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We’ve all been there: retail therapy after a bad or long day, new clothing, books or home items that caught your eye in an influencer’s post—even tacking on a candy bar in the checkout line or a latte while grocery shopping. All of these unexpected purchases that were made with little to no consideration are known as impulse buys. If they continue into a habit, it can put a serious strain on your finances and possibly lead to credit card debt. If you’ve made impulse purchases and want to curb the habit, you’ve come to the right place. Let’s take a closer look at why impulse buying happens, how to recognize your impulse purchase triggers and (most importantly) how to stop impulse buying and develop healthy spending habits.
What Is Impulse Buying and Why Does It Happen?
Impulse buying is the process of purchasing without careful consideration. When you make an impulse purchase, you’re prioritizing your satisfaction in the moment without considering the consequences you could experience later, such as not meeting your long-term financial goals.
Impulsive purchases are often driven by emotions, such as stress, boredom or even aspiration. This type of spending could also be driven by a special sale or promotion, lack of self-control or a promotional email catching you on a bad day.
How To Recognize Your Impulse Buying Triggers
When you’re trying to figure out how to stop impulse buying, one of the most important things to consider is what triggers these unexpected purchases so that you can try to combat them. To determine your impulse buying triggers, consider your answers to the following questions:
- Where do you do your impulse buying? Are you in a specific store? On your couch?
- Who are you with? Do you feel the need to make an impulse purchase when you’re with certain friends?
- What items do you tend to purchase impulsively?
- How do you feel before making the purchase? Are you stressed? Lonely? Bored? Aspirational?
How To Stop Impulse Buying and Develop Healthy Habits
To stop impulse buying, you’ll likely need to implement several strategies, depending on your triggers. Here are some tips to help you get started:
Create a Realistic Budget
It can be all too easy to spend irresponsibly on unplanned purchases without a realistic budget. The key to a realistic budget is to personalize it to work for your goals while accounting for all of your expenses.
Dedicating a portion of your budget each month to a night out, book or new clothing can help you avoid tacking on additional unplanned items. To track your spending and success at managing your budget, we recommend using a money management app to give you a better chance of sticking to your budget.
Remove Saved Card Information
Many of us have address and payment information saved in online stores to make ordering easier. To make it more difficult, remove your payment information from wherever you have it saved. This will force you to take out your card and enter the payment information, which could give you the time you need to second-guess your purchase and change your mind.
Unsubscribe From Your Favorite Stores
Have you ever been in the position of not intending to purchase anything, but then an email pops up offering a coupon code, free shipping or special items free with a purchase? Unsubscribing from these stores can help curb impulse buying. After all, if you don’t know about a sale, you won’t have the fear of missing out on it.
Postpone the Purchase
Give yourself a waiting period before purchasing. This will give you time to evaluate if it’s an impulse buy or something you truly want or need. If you’re still thinking about the item after a few days or a week, then you might decide to make the purchase. By waiting, you give yourself a cool-down period and the ability to purchase in a neutral state of mind.
Stick To a List
Before going to the store or browsing online, make a list of the items that you need. A list provides a plan for your shopping trip and reduces the chance that you’ll be swayed by an impulse buy. However, there are exceptions to purchasing items that aren’t on your list. For example, if you realize you forgot to add milk or eggs to your grocery list, this isn’t considered an impulse buy.
Explore Money Management
Money management is an essential skill to have, especially when it comes to managing a budget and curbing impulse buying. Check out our free guide, “Expense Tracking: Living Within Your Means”, to learn more about how to stop impulse buying by creating a realistic budget.
