Impulse Spending: How to Overcome the Urge and Boost Your Savings

Impulse Spending: How to Overcome the Urge and Boost Your Savings

Blog Article

We’ve all been there—you go to the shop for one thing and leave with a bag full of items you weren't expecting to get. Buying on impulse is one of the biggest barriers to building savings, and it can quickly derail your budget if you’re not mindful. The good news is that getting over impulse buying is possible, and with a little discipline 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 adhere to it. Knowing exactly how much money you have available for discretionary spending 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—pause for 24 hours before making a purchase. This gives you time to think about whether you truly want it or if it’s just an impulse. More often than not, you’ll find that the urge to purchase disappears, and you’ll keep your money in your pocket.

Another great tip is to reduce opportunities for temptation. If buying online is your downfall, remove yourself from mailing lists and remove saved payment details from your favourite shopping websites. If you tend to spend impulsively in person, avoid bringing your credit cards and use only cash. By putting limits on your financial advice ability to spend, you’ll have more time to think about your purchases and avoid getting caught in impulsive buying habits. Overcoming impulse spending may take time, but the benefits over time—greater savings and lower money worries—are definitely rewarding.