Impulse Spending: Ways to Stop the Habit and Boost Your Savings

Impulse Spending: Ways to Stop the Habit and Boost Your Savings

Blog Article

We’ve all experienced it—you walk into a store for one thing and leave with a bag full of items you didn’t plan to buy. Spontaneous spending is one of the largest challenges to building savings, and it can quickly derail your money goals if you’re not cautious. The good news is that getting over impulse buying is possible, and with a little discipline and a few helpful tricks, you can start increasing your savings and making smarter financial decisions. The key is to identify the triggers behind your spending and shift those behaviors with smart, savings-focused actions.

The first step to curbing impulse spending is to set up a spending plan and follow it. Knowing exactly how much money you have available for discretionary spending each month can help you avoid the impulse to buy things on a whim. When you see something you are tempted to purchase, take a break—wait 24 hours before pulling the trigger. This gives you time to think about whether you truly want it or if it’s just an urge. More often than not, you’ll find that the want to spend lessens, and you’ll save yourself from unnecessary spending.

Another useful idea is to reduce opportunities for temptation. If online shopping is your challenge, unsubscribe from promotional emails and free online financial money advice take out saved payment options from your favourite retail sites. If you tend to buy without thinking in person, avoid bringing your credit cards and use only cash. By adding obstacles to purchases, you’ll have more time to think about your purchases and avoid getting caught in impulsive buying habits. Breaking the habit may take time, but the eventual payoffs—more savings and lower money worries—are well worth the effort.