18 Apr Tips for Controlling Your Impulse Spending
Are you one of those people who goes into a grocery store planning to buy only a couple of items? But after a good forty minutes, you come out with ten times more groceries than you intended? It probably seemed like a good idea at the time; however, you probably weren’t doing your wallet a good deed in the long run. Whether you are food shopping, online shopping, or shopping at the mall, it is essential to take control and manage your impulse spending.
Here are 5 tips for controlling your impulse spending, beating that constant urge to purchase those excess items in no time.
1. Plan your purchases
Before heading out to the store, always make sure you create a shopping list. That way, you can stick to that specific list and put an end to that unlimited impulse purchasing. To make your spending even more deliberate for the future, it is feasible to plan ahead and make lists for larger purchases such as birthday or holiday gifts. By using a formulated checklist, you will save time and more importantly, misused money.
2. Pay in cash
Instead of using a credit card all the time, start visiting the ATM weekly and paying in cash. There are various studies show that people who regularly pay in cash rather than in credit tend to spend and consume way less. Paying in cold, hard cash will allow you to change your mind about many tempting purchases. Considering you might not have enough money with you, this could be an inconvenience, but also stop you from impulsively spending money you might not have.
3. Avoid online shopping
Online shopping can be very detrimental to your bank account, so it is essential to steer clear of that temptation. There are so many online advertisements on the Internet attempting to entice you to constantly click and spend. Because sites like Amazon are also making it easier to shop, catering to your own wants, make sure you try to stay away. Similarly, only go to actual stores or the mall if it necessary to buy or on your list.
4. Ask yourself questions
While shopping, it is a great idea to ask yourself several useful questions before actually buying anything. Raise different questions, including will this buy simplify my life or does this purchase really assist me with reaching one of my life goals? By asking these types of questions, you can determine the legitimate value of an investment. It will also enable you to be honest with yourself, controlling those yearnings.
5. Adhere to your financial goals
It is always beneficial to have specific goals in mind, especially financial goals. Keeping those goals in the back of your mind and persistently adhering to them will affect your purchases. Ultimately, this will help you become a more frugal and shrewd spender, beating that uncontrollable need to impulsively spend.