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 experienced it—you pop into a shop for one thing and end up leaving 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 self-control and a few practical tips, you can start increasing your savings and making smarter financial decisions. The key is to understand the causes behind your spending and shift those behaviors with smart, savings-focused actions.

The first step to curbing impulse spending is to make a financial plan and adhere to 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 feel like buying, wait before buying—wait 24 hours before deciding to buy. This gives you time to think about whether you truly want it or if it’s just an impulse. In most cases, you’ll find that the want to spend lessens, and you’ll save yourself from unnecessary spending.

Another helpful strategy is to reduce opportunities for temptation. If internet shopping is your weakness, unsubscribe from promotional emails and delete stored payment info from your favourite e-commerce platforms. If you tend to buy without thinking in person, leave your credit cards at home and shop with cash instead. By adding obstacles to purchases, free online financial money advice you’ll have more time to evaluate your choices and avoid falling into the impulse spending trap. Breaking the habit may take time, but the benefits over time—increased financial security and reduced money anxiety—are worth the discipline.