Impulse buying can be a costly habit. Whether it’s a last-minute online shopping spree or grabbing extra items while grocery shopping, these unplanned purchases can wreak havoc on your budget.
With all the online shopping and targeted ads nowadays, it’s easier than ever to get drawn into buying things we don’t need. But there are ways to avoid the temptation, regain control of your spending and protect your financial health.
Here’s a list of five practical tips to help you avoid impulse purchases so you can stick to your budget.
1. Create a monthly budget
One of the most effective ways to control impulse spending is by creating a clear, detailed budget. By planning how much you can spend each month, you’ll have a roadmap to follow and a better understanding of your financial situation. This can prevent you from making impulsive decisions that aren’t part of your planned expenses.
Make sure your budget includes categories for all types of expenses, from essentials like bills and groceries to discretionary spending on entertainment or dining out. Be realistic about what you can afford, and make sure you leave room for savings.
One thing that could help make budgeting easier is the “50-30-20 rule” where you break your monthly income into three categories:
- 50% on essential needs
- 30% on wants
- 20% on savings or debt repayments
When you’re faced with a potential impulse buy, your budget can serve as a reminder of your financial goals, helping you think twice before spending. Many banks offer apps that let you track your spending in real time. It might be worth checking to see if this is something your bank offers.
2. Wait before you buy
When you see something you want, pause. Waiting 24 hours (or longer, if possible) before making a purchase can help reduce the temptation of impulse buying. In that time, ask yourself if the item is something you truly need or want.
Impulse purchases are often driven by emotions, whether it’s excitement or stress. Giving yourself time to reflect allows you to evaluate whether the item adds value to your life or if it’s something you’ll quickly forget about. More often than not, you’ll realise that you can live without it.
If you’re shopping online, use the “save for later” feature in your cart. This gives you time to think about the purchase and in many cases, you’ll find that you’re not as eager to buy it a day or two later.
3. Use cash, not cards
In today’s world of contactless payments, it’s easy to lose track of how much you’re spending. Paying with a credit or debit card can create a sense of detachment from your money, making impulse purchases seem less significant. One way to avoid this is by using cash instead of cards for discretionary spending.
Set yourself a weekly allowance of physical cash for non-essential purchases. When you pay with cash, you’re more aware of how much you’re spending and you’ll think twice before handing over your money. This method can help reinforce discipline and make it easier to stick to your budget.
4. Unsubscribe from marketing emails and alerts
Retailers often tempt us into impulse buying by sending promotional emails, offering discounts, and notifying us of flash sales. While these deals can sometimes save you money, they’re also a major driver of impulse purchases.
To avoid this, take the time to unsubscribe from marketing emails, turn off push notifications from shopping apps, and unfollow retailers on social media. This will help reduce temptation and keep you focused on your planned spending, rather than getting distracted by offers you weren’t even looking for.
If you’re worried about missing our on genuinely useful sales, you can always re-subscribe when you’re actively searching for a particular product. But for everyday browsing, it’s best to limit the number of promotional messages you receive.
5. Make a shopping list and stick to it
Before heading out to the shops or browsing online, make a list of exactly what you need. This simple practice can help prevent you from buying unnecessary items. Whether it’s groceries or clothes, a list keeps you focused on your planned purchases and limits opportunities for impulse buys.
When shopping online, it’s easy to get side-tracked by recommendations and “you might also like” suggestions. Having a predetermined list helps you avoid adding extra items to your basket. It also helps you avoid falling for marketing tactics like free shipping if you spend a certain amount, which often leads to unnecessary purchases.
Consider writing down the specific reason for each item on your list. This will further help you resist temptation, as you’ll have to justify why you’re buying it.
Impulse purchases might offer short-term satisfaction, but they often lead to regret and strain on your finances. By creating a budget, waiting before making purchases, using cash, avoiding marketing traps and sticking to a shopping list, you can reduce impulse buying and regain control of your spending.
At MoneyPlus, we understand that financial habits can be challenging to change, but taking small steps like these can make a significant difference. If you’re struggling with debt and need advice, our friendly team is here to help. Whether you’re seeking a debt solution or simply looking for guidance, MoneyPlus can support you on your journey to financial stability.
