4 Ways to Combat Impulse Spending
How many times have you walked into Target and that $4.99 item somehow became $231.78?
Or what about my friends who are suckers for anything limited edition?
And how can I forget those Instagram ads or the TikTok “must buys”??
IT IS ME!
When you are in the throws of paying off debt or even just trying to change your spending habits, your mindset around money and your habits will be a driving factor of how successful you are.
These are the four way I implemented into my own life to help me curb that impulse spending.
Step 1:Use the 48-hour rule.
Have you ever been with friends and one of them starts talking about A “MUST HAVE” item, and then you open up your social media and BAM! There is an amazing sale? While it is very easy to order right then and there, we need to retrain our mindsets to try to avoid caving to instant gratification.
In lieu of ordering that item, take a screen shot of it or open your notes app and jot it down! In 48 hours, if you still truly want that item then order it! When you have given yourself time to truly evaluate if the item is essential, you will have had time to see if it works in your budget and you will have made the purchase because you truly wanted it, not because you were making an impulse purchase.
Step 2: Make a list of your wants vs. needs.
You will find the notes app is very helpful regarding not impulse spending.
I have a running list in mine of the things that I need and things that I want. A lot of times I will find these items on sale, or I will find the perfect version because I waited!
By having a running list, whether it is for a trip to the grocery store or a running list of things you want or need, by sticking to the lists you are less likely to grab things that are not on it.
By differentiating between what you need and what you want, you are also giving yourself and opportunity to assess whether it is a purchase that needs to be made immediately or can wait until there is a better deal or more money in the budget.
Step 3: Unsubscribe from email lists and text messages from companies.
There is a whole team of people whose sole tasks are to research how to make people want things. Texting and emails are marketing tactics that will make you want something you really probably do not even need!
Spend an evening, watching Netflix and unsubscribe from those emails.
If you never get the email or the text you will also never get the FOMO of missing that “SUPER - AMAZING - NEVER - TO - BE - REPEATED- AWSOME - DEAL”.
Step 4: Give yourself spending money in your budget.
Always give yourself money to spend! Even if you give yourself $25 a week or pay period, allow yourself to have a little discretionary fund.
“Budgeting is not meant to be restrictive, and sometimes you just need a Starbucks. ”
There is no sense in restricting yourself so that the only alternative is to have every purchase be considered an impulse buy. Instead if you allow yourself a little fund that can be spent however you want, it will allow you to make small purchases without the guilt of impulse spending. Just be sure you try to stick to that budget!