Did You Know?
More than half (54%) of U.S. shoppers have admitted to spending $100 or more on an impulse purchase.
How To Prevent Impulse Purchases
We've all been guilty of making an impulse purchase from time to time, and let's face it, it can be thrilling and fun to buy something we didn't "need". It's often hard to resist great sales and new technology, however, it's important to keep an eye on how often you are making impulse purchases to avoid overspending. With that being said, there's no harm in making an impulse purchase once in awhile as long as you keep an eye on your spending. Here's three easy tips to reign in your impulse buying if you find yourself purchasing things you don't actually need too often:
1. Create A Budget
Creating a budget is helpful in all facets of your life, but especially when it comes to overspending. Your budget will help you see how much money you can set aside for discretionary spending so that you can afford to make an impulse purchase once in awhile. A budget also helps you hold yourself accountable and track where your money is going.
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Buyers are 13% less likely to make impulse purchases on planned shopping trips.
2. Treat Yourself From Time To Time
You may be thinking this point is counteractive, however, it's a crucial tip in order to keep your impulse buying under control. If you tell yourself that you can never make an impulse purchase again, guess what you'll want to do it more than ever. You guessed it. Make an impulse purchase. It's important that you don't put such strict guidelines on yourself because it will only give you the urge to make an impulse purchase even more. Instead, tell yourself that you are allowed to spend a certain amount of money (refer back to your budget) per month on discretionary spending that way you can plan for it.
3. Wait Before You Buy
If you are shopping and you find a great deal or something you just have to have, go home and think about it for 24 hours. Now, this is much easier said than done because the rush and thrill of buying it right then and there will be gone, but it will give you a chance to reflect on it. If after 24 hours you are still thinking about the item, then go get it. However, make sure it fits into your budget before you do so.
Learning to be disciplined with your money takes time, but the rewards of sticking to a budget and refrain from overspending are well worth it. Remeber, you can still treat yourself from time to time as long as you stick to your budget!