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

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

Blog Article

We’ve all been there—you go to the shop for one thing and end up leaving with a bunch of things you didn’t plan to buy. 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 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 shift those behaviors with positive, money-saving behaviours.

The first step to reducing impulsive buying is to create a budget and follow it. Knowing exactly how much money you have available for discretionary spending each month can help saving money tips for women you fight the temptation to make unplanned buys. When you see something you want to buy, take a break—pause for 24 hours before making a purchase. This gives you time to evaluate whether you actually need the product or if it’s just an unnecessary desire. More often than not, you’ll find that the urge to purchase disappears, and you’ll keep your money in your pocket.

Another useful idea is to limit your exposure to temptation. If buying online is your challenge, remove yourself from mailing lists and remove saved payment details from your favourite shopping websites. If you tend to spend impulsively in person, shop without credit cards and use only cash. By creating barriers to spending, you’ll have more time to think about your purchases and avoid succumbing to spontaneous purchases. Changing your spending habits may take time, but the eventual payoffs—greater savings and lower money worries—are well worth the effort.