We’ve all experienced it—you walk into a store for one thing and walk out with a basket filled with products you never intended to purchase. Spontaneous spending is one of the major obstacles to saving money, and it can easily disrupt your financial plans 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 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 set up a spending plan and stick to it. Knowing exactly how much money you have allocated for extras each month can help you resist the urge to purchase free online financial money advice items impulsively. When you see something you want to buy, take a break—wait 24 hours before deciding to buy. This gives you time to assess whether you actually need the product or if it’s just an unnecessary desire. More often than not, you’ll find that the want to spend lessens, and you’ll save yourself from unnecessary spending.
Another helpful strategy is to limit your exposure to temptation. If buying online is your downfall, unsubscribe from promotional emails and take out saved payment options from your favourite retail sites. If you tend to spend impulsively in person, shop without credit cards and shop with cash instead. By putting limits on your ability to spend, you’ll have more time to think about your purchases and avoid getting caught in impulsive buying habits. Changing your spending habits may take time, but the long-term rewards—greater savings and less financial stress—are worth the discipline.