Impulse Spending: How to Break the Habit and Boost Your Savings

Impulse Spending: How to Break the Habit and Boost Your Savings

Blog Article

Everyone’s done it—you walk into a store for one thing and walk out with a basket filled with products you weren't expecting to get. Impulse spending is one of the largest challenges to building savings, and it can sabotage your budget if you’re not mindful. The good news is that overcoming spontaneous purchases is possible, and with a little discipline and a few simple strategies, you can start saving more money and making better money choices. The key is to identify the triggers behind your spending and swap those tendencies with positive, money-saving behaviours.

The first step to stopping spontaneous purchases is to create a budget and follow it. Knowing exactly how much money you have allocated for extras each month can help you resist the urge to purchase items impulsively. When you see something you are tempted to purchase, give yourself a cooling-off period—give it a day before pulling the trigger. This gives you time to evaluate whether you actually need the product or if it’s just an unnecessary desire. Usually, you’ll find that the desire to buy fades, and you’ll avoid spending money needlessly.

Another useful idea is to limit your exposure to temptation. If online shopping is your challenge, remove yourself from mailing lists and take out saved payment options from your favourite retail sites. If you tend to make impulse purchases in person, avoid bringing your credit cards and use only cash. 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 financial advice habits. Overcoming impulse spending may take time, but the benefits over time—greater savings and lower money worries—are definitely rewarding.