How often do you find yourself entering a store with the idea of buying only one or two items, but soon find yourself walking out with a whole cart full? If this happens to you with any sort of regularity, you’re a victim of impulse buying.
Not only do you risk blowing your budget on things that you originally had no intention of purchasing, but you also likely have a house packed with must-have items that you suddenly realize you didn’t need so much after all.
Here’s how you can save your budget and stop your impulse purchase habits.
Create a budget
If you develop a weekly or monthly budget and commit to sticking to it, you’re less likely to go outside of the budget to purchase something you’ve not allotted for. It brings your current money situation to the forefront of your mind and will make you think twice before putting a product in your cart that you never set out to get on that particular date.
Plus, if you keep your money on a tight leash, you’re less likely to engage in luxurious fly-by-the-seat-of-your-pants purchases. You know where every dime of your paycheck is going for the month so there is no room for deviation without affecting other financial goals.
Make a plan
When you’re at a store and find a product that you simply can’t live without, instead of purchasing it immediately go home and devise a plan on how to get it.
By doing this, one of two things will happen. Either you’ll decide that you really don’t want it, or you’ll come up with a way to get it at a time that isn’t going to cause financial constraint.
Now, you may try to talk yourself out of waiting because it is such a deal, but resist the temptation. Very few things are worth causing yourself financial stress over. A moment of satisfaction is not worth working tons of extra hours to make up for your indiscretion.
Avoid multi-product retail stores
When you shop at stores that carry a multitude of different items, your ability to avoid impulse purchases is dramatically hindered. Why? Because you have access to a wider range of items than a specialty store.
Therefore, you may want to stick to stores that only sell one or two different items. That way you aren’t bombarded with great deals on everything for your body, your home, your car, and your office all in one 30 minute shopping session.
Go with cash
Although debit and credit cards can come in handy, they also give you a greater ability to overspend as it’s easy to rationalize that you’ll take care of the bill later. However, ‘later’ comes all too soon and you’re left wondering how you’re going to pay for the items you just had to have.
For this reason, you’ll find it much easier to stay within a certain monetary range if you start shopping with cash. Sure, it may be a pain in the backside to pull money out of the bank prior to every shopping trip, but you at least you won’t overextend yourself and be left with expenses that you are unsure how to cover.
Besides, you can also throw the change in a jar when you get home and create a sideline savings account to buy something you really want with all of the money you didn’t spend. It’s like having a reward for all those times that you put the brakes on your impulsive spending habits.
Put on your blinders
This may be the hardest thing to do, but it does work. When you go into a store with the intent of buying a few things, don’t allow yourself to look at anything else. After all, you cannot be tempted by that which you do not see.
So, if you’re out shopping for a shirt for work, for example, stay away from the trousers or intimates sections. Or, if you’re looking for your favorite perfume, don’t even glance at the jewelry. Become focused on your purchase and ignore everything else.
Retailers make a lot of money on impulse purchases. Don’t let them make any off of you. You work too hard for your cash to throw it away on something that you really didn’t want… or need.
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