Impulse Purchases: How to Overcome the Urge and Increase Your Savings

Impulse Purchases: How to Overcome the Urge and Increase Your Savings

Blog Article

We’ve all been there—you go to the shop for one thing and leave with a bunch of things you never intended to purchase. Impulse spending is one of the largest challenges 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 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 tips on saving money you have available for discretionary spending each month can help you fight the temptation to make unplanned buys. When you see something you want to buy, take a break—pause for 24 hours before making a purchase. This gives you time to think about whether you actually need the product or if it’s just an unnecessary desire. More often than not, you’ll find that the urge to purchase disappears, and you’ll keep your money in your pocket.

Another great tip 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 shopping websites. If you tend to spend impulsively 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 falling into the impulse spending trap. Breaking the habit may take time, but the long-term rewards—more savings and reduced money anxiety—are worth the discipline.