How to stop impulse buying as a means to save money

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An impulse buy is any purchase done without a plan. The truth is we have all fallen victims of impulse buying at one point or another and today we evaluate the reasons why we often fall into this trap and how to overcome or minimize the urge to impulse buy.

Possible Reasons why we Impulse buy

  1. Emotional issues
  2. Good deals/Offers
  3. Excitement

Make a budget

One of the easiest ways to plan your finances is to make a budget. See 3 Easy steps to making a simple budget.

A budget will allow you to identify your possible needs and allocate some money to each and every one of them. The good thing about a budget is that it will limit your spending since you cannot spend more on clothes and shoes for example than the already allocated amount. The tip here is to ensure you also allocate some money for things you consider fun or enjoyable to your budget. This will allow you to do some fun shopping guilty free but still do it in a controlled way ensuring you maintain your financial goals.

Make a shopping list

Plan your purchases prior walking in a supermarket or a market place.Making a shopping list will allow you to focus on your needs more than just mare wants. Consider most of your possible needs and make a list to see what you can buy now and what can wait. Also take a list when you go grocery and supermarket shopping. This will ensure focused and controlled shopping.

Wait a day or longer before making a purchase

If you see something you really like take a day or two to think it through. This will help you calm the excitement and think rationally on the need to buy the item. You can also create a wish list which includes all the items you would like to have but your budget can’t allow yet. This way you will budget for them in future and buy them without necessarily affecting your current financial plans.

Avoid Window Shopping

Aimlessly walking around shopping malls, market places or retail centers without any plan, is a sure way to end up impulse buying. There is a high likelihood you will always see something that you would like to have that is why every retailer perfectly displays their merchandise.

Also avoid going to this places on an empty stomach unless your budget allows you to buy take out.

Avoid Emotional Shopping

The truth is our finances are so personal to us so it makes total sense when something personal is happening; our finances take a hit too. Emotions play a big role in what we happen to buy, why we buy it and when we buy it. It’s however important to not let your emotions control your spending habits!

The best thing to do is to find another way to deal with your emotions so that you don’t end up messing up your finances just to feel better about a situation.

Set clear financial goals

The truth is the only reason you have so much disposable cash on you in the first place is because you probably lack solid financial goals. It’s important to have clear financial goals in mind at all times. What do you intend to do with your life and do you have any financial goals that you are trying to accomplish? This way you will start seeing this impulse buy in a broader way. E.g Are you sacrificing long term financial freedom for just a pair of shoes you don’t even need?

Bottom Line

The real deal is that every action you take with your money, no matter how small, is worth a bit of thought. Impulse buying will not only make it hard for you to save, it will also affect your overall financial goals. We however hope this article helps in making better financial decisions. Thank you and God bless.

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