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 walk out with a basket filled with products you never intended to purchase. 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 overcoming spontaneous purchases 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 understand the causes behind your spending and swap those tendencies with positive, money-saving behaviours.

The first step to reducing impulsive buying is to make a financial plan and stick to it. Knowing exactly how much money you have set aside for non-essential purchases each month can help you avoid the impulse to make unplanned buys. When you see something you feel like buying, 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 impulse. More often than not, you’ll find that the urge to purchase disappears, and you’ll keep your money in your pocket.

Another great tip is to reduce opportunities for temptation. If buying online is your downfall, unsubscribe from promotional emails 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 saving money tips for women have more time to think about your purchases and avoid getting caught in impulsive buying habits. Changing your spending habits may take time, but the eventual payoffs—greater savings and lower money worries—are definitely rewarding.