Spending on Impulse: Ways to Stop the Habit and Save More

Spending on Impulse: Ways to Stop the Habit and Save More

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Everyone’s done it—you pop into a shop for one thing and end up leaving with a bunch of things you never intended to purchase. Spontaneous spending is one of the major obstacles to saving money, and it can easily disrupt your money goals if you’re not cautious. The good news is that breaking the impulse spending habit is possible, and with a little self-control and a few helpful tricks, you can start increasing your savings and making wiser spending decisions. The key is to understand the causes behind your spending and shift those behaviors with smart, savings-focused actions.

The first step to reducing impulsive buying is to create a budget and follow it. Knowing exactly how much money you have allocated for extras each month can help you fight the temptation to make unplanned buys. When you see something you want to buy, take a break—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 avoid spending money needlessly.

Another useful idea is to limit your exposure to temptation. If online shopping is your challenge, remove yourself from mailing lists and take out saved payment options free online financial money advice from your favourite retail sites. If you tend to make impulse purchases in person, avoid bringing your credit cards and pay in cash. By putting limits on your ability to spend, you’ll have more time to evaluate your choices and avoid falling into the impulse spending trap. Overcoming impulse spending may take time, but the benefits over time—increased financial security and reduced money anxiety—are worth the discipline.