Have you ever walked into a store planning to buy something that you needed but you walked out with more items in your cart than what you came there for?
Yep, two hands raised here. Guilty as charged too!
That, my friends, are what we call impulse buying. We spend money on things we don’t need because we tell ourselves they’re on sale. Another reason is that we’re emotional. And to me, hunger is physical and emotional. Try grocery shopping when you’re full and you’ll notice that you don’t get as much temptation as when you’re grocery shopping hungry. Shop when you’re relaxed and not stressed and you’ll find less impulse to buy things you don’t need.
Impulse buying isn’t only true for in-store purchases. When Covid hit, online merchants had a field day sending tons of marketing emails to entice people to buy. It worked because we have seen a surge on online shopping!
Online deliveries flourished. Since people were stuck at home, and most likely bored out of their wits, they either binge watched on their favorite series or did A LOT of online shopping. Some were needs. Most were impulse buys.
Let’s face it, impulse buying is a lot more prevalent in online shopping than in-store purchases because it’s right there at your fingertips. You only need to click the Buy button and voila, it’ll be shipped to your house. How convenient, right?
So it’s time to talk about a few ways we can all do to avoid impulse spending.
1. Stick with your budget
If you know me, you know this one’s going to be here. And yes, I am going to keep saying it until I’m blue in the face. You gotta stick to your budget. This one’s ain’t going away.
If you want to win with money, you HAVE to do these 2 very important things first – create a zero-based budget and stick to it. If you want more guidance, you can read these two posts — 8 Compelling Reasons Why a Budget Matters and 4 Easy Steps to Set up a Zero-Based Monthly Budget.
2. Have a specific category for impulse spending in your budget
In your budget, you can have a category named FUN fund, IMPULSE fund, JUST BECAUSE fund, BLOW money, or whatever you want to call it. You can use the money in this fund for your impulse buy. But make sure that when the money runs out, it’s out. Sorry to be the bearer of bad news but you have to wait until the next month for your next impulse buy.
This is why I have a wishlist on my Reminder app on my phone. Delayed gratification, remember?
The point is not to buy unless it’s in your budget.
3. Evaluate NEEDS vs. WANTS
I’m not saying all impulse buys are bad. There are some that you actually need. The key is to evaluate whether that item is a NEED vs. a WANT.
Now you may think you NEED a new purse or that designer shoes. But I’m sorry to burst your bubble because you don’t. NEED is something that you can’t live without — shoes for your kids because their only shoe is falling apart, or pants because the ones they have are now capris and not long pants.
Some would argue that you need to have a specific category for clothing budget but not in our household because we rarely ever buy clothes. We buy shoes for the boys once a year, right before school starts and they get to wear their nice on-sale sneakers for the whole year. Also, we have 3 boys so they get to have the privilege of wearing hand-me-downs until you can no longer see the print on their shirts, LOL. Yes, I’m practical like that.
So when we’re out and about, then it becomes an impulse buy UNLESS we feel that our kids truly NEED the clothes. We have a category named Miscellaneous where purchases like these are taken from.
4. Sleep on it
When I am faced with an impulse to buy, especially online, I add it later to my cart, step away from my computer, and think about it overnight (or a few days). I find that the longer I wait to purchase, the less I want it. It kept me from buying so many things by implementing this one tip of thinking it through for a few days, or overnight even.
You will also find that when you do this, you may not care for it the next day. If you worry about the item being sold out because it’s on a very steep sale, then take it as a sign from the universe that it isn’t for you and move on. It’s probably for the greater good, especially if you have to charge that purchase to your card because you don’t have the money to pay for it or it’s not in your budget for the month.
Seriously, move on. There will be others like that later.
5. Unsubscribe from marketing emails
These days, merchants hook consumers by giving discounts so you can subscribe to their email list. Some even want you to sign up your mobile no. I have fallen into this trap so many times so I have been bombarded with so many marketing emails. My inbox has thousands of unread emails that I do not want to open because I want to stay away from the temptation of buying. Until I found the unsubscribe link in the email. Unsubscribe then became my best friend!
If you find yourself clicking on every marketing email there is and then finding yourself impulse buying, it is time for you to befriend the unsubscribe button. No marketing emails = no temptation to buy. Period. End of story.
6. Have a list when you go to a store and stick with it
When going to the groceries, I make sure that I’m armed with a list. I use the Reminder app on my phone where I created a list called Groceries. Since we take a trip to the groceries weekly, I add to the list throughout the week as I cook our meals and find that we are running out on key ingredients, whenever I think of something that we need, or the kids telling us what food they want. That way, when we do go to the store, we only have to buy the things that are on the list.
Having a list helps avoid impulse buying so long as you stick to what’s on your list. However, I am more lenient on food. I will not skimp on food, unless they’re junk.
