Keep control of your cash by controlling your spending impulsesh.
According to 2016 research by global point of purchase design and manufacturing company DisplayMode, we spend $28.3 billion a year on impulse purchases. 54% of consumers admitted to making impulse purchases every time they went shopping. So, buying on impulse is something that many of us do on a regular basis – and if you’re trying to budget, cut back or save it can cause some real problems. So, how do you keep your buying impulse under control?
Put yourself into a pause period
Sometimes it’s necessary to take some fairly drastic action when it comes to curbing bad spending habits. If you’re just out of control on the impulse buying front then put yourself and your cash into a period of ‘pause.’ So, for 30 days you pause all spending other than on absolute necessities. Not only will you save cash, as you won’t be spending during this time, but you’ll also start to learn that you’re not really missing out even if you don’t respond to that impulse every time.
Cut up your cards (or leave them at home)
It’s much harder to impulse buy with cash than with cards. Cash is real, tangible and gives you a very painful sense of spending money, especially if it means you will need more debt to make up a shortfall caused by the rash spending. With a card it’s much easier to just hand over the plastic and hope for the best. So, if you want to stop yourself from spending without thinking about the consequences, start paying for everything with cash – and don’t even consider secured loans or even unsecured loans – that’s just more borrowing in a different way.
Avoid your weak points
For some people, the worst temptations are online sales or websites that constantly offer discounts. For others, it’s that lunchtime browse around the shops that results in lots of items that you didn’t really need. If you want to control the temptation to impulse buy then don’t put yourself next to it in the first place. Stay away from online sales, go to the park at lunch and give yourself some space from whatever is likely to lead you down the wrong path.
Ask yourself why
When you’re on the verge of making an impulse buy it can often be useful to ask yourself a few simple questions. For example, “why am I really buying this?” “what else could I do with this money?” or “do I need what I’ve got in my hand?” Sometimes, simply pulling yourself up short by challenging what you’re about to do is enough to stop you in your tracks.
Make all your decisions before you leave the house
Impulse buys can creep into your spending if you decide to just “go shopping.” Without making a list or deciding on your purchases before you leave the house you’re basically giving yourself a free licence to impulse spend. Instead, write down the purpose of the shopping trip, the items you want to buy and exactly how much you have to spend before you get anywhere near the shops. This will give you a degree of focus and control that can help curb those less healthy habits.