We’ve all been there—you go to the shop for one thing and end up leaving with a bunch of things you never intended to purchase. Impulse spending is one of the largest challenges to accumulating wealth, and it can easily disrupt your financial plans if you’re not careful. The good news is that overcoming spontaneous purchases is possible, and with a little discipline and a few simple strategies, you can start putting more aside and making smarter financial decisions. The key is to understand the causes behind your spending and swap those tendencies with healthier financial practices.
The first step to curbing impulse spending 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 resist the urge to purchase items impulsively. When you see something you feel like buying, wait before buying—wait 24 hours before deciding to buy. This gives you time to think about 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 save yourself from unnecessary spending.
Another helpful strategy is to reduce opportunities for temptation. If buying online is your challenge, opt out of marketing emails tips on saving money and take out saved payment options from your favourite e-commerce platforms. If you tend to buy without thinking in person, shop without credit cards and use only cash. By creating barriers to spending, you’ll have more time to think about your purchases and avoid getting caught in impulsive buying habits. Changing your spending habits may take time, but the benefits over time—increased financial security and reduced money anxiety—are worth the discipline.