Impulse Purchases: How to Overcome the Urge and Increase Your Savings

Impulse Purchases: How to Overcome the Urge and Increase Your Savings

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Everyone’s done it—you walk into a store for one thing and leave with a bunch of things you didn’t plan to buy. Impulse 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 getting over impulse buying is possible, and with a little focus 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 swap those tendencies 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 set free online financial money advice 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 assess whether you really need the item or if it’s just an urge. In most cases, you’ll find that the want to spend lessens, and you’ll avoid spending money needlessly.

Another helpful strategy is to minimise your access to triggers. If online shopping is your weakness, opt out of marketing emails and take out saved payment options from your favourite e-commerce platforms. If you tend to make impulse purchases in person, leave your credit cards at home and pay in cash. By adding obstacles to purchases, you’ll have more time to evaluate your choices and avoid falling into the impulse spending trap. Overcoming impulse spending may take time, but the benefits over time—increased financial security and reduced money anxiety—are definitely rewarding.