Curbing impulse spending
Getting a handle on impulse buying is one of the best adjustments you can make to save significant money in the long run.
These days, almost every retail chain and many small stores use emotional marketing tactics to lead us directly to impulse purchasing behavior.
They lay out the retail space and checkout lanes to encourage it. They use specific language and packaging to fuel it. They even hire psychologists to make it very subtle and therefore more effective.
The online world is no different. There are literally thousands of “deals” or “bargain” sites out there, presumably with an intent to lower your expenses.
But, research shows that not only do they not do so, they actually increase your spending and are a surefire way to cause you to spend money you don’t have to spend.
Do you really need that 2-hour spa treatment? or that cute little bowl? or another piece of furniture? Do you just aimlessly spend your money on those so called “bargains” that you otherwise would never purchase?
It’s time to make sure you’re not lured into impulse spending this year and instead inevest your hard-earned income into your freedom business.
So from now on, before you purchase anything – either at the store or online – ask yourself: Is it ABSOLUTELY necessary for me to buy this or can I get along without it?”
In other words, only buy what you truly NEED now, not what you want or might want in the future.
Become aware of your internal dialogue and inner experience. If you feel strong emotional attachment to a large purchase for example, it might be worth delaying it for a day or two. By sleeping on your decision, you give yourself time to let your emotions settle so you can think more clearly – Any real worthwhile purchase will still be there tomorrow.
Here are a few more good strategies to avoid impulse buying:
1. Mute the TV during commercials, or even better, reduce your time in front of the TV altogether – The average American spends roughly two years of life watching commercials alone, all of which are designed to make us unhappy with what we have or haven’t got.
2. Dramatically reduce unwanted catalogs and unsubscribe from tempting “deals” sites like Groupon and LivingSocial – These sites are designed to provoke impulse purchases of products or services that can rarely be considered needs.
3. Don’t take a salesperson’s advice or opinion to heart – No matter how friendly, smiley, or supportive the salesperson is, in the end they’re there to SELL you something. Follow your own inner voice instead.
4. Don’t shop when you’re bored, hungry, upset, or lonely – For many of us, shopping is usually associated with negative emotional states that elicit impulsive buying. Bring yourself to a more content state before you head out shopping.
5. Set a timeframe for your purchase – Don’t hit the mall for 3 hours straight and avoid aimless wandering around the aisles looking for that last one random item that will make you happy. This is called ‘boredom shopping’ and it always leads to overspending.
6. Set a budget and STICK to it – Always keep your budget and priorities in check BEFORE you shop.
7. Make a weekly list and shop less frequently – The more you shop throughout the week, the more you’re exposed to impulse spending temptations. Make one big list for the week and try to avoid frequent, one-off trips.
8. Don’t buy right away – Wait a few minutes before making your purchase. if your’re shopping in-store, you can put items on hold, or if you’re shopping online, just hold off for a little bit. Ask yourself again: Is it ABSOLUTELY necessary for me to buy this or can I get along without it?”
9. Return if you don’t really use it – Most retailers and online shops offer easy-return policies, so if you don’t use an item or regret your purchase, simply return it. Even if the store won’t return the item, you most probably be able to get a refund through your credit card company. Just call and ask.
10. Stay away from big spenders – If you have friends or family members who encourage higher spending and extravagance, it’s better to find other ways to hang out with them. Suggest going for a hike or having a game night at home rather than an expensive night at a ritzy restaurant.
Final Words
Remember: you don’t have to acquire more material possessions to enjoy a great quality of life. Lasting happiness doesn’t come from buying stuff we don’t really need but from within. So the next time you feel like making an impulse purchase, simply remind yourself what’s at stake this year.
* If you’re looking for more inspiration to help you on your personal development journey, you may want to check out my extensive list of SMART goals. This page is packed with thousands of different goal ideas that can help you set new aspirations and reach higher heights in your life. Personally, this page helped me to create my own 100 life goals list, which I pursued for over a decade.
Chief Editor
Tal Gur is an impact-driven creator at heart. After trading his daily grind for a life of his own design, he spent a decade pursuing 100 life goals around the globe. Tal's journey and recent book, The Art of Fully Living, inspired him to found Elevate Society.