The same is true for going to the store to buy clothes or shoes, or even a hobby store (this is my nemesis so I rarely go to these stores because I am doomed, LOL). Take a list with you and challenge yourself to stick to it.
7. Don’t go shopping when you’re hungry or emotional
Having an empty stomach when going to the groceries is a bad idea because every food you see looks appetizing and you end up piling them up on your cart. However, after a meal, they no longer look as tempting.
On the other hand, going to the store when you’re stressed out or going through something emotional (angry, upset, frustrated, etc.) is a red flag. I have read enough marketing books that say people buy through their emotions so merchants capitalize on this. Their marketing messages target pain points and struggles because they know that emotional people tend to buy. So next time you’re going through an emotional roller coaster, stay away from shops and online stores so you don’t end up buying more than you need to.
8. Bring just enough cash with you for things you need to buy
When going shopping, it’s always a good idea to have a specific budget and bring only the cash you need. This will help you resist the temptation of impulse buying. When you have just enough cash for the things you need to buy, you will prioritize those over any impulse spend.
Also, make sure that you factor in the taxes when you bring enough cash with you. It would also be helpful to leave the debit card behind so you won’t resist the temptation to swipe the card for anything else you want.
9. Cut down on other expenses
There are cases when, after thinking over it for days, I still find myself wanting that specific purchase. It is then time to cut down on other expenses so we don’t overspend for that month.
However, it is important to note that we make sure not to cut down on our giving because we believe that we are merely stewards and this is truly God’s money.
We also do not cut down on our 4 walls either — shelter (rent/mortgage including utilities), food, clothing (if applicable), and transportation because these are our basic necessities.
While we have to stick to our grocery budget unless we find unnecessary spending there, we can cut down on eating out expenses and cook more to save up instead.
Take a look at your budget and see where you can cut costs to find the necessary funds for you to be able to afford the thing you want most. You must, however, talk with your spouse or accountability partner that you are going to make this adjustment/s. The last thing you want is to blindsight them, especially your spouse, who is as invested in your financial wellbeing as you are.
10. Check with your spouse or have an accountability partner
When we married our spouses, we vowed to be together “for better or for worse, for richer or for poorer, and in sickness and in health…” It is then very important to partner with your spouse in your financial journey. After all, he should be as invested in building wealth as you are.
Financial problems is in the top 3 causes of divorce in America. It is also the top 3 causes of marital arguments. I know this for a fact because my parents fought a lot about money when I was growing up.
If impulse buying is coming up more and more frequently for you, I suggest you talk to your spouse about it. Make sure you run everything by him so you are accountable for what you buy. Be honest with each other and respect each other’s opinions. Talk about it but never push them when they’re uncomfortable.
Financial journey is much more fulfilling when you, as husband and wife, are both on the same page and are marching to the same beat together.
If you’re single, find someone you can trust and make them your accountability partner. Make sure they are in good financial shape and can really help push you forward, not pull you back. Talk to them about your financial goals and aspirations. Tell them to be honest with you and not to hold back when it’s for your own good.
11. Set aside a day (or more) to do a NO SPEND challenge
In our family, we set aside at least one day a week for no spend challenge. There were weeks when we can have 3-4 days of not spending. This is a great way to avoid impulse spending. On days designated as no spend, we stay away from stores, take outs, eating out, etc.
We especially allot the 1st of the month as no spend at all day, which I inherited from my mom. I told you my mom was very frugal, right? Well, she also believes that whatever you do on the 1st of the month and on the 1st of the year will set the tone for the rest of the month and year. So, we have made it our tradition not to spend on the 1st of the month and definitely not on the 1st of the year.
Try challenging yourself to avoid spending at least once a week like we do because sometimes, we just need that nudge to be mindful of what we’re doing. Sometimes we get so used to spending that it becomes automatic. We no longer think about it. This way, you can also schedule necessary spending on days not designated as no spend days like putting gas on the car, grocery shopping, etc. It’s even more challenging to not spend on weekends.
I know I threw in a lot at you but I hope these tips helps you take control of your impulse spending. We all have fallen into the impulse spending trap so I hope that this post becomes a blessing for you. I know it has helped our family curtail our spending.
To summarize, here are some ideas to avoid impulse spending:
- Stick with your budget
- Have a specific category for impulse spending in your budget
- Evaluate NEEDS vs WANTS
- Sleep on it
- Unsubscribe from marketing emails
- Have a list when you go to the store and stick with it
- Don’t go shopping when you’re hungry or emotional
- Bring just enough cash with you for things you need to buy
- Cut down on other expenses
- Check with your spouse or have an accountability partner
- Set aside a day (or more) to do a NO SPEND challenge
Lastly, I would love to hear from you. In the comments below, tell me which one of these tips have you tried before, which one is new to you, and which one are you going to try ASAP?
