Here are some tips that I use to reduce impulse spending.
1. Write it down
I like to write down things that I want to buy or add them to wishlists that I create for myself. Then I make myself wait sometimes I wait a few hours or a few days. For big purchases, I may wait a few weeks to make sure that I really want to buy that item. This will allow you time to decide if you truly want to buy that item(s).
2. Ask yourself questions
Before I buy something I like to ask myself several questions to help determine if I should buy something
- What are my intentions behind buying this item?
- Am I shopping because I am bored?
- Am I shopping because I want to fit in or follow a trend? *If so see tip number 4 in this post
- Will I actually use this item?
- Is there something I already have that I can use instead?
- Do I have the money and if the answer is yes could I use this money towards my own of my financial goals (ex traveling, car, college, retirement)?
3. Give yourself an allowance
Set aside x amount of money each month or week that you can spend on yourself. Then when the money is gone it’s gone. This allows you to have money to spend on whatever you want but within your budget. Furthermore, this can help you save money because you need to be more intentional with your spending because you only have x amount to spend.
4. Remind yourself that you don’t need to “keep up with the Joneses“
If you don’t know what the phrase “Keep up with the Joneses” means. It’s a phrase used to describe people who try to buy stuff to impress or fit in with other people or society. You don’t need to be spending money to fit in. Everyone spends money differently and that’s okay.
5. Make a plan when shopping
Before you go shopping make a plan of what you are looking for. For example, if you are going grocery shopping make a list and set a budget then stick to it. Or if you are thrift shopping you can say I am only going to spend x amount of money and I am going to focus on looking for x item(s).
