How to Stop Impulse Buying: 5 Actionable Strategies
Shopping can be quite a fun activity. However, buying things on a whim is a whole different story. Most people who succumb to impulse buying often end up with products that aren’t suitable for them or they seldom use. Additionally, the habit can drain your funds if you aren’t careful. However, it is possible to keep yourself from making those types of purchases — all you need are a few actionable strategies and self-control.
1. Track Your Finances
Since your savings are the most affected aspect of sudden splurges, it’s best to focus on strategies for this aspect first. Research finds lower financial literacy can result in higher impulse buying behavior in students, so it’s crucial to grasp money management and wise spending decisions. Working on personal financial management is a process that can take time to accomplish, but by building certain habits, you can overcome impulse buying.
List Your Expenses
Make a record of the payments you make on a month-to-month basis. As you list your expenses, observe where your money is going and how much you’re currently spending. It’s key to view your funds as a limited resource.
As you update this record, you can see how your spending splits into needs and wants. Most impulse purchases fall into the want category. However, it’s important to account for your needs first, like your utility bills and monthly mortgage.
Set Goals & Funds
If you’re a chronic impulse buyer, try to start small and commit to making five less sudden purchases. You can also shift gears and plan on focusing on your needs first. That way, you can build up the mindset of prioritizing them before your wants.
Apart from having a few objectives, you can also practice creating a budget plan, such as the 50-30-20 rule. Put 50% of your salary towards your basic necessities fund and 20% into a savings account. The remaining 30% can be your shopping funds.
Schedule A Certain Item
Despite having a finance sheet, many people may still turn to impulse shopping. This can happen when you’re stressed or upset on an off day. You think buying something might cheer you up, but rather than getting that instant gratification, try to schedule the item for purchase.
Give yourself about two weeks to a month to sit on the item. If you still feel like buying it after the time has passed, maybe it’s worth the purchase. Plus, you would have already budgeted for it on your finance tracker.
2. Create A Shopping List
While most impulse purchases are considered wants, they can also coincide with your needs. Maybe you head to the grocery store to pick up some shampoo and conditioner, but before you check out, you add a few condiments to your cart.
The item you’re impulsively buying might be necessary, but it’s an unplanned purchase. It’s critical to build up some discipline on your errands, so try to create a shopping list and stick to it when you’re going on your runs.
3. Think About The Consequences
The feeling of buyer’s remorse isn’t always enough to discourage you from buying something you don’t need. Instead, try thinking about — and even writing down — the real consequences of each purchase.
Will this item take up too much space in your home? Is the purchase going to dip into your grocery budget? Also think about the environmental concerns. Fast fashion companies’ prices can be tempting, but their clothes are often made with harmful chemicals that pollute water and soil. If you really need new clothes or home goods, save up to buy higher quality items, rather than opting for the cheaper item.
4. Look At Renting Options
Impulsive buying can occur when you feel like you need to own a certain item. For instance, you might be tempted to buy a new outfit for every special occasion, but renting can be a more affordable and sustainable option.
If you’ll only use a particular item once, consider renting instead of buying for now. It can save you some cash and build up a better spending mindset. Plus, you don’t have to worry about the storage space it takes to house those products.
5. Cleanse Your Socials
It might be best to run a social media cleanse or go offline for a little bit. One study finds that Instagram influencers stimulate a consumer’s interest and impulse buying behavior. Many brands partner up with creators to promote their products for this reason.
Review the people you’re following and check their content. If they’re doing a lot of sponsored content where they advertise products, it might be best to hit unfollow for now. You can also focus on following de-influencers — people who discourage buying certain products.
Sudden splurges can leave quite an impact on your wallet, so it’s best to stop early on before it becomes a habit. Even if you find yourself constantly shopping on impulse now, it’s never too late to turn the tables. Follow the tips above to steer clear of impulse buying.
Cora Gold
Writer
Cora Gold is a home and family blogger and the Editor-in-Chief of women’s lifestyle magazine, Revivalist. Connect with Cora on LinkedIn, Twitter and Pinterest.
