We’ve all been there—you walk into a store for one thing and leave with a bunch of things you didn’t plan to buy. Spontaneous spending is one of the major obstacles to saving money, and it can easily disrupt your money goals if you’re not cautious. The good news is that breaking the impulse spending habit 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 set aside for non-essential purchases each month can help you avoid the impulse to buy things on a whim. When you see something you feel like buying, wait before buying—wait 24 hours before deciding to buy. This tips on saving money gives you time to assess whether you truly want it or if it’s just an impulse. In most cases, you’ll find that the want to spend lessens, and you’ll save yourself from unnecessary spending.
Another helpful strategy is to reduce opportunities for temptation. If internet shopping is your weakness, unsubscribe from promotional emails and delete stored payment info from your favourite e-commerce platforms. If you tend to buy without thinking in person, leave your credit cards at home and shop with cash instead. By adding obstacles to purchases, you’ll have more time to consider what you’re buying and avoid succumbing to spontaneous purchases. Breaking the habit may take time, but the long-term rewards—more savings and less financial stress—are worth the discipline.