Impulse buying can quickly turn a casual browse into an unplanned expense, especially when tempting deals and convenience make spending feel effortless.
Also see: A guide to the dos and don’ts of online shopping
While impulse buying can make it harder to stick to financial goals, you don’t necessarily have to stop shopping altogether. The trick is to create a little more space between wanting something and actually paying for it.
Global Credit Union suggests eight habits that can help.
1. Give yourself room to spend
A budget doesn’t mean cutting out everything you enjoy. Set aside money for non-essential purchases, such as meals out or a new outfit, so you can spend without affecting your essentials or savings.
2. Save before you spend
Put money into savings as soon as you get paid. Automating transfers to an emergency fund or savings account helps you manage your expenses with what’s left.
3. Know what tempts you
Identify your impulse-buying triggers, whether it’s adverts, influencers, emails or certain shops. Unfollow tempting accounts, unsubscribe from marketing emails, delete shopping apps and remove saved card details to make spending less convenient.
4. Shop with a plan
Check what you already have at home before shopping and make a list based on what you actually need. Set spending limits for gifts and other occasions, and avoid browsing shops where you’re likely to overspend.
Also see: Grocery shopping mistakes costing South Africans thousands a year
5. Check your mood
Boredom, loneliness, anger and tiredness can influence spending. Before buying something, ask whether you need it or are reacting to how you feel. If you’re shopping late at night, leave items in your cart and reconsider them the next morning.
6. Shop with the right people
A shopping buddy can either help or hurt your budget. Choose someone who supports your financial goals, and consider using cash when you’re likely to overspend.
7. Try a no-spend challenge
Choose a period to avoid non-essential spending. Cook with what you already have, skip restaurant meals or stay away from the mall. You could also follow a ‘one in, one out’ rule, such as donating an old sweater before buying a new one.
8. Give it 24 hours
Don’t rush an unplanned purchase. Waiting 24 hours gives you time to decide whether you really want or need it. Don’t let ‘limited stock’ or ‘sale ends tonight’ messages pressure you into spending. For bigger purchases, consider setting an even longer waiting period.
Also see: How to avoid impulse spending in the age of online shopping
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