We’ve all been there—you go to the shop for one thing and leave with a bunch of things you didn’t plan to buy. Spontaneous spending is one of the major obstacles to building savings, and it can easily disrupt your financial plans if you’re not cautious. The good news is that overcoming spontaneous purchases is possible, and with a little discipline and a few simple strategies, you can start saving more money and making wiser spending decisions. The key is to identify the triggers behind your spending and swap those tendencies with positive, money-saving behaviours.
The first step to reducing impulsive buying is to create a budget and follow it. Knowing exactly how much money you have allocated for extras each month can help you fight the online financial advisor 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 useful idea is to limit your exposure to temptation. If buying online is your downfall, unsubscribe from promotional emails and delete stored payment info from your favourite shopping websites. If you tend to buy without thinking in person, shop without credit cards and shop with cash instead. By adding obstacles to purchases, you’ll have more time to consider what you’re buying and avoid getting caught in impulsive buying habits. Overcoming impulse spending may take time, but the long-term rewards—greater savings and reduced money anxiety—are definitely rewarding.