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 walk out with a basket filled with products you never intended to purchase. Impulse spending is one of the largest challenges to building savings, and it can sabotage your budget if you’re not mindful. The good news is that breaking the impulse spending habit is possible, and with a little discipline and a few simple strategies, you can start saving more money and making better money choices. The key is to identify the triggers behind your spending and swap those tendencies 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 allocated for extras 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 evaluate whether you actually need the product or if it’s just an urge. 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 buying online is your challenge, remove yourself from mailing lists and remove saved payment details from your favourite retail sites. If you tend to spend impulsively in person, avoid bringing your credit cards and use only cash. By saving money tips for women putting limits on your ability to spend, 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 eventual payoffs—greater savings and lower money worries—are definitely rewarding.