What exactly is an impulse purchase? If you purchase products for the pleasure of having them rather than actually needing them, and it happens almost every time when shopping, this action is then considered as impulsive buying. Buying impulsively can be defined by the frantic search for the latest trends or most up-to-date gadgets. Impulse purchases are often a response to depression or anxiety, and overconsuming oftentimes improves one’s psychological state for a limited time.
In what ways can we avoid impulse buying? Erratic purchases can take a heavy toll on one’s finances. Before making any spur-of-the moment purchase, ask yourself if the item (or items) you plan to buy is a necessity.
Setting a budget will help you control your impulse, and in turn, make you less likely to give in to your desires. Make sure your goals are realistic. If you are too strict in terms of a budget, it can actually do more harm than good. Restricting yourself can actually increase psychological suffering and cause you to make those unnecessary purchases that you were trying so hard to avoid.
Using your credit card can make you feel like you have a much larger budget than you actually do. Try paying in cash as much as possible so you can only spend what you have.
The easiest and quickest way to spend nowadays is through online shopping. It is usually within three clicks of making the purchase that we regret spending, therefore it is best to avoid it altogether.
You can greatly reduce your expenses by controlling purchases. Before buying a product, ask yourself the question “do I really need it?” Write it down on a list and put it aside. If after a few weeks you still feel the urge to have this product, then this is likely not an impulsive purchase.
You have succumbed buying a coat, but you kept the price tag? You can still return the item after a few days if you realize it’s not something you need or it’s simply not worth it.
These tips are all great examples that can help you reduce overconsuming and overspending. You’ll be able to save your hard-earned cash, make better budgeting decisions and ultimately purchase products you truly love and need.