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

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

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We’ve all been there—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 biggest barriers to building savings, and it can quickly derail your budget if you’re not careful. The good news is that getting over impulse buying is possible, and with a little focus and a few practical tips, you can start putting more aside and making smarter financial decisions. The key is to pinpoint the reasons behind your spending and replace those habits with healthier financial practices.

The first step to curbing impulse spending is to make a financial plan and adhere to it. Knowing exactly how much money you have available for discretionary spending each month can help 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 think about whether you truly want it 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 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 habits. Overcoming impulse spending may take time, but the eventual payoffs—greater savings and lower money saving money tips for women worries—are definitely rewarding.