We’ve all experienced it—you go to the shop for one thing and end up leaving with a bunch of things you didn’t plan to buy. Spontaneous 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 getting over impulse buying is possible, and with a little focus and a few simple strategies, you can start putting more aside and making better money choices. The key is to pinpoint the reasons behind your spending and replace those habits with healthier financial practices.
The first step to stopping spontaneous purchases is to set up a spending plan and stick to it. Knowing exactly how much money you have set aside for non-essential purchases 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 assess whether you really need the item or if it’s just an urge. Usually, you’ll find that the urge to purchase disappears, and you’ll keep your money in your pocket.
Another great tip is to reduce opportunities for temptation. If buying online is your downfall, unsubscribe from promotional emails and remove saved payment details from your favourite online financial advisor shopping websites. 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 consider what you’re buying and avoid succumbing to spontaneous purchases. Changing your spending habits may take time, but the long-term rewards—more savings and less financial stress—are well worth the effort.