Impulse Spending: How to Break the Habit and Boost Your Savings

Impulse Spending: How to Break the Habit and Boost Your Savings

Blog Article

We’ve all experienced it—you pop into a shop for one thing and end up leaving with a bunch of things you didn’t plan to buy. Spontaneous spending is one of the major obstacles to saving money, and it can easily disrupt your financial plans if you’re not cautious. 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 better money choices. The key is to pinpoint the reasons behind your spending and replace those habits with healthier financial practices.

The first step to curbing impulse spending is to set up a spending plan and stick to it. Knowing exactly how much money you have set aside for non-essential purchases 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 assess whether you really need the item or if it’s just an impulse. In most cases, you’ll find that the want to spend lessens, and you’ll avoid spending money needlessly.

Another useful idea is to limit your exposure to temptation. If online shopping is your challenge, opt out of marketing emails and take out saved payment options 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 getting caught in impulsive buying habits. Changing your spending habits may take saving money tips for women time, but the eventual payoffs—greater savings and lower money worries—are definitely rewarding.