How many times have you thought to yourself, ‘I’ve earned it, so I deserve to treat myself’, when justifying your impulsive spending? We’re not calling you out, but if you took longer than a minute to answer that, you’re probably an impulsive spender.
Don’t worry though, we’ve got five tips that can help you avoid sabotaging your finances through your spending habits.
Start a no-spend challenge
Just like it sounds, the no-spend challenge is when you don’t spend any money on non-essential items. You still pay your rent, bills, groceries, and utilities, but you avoid spending money on items like a new handbag, dining out, or new clothes.
As an example, instead of always eating out or ordering in, try preparing a meal at home. Sushi may sound nice but you probably have something you can make at home. Basically, don’t even set foot in a store unless it’s to buy necessities. It may be hard at first, but you’ll get the hang of it.
Don’t shop when you’re emotional
Money and emotions tend to run wild together if you’re an impulsive spender. Some days, you may feel great and want to spend in the thrill of that moment. Other days, you may feel that you need some retail therapy. Either way, your money ends up being compromised.
So, how do you stop it? Self-awareness is the way to go. Think about what triggers your urge to shop. Scrolling on certain apps that show you targeted content can be easy triggers, making it easier for you to fall into that trap. To avoid being tempted, you could mute or delete those apps.
Another tip: Replace shopping with other activities. Instead of shopping online, go for a walk or listen to some music.
Delay your purchases
Buying stuff online can be done in a snap of a finger, which is a good thing for people without a spending problem, but this just screams bad news for impulsive shoppers. A good way to avoid this is by hitting the pause button to let those impulses cool off for a day or two.
Once you’ve cooled off and cleared your mind, ask yourself again if you really want it. This is a great way to save you tons of financial stress in the future if you’re one who impulsively shops. If you still want it after a fresh perspective, then go for it!
Use cash instead of card
Most people right now prefer to pay with their cards, mainly because it’s easier plus no one wants to get their cash stolen. But what if your card is the cause of your impulsive purchases? From a psychological POV, people tend to spend less if they pay in cash rather than using a card.
Why? Because cash feels more real, and if you’ve got limited cash, you’ll think twice before giving it away. If you’re tempted to use your card, a good tip is to just leave it at home. The same goes for shopping online, opt for cash on delivery if available.
Have an actual budget and stick to it
First things first: You need to have a budget. Don’t have one? Don’t worry. Check out our free budget planner. Planning a clear monthly budget is a great way to stop overspending, but the catch here is that it’s easier said than done.
When you actually stick to your budget, it helps control those urges to shop. One way to stick to your budget every month is by depositing a part of your paycheck into your savings account, that way the money isn’t there for you to spend it.
Read More: Breaking Bad Online Shopping Habits
