You get a little thrill when you see an item and buy it just because you have to have it. However, impulsive spending is one way to dig yourself into debt that’s almost impossible to get back out of. We’re going to give you several tips to control and stop impulse buying below.
Tip One – Make a Budget
The first thing you should do is sit down and make an honest budget. This will let you see exactly where your money is going each month, and there are even apps to help you. Set a goal like building up an emergency savings account and putting any extra money in there to let it build interest.
Tip Two – Sleep On It
If you’re prone to impulsive spending, start sleeping on it. Make a note of anything you want to buy and put off actually buying it for a day. The next day, see if you still want it as bad as you did the day before. Chances are, the answer will be no. Ask yourself if you’ll actually use the item, or if it’ll just sit around and collect dust.
Tip Three – Use Cash Instead of Credit or Debit
It’s easier to tell that you’re impulsively spending when you use cash over a debit or credit card. It’s so easy to swipe your card and forget it. With cash, you can physically see the money leaving your hands. It’s usually a great way to help you stop impulse buying. If this doesn’t stop your spending completely, it should at least curb it.
Tip Four – Don’t Bring a Lot of Excess Cash
You can’t spend what you don’t have with you. Instead of taking a debit or credit card with hundreds or thousands of dollars on it, take cash. This will force you to stay within your spending limits. Also, resist the temptation to carry a backup card with you; it’s too easy to go to an ATM and pull more money out.
Tip Five – Shop Using a List
If you go into a store without a clear picture of what you need, the chances of impulse buying skyrockets. Instead, make a list each time you go to the store and stick to it. Challenge yourself to only purchase the items that are on your list and leave the store without any additional items. It works well for grocery shopping, gifts and more.6 Smart Tips to Control Impulse Spending Click To Tweet
Tip Six – Don’t Buy Non-Returnable Items
The last thing you want to do is splurge on an item you don’t really need and have buyer’s remorse the next day with no chance of a return. If you can’t resist something, look at the return guidelines. At the very least, you need to be able to get your money back or receive store credit.
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Would you like more tips to help stop impulse buying? If so, reach out and get in touch with our staff today!