We’ve all experienced it—you pop into a shop for one thing and walk out with a bag full of items you weren't expecting to get. Buying on impulse is one of the major obstacles to accumulating wealth, and it can easily disrupt your money goals if you’re not cautious. The good news is that breaking the impulse spending habit 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 make a financial 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 urge. In most cases, you’ll find that the want to spend lessens, and you’ll avoid spending money needlessly.
Another useful idea is to minimise your access to triggers. 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 think about your tips on saving money purchases and avoid succumbing to spontaneous purchases. Changing your spending habits may take time, but the long-term rewards—more savings and reduced money anxiety—are worth the discipline.