Spending on Impulse: Ways to Stop the Habit and Increase Your Savings

Spending on Impulse: Ways to Stop the Habit and Increase Your Savings

Blog Article

Everyone’s done it—you walk into a store 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 largest challenges to accumulating wealth, and it can easily disrupt your money goals if you’re not careful. The good news is that breaking the impulse spending habit is possible, and with a little focus and a few practical tips, you can start putting more aside and making smarter financial decisions. 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 adhere 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 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 keep your money in your pocket.

Another useful idea is to limit your exposure to temptation. If buying online is your challenge, remove yourself from mailing lists and remove saved payment details from your favourite retail sites. If you tend to spend impulsively in person, avoid bringing your credit cards and use only cash. By creating barriers to spending, you’ll have more time to think about your purchases and avoid succumbing to spontaneous purchases. Changing your spending habits may take time, but the eventual payoffs—greater savings and less financial saving money tips for women stress—are well worth the effort.