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 experienced it—you pop into a shop for one thing and end up leaving with a basket filled with products you never intended to purchase. 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 healthier financial practices.

The first step to stopping spontaneous purchases is to create a budget and stick to it. Knowing exactly how much money you have allocated for extras each month can help you resist the urge to purchase items impulsively. When you see something you are tempted to purchase, give yourself a cooling-off period—give it a day before pulling the trigger. This gives you time to assess whether you really need the item or if it’s just an urge. Usually, you’ll find that the desire to buy fades, and you’ll avoid spending money needlessly.

Another useful idea is to limit your exposure to temptation. If online shopping is your challenge, opt out of marketing emails and take out saved payment options from your favourite retail sites. If you tend to make impulse purchases in person, avoid bringing your credit cards and use only cash. By creating barriers to spending, you’ll have more time to think about your purchases and avoid getting caught in impulsive buying habits. Changing saving money tips for women your spending habits may take time, but the eventual payoffs—greater savings and lower money worries—are well worth the effort.