Lots of people have a problem with impulse spending. It can be difficult to stop the urge to treat yourself once you’ve found something that you love, whether it is an expensive iPhone or a cheap, tasty bar of chocolate.
Sometimes people manage to resist their urges and put the item down, but a lot of the time they give in and end up buying it. They feel great at the time, but when it comes to the end of the month and bills are due they often start to regret their purchases.
Thankfully it is easy to get rid of impulsive urges with a few simple tips and strategies.
If you’re spending has been affecting your finances, try these 6 methods to stop impulse spending.
Plan your purchases in advance
Impulse spending is more likely to happen if you don’t have a set list before you start shopping. Next time you go shopping make a list beforehand, so that you spend your time looking for the items that you actually need. This helps you to make deliberate purchases rather than impulsive ones!
Chief Editor and Co-Founder of MindShift.money, Makaylah Rogers, uses an app called “AnyList” every week for her shopping list! It works wonders!
Buy in store instead of online or at the mall
If you need to buy food the best option is to shop at a place that only sells food; if you see lots of other items that you don’t need you are more likely to impulse spend.
For example, if you do your food shop in a large mall you might be tempted to check out a sale in a clothes shop, or you might decide to treat yourself to a new accessory if you walk past an Apple store.
The same rule applies to shopping online, as many websites show you other items that you can buy – and it is all too easy to quickly buy something online!
Online stores also create a sense of urgency when selling products, encouraging people to think that they have to buy a non-essential item now before sales end or the item runs out of stock.
Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.