13 steps to stop impulse buying and how to understand the triggers that make you buy on impulse.
Everybody purchases on impulse during their lifetime. It is important to realise that we have to limit the amount of impulse buying, as this can lead to financial difficulties.
It is important to understand the triggers as this will enable us to control our spending.
What is impulse buyng
Impulse buying is purchasing an item, which is unplanned and not budgeted for. This is normally referred to as a one off purchase.
Main triggers for impulse buying
It is important to understand why you impulse buy. Especially if these impulse purchasing effects your financial stability.
These triggers can be matched to personal, emotional and product connections. Impulse purchasing is a very common aspect of life today. These are driven by the continuous marketing strategies of companies, to encourage you to purchase their items.
Effects of impulse buying
The odd number of impulse purchases do not always have a massive effect on your finances. Many people will impulse purchase during shop sales and not worry about any consequences.
For the smaller value purchases there is no long time side effect financially. But for continuous impulse purchasing either large or small values, may eventually cause financial implications.
Consequences of impulse buying
Impulse buying has a positive and negative outcome. At the time you may feel fulfilled and satisfied. But unplanned spending can also have a negative effect, leaving you feeling regret.
Is impulsing buying good or bad
Unless you are financially secure any impulse buying will have a negative effect. In some cases this has been the cause for increase in debt, spending over a number of different credit cards.
All good intentions to pay the balance off each month or over a few months, but this may not happen.
The outstanding balances will accumulate, which are out of control. This results in your sense of control over your money.
Easy steps to stop impulse buying
Leave credit cards at home
Never go shopping with your credit cards. If you do not have access to any credit cards this will stop impulse purchasing.
Create a household budget
Creating a household budget will help in stopping any impulse purchasing. A budget highlight what spare money you have during the month. It will help in stopping you from purchasing impulsively.
Check out my article on 14 easy step to creating a household budget
Allow yourself spending money
Allocate an amount of money per month for additional spending. This may not be ideal but it will reduce your impulse spending.
Create a shopping list
Never leave home without your shopping list, especially if you are food purchasing. Stick to your shopping list, try not purchase any other items on impulse.
Ignore sale or special offer areas
This may be hard as we all do love a bargain. When you see shop offers buy 3 get 1 free. Avoid unless these are on your shopping list, they are there to encourage your to impulse buy.
Don’t shop alone
Always take somebody with you, try not to shop alone. It does help if this other person does not really like shopping. They will won’t to be out of that shop as soon as possible. This will restrict your impulse buying.
Wait before you buy
If there is an item that you see, but it is not on your list. Don’t impulsively buy. Wait until the next day or leave a few days. You may be surprised as you may realise that you do not really want that item.
Check out my Related article – 30 days rule
Large purchases
Before you rush and buy that large expensive item, that will push your budget to the limit, wait 30 days. Don’t purchase on impulse and regret it later.
Be aware of retailers return policies
This is important, as if you purchase on impulse and regret either the next day or by the time you arrive home you want to be able to return the item.
Many stores offer a credit facility against future purchases. This is okay if you will be revisiting the store at a later date. Ideally you want to have a full cash refund.Otherwise what is the point in returning the item.
Cut up store cards
Impulse buying is increased with credit facilities with retailers. You will be encouraged to purchase more and pay interest free over a 6 month period.
This is ideal if you have to buy a large item that is a necessity. But not if you are impulse buying.
Retailers mailing list
Only join retailers mailing list for essential items. Don’t join retailers that are for non essential items.
Avoid online purchasing
Try not to browse the internet when you are bored as you will impulse buy. Only shop online when you are looking for a specific item that is essential and you have planned to purchase.
Avoid shopping when you feel emotional
This is important, as you will impulse buy depending on you emotions. For instance don’t go shopping if you feel hungry and you will impulse buy items that you want at the moment in time.
You will treat yourself to that dress that will make you feel happy, or that kitchen gadget that will ease cooking.