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Don’t Fall Victim to Impulse Buying

September 14th 2016 by
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Going shopping for what you need can often turn into buying what you want.  If your financial stability is not in line, impulse shopping can have detrimental effects on your finances.  Learn how to avoid impulse buying in order to lead you to better financial wellness.

Stick to the List

Make a list of what you are going to buy from the store and don’t buy anything that isn’t on the list.  A major reason for impulse buying is stress, so if you can, avoid going to the store when your stress levels are elevated (or, more elevated than normal).

Rely on Cash

The best way to ensure you follow your list is to shop with cash.  Only take enough money with you to buy what you wrote on your list so that you will not have any left to buy things you don’t need.

Take a Time Out

Pause and think before each and every purchase. Use that time to consider what you want to buy and why, and if it’s worth the potential financial consequences.

Price Shop

If you still think you want to purchase the item, take a picture of it and the price tag.  When you get home, search various sites to compare the price and reviews of that item.  This will also help you determine whether or not you need the item and how much you will need to save up to buy it.

Go Alone.. or with Company

If you find that you often make unnecessary purchases without thinking when you shop with others, especially your kids, do your best to shop alone so you can focus on what you are buying.  A common way that many fall victim to impulse buying is by using shopping as entertainment, like spending a night out with friends.  If this is the case, try to find other things to do that won’t entice you to spend money.

Or, if you make impulse purchases when you shop alone, bring someone with you to talk you out of buying what you don’t need.

Treat Yourself

Because it is impossible to avoid shopping altogether, you may want to treat yourself once a week or once a month so that you make a promise to yourself to not spend anything else. A little treat now and then can help control your impulses!

Shop Online

Aside from purchasing things such as food and pharmacy items, try to do the rest of your shopping online.  If you’re going to the store and trying on clothes, you are more likely to buy those items whereas shopping online, you are less likely to buy things that you don’t physically have in front of you.

Analyze your spending habits to see how many impulse purchases you make.  Take steps to put more money in your pocket and build yourself a better financial future!

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