Spending on Impulse: How to Overcome the Urge and Save More

Spending on Impulse: How to Overcome the Urge and Save More

Blog Article

Everyone’s done it—you go to the shop for one thing and leave with a bag full of items you weren't expecting to get. Buying on impulse 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 getting over impulse buying 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 fight the temptation to make unplanned buys. When you see something you feel like buying, wait before buying—wait 24 hours before deciding to buy. This gives you time to evaluate whether you actually need the product or if it’s just an unnecessary desire. In most cases, you’ll find that the want to spend lessens, and you’ll save yourself from unnecessary spending.

Another useful idea is to limit your exposure to temptation. If buying online is your downfall, opt out of marketing emails and take out saved payment options from your favourite retail sites. If you tend to spend impulsively in person, leave your credit cards at home and pay in 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 habits. Breaking the habit may take free online financial money advice time, but the benefits over time—greater savings and less financial stress—are worth the discipline.