How to avoid impulse purchases
Have you ever bought something in a store and regretted it later? Was it a cool gadget, a great pair of shoes, or even a cup of coffee?
Have you had the urge to go shopping for the fun of it?
One of the biggest enemies of your budget is impulse buying. We’ve all done it, and it can be difficult to stop once you start. It doesn’t matter if it’s in a store or online, the advertising and marketing may be too powerful.
Overcome the urge by tackling these simple strategies. It may save your budget.
Plan your purchases
Make it habit to make a list and stick with it. A list ensures your purchases are planned and not impulsive. For larger buys, try to plan and shop around for the best price.
Avoid going to the mall
Unless you’re shopping for one specific purchase, avoid the temptation and stop impulsively spending.
Avoid buying through social media
If you see something while scrolling through social media, avoid the temptation by unfollowing any accounts that advertise. You may also want to avoid social media altogether.
Make sure you’re ready to buy
Do additional research to determine if larger purchases are necessary and whether you have money in the budget to afford it. Compare products by reading reviews and finding the best savings. You may find out the purchase isn’t worth it after all.
Reevaluate what you have
Organize your items at home to determine what you have. This will prevent you from spending money on items you already own.
Unsubscribe from retail stores emails or text alerts
When you purchase something from a retailer, you’ll receive their emails, text alerts, or newsletter. Decrease impulse shopping by unsubscribing to retailers’ notifications. You’ll not only avoid the urge to buy something you don’t need, but also clean out your inbox.
Ask yourself if it’s worth it
Impulse buying can make you feel good; however, ask yourself if the purchase is worth it. You may want to wait before you buy. Take the time to calm down and think about it. Ask yourself the right questions. Is this going to improve my life? Does it meet one of my goals? Will this purchase make me feel better? Evaluate the value and be honest. If you wait a day or longer before buying, you may feel different.
Audit your purchases
Conduct an audit of your spending by pulling together a list of impulse buys you later regretted. Use that list to learn from your spending mistakes and create a better budget plan.
Use your credit cards responsibly
Make sure to monitor what you’re purchasing with a credit card. Small purchases can add up, and a large credit card bill may hurt your budget. Try to pay with cash or your debit card. If you must use a credit card, make sure you pay off your balance each month and never skip a payment.
Avoid emotional shopping
Emotions may affect your spending habits. You may find yourself buying something unexpectedly depending on your mood. Avoid buyer’s remorse by planning out your purchases.
Focus on your goals
If you have long-term financial goals, impulse buying can derail your plans. Every purchase you make may take away from reaching your goals. Avoid impulse buying by staying on financial track and managing your money. For example, if you impulsively buy something, think about the hours you must work to purchase that item. You must stay focused if you want to reach your goals.
Stick with a budget
Having a budget can be your best friend and stop any impulse buying. Although a budget helps determine where your money goes each month, it’s important that you stick with it. If there’s something you want that is not in your budget, don’t spend the money. Consider placing it in your short or long-term goals and save money for when you’re ready to buy.
The information in this article was obtained from various sources not associated with Adirondack Bank. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. Adirondack Bank is not responsible for, and does not endorse or approve, either implicitly or explicitly, the information provided or the content of any third-party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. Adirondack Bank makes no guarantees of results from use of this information.
