We’ve all experienced it—you pop into a shop for one thing and end up leaving with a basket filled with products you never intended to purchase. Buying on impulse is one of the largest challenges to building savings, and it can quickly derail your budget if you’re not careful. The good news is that overcoming spontaneous purchases is possible, and with a little self-control and a few helpful tricks, you can start increasing your savings and making wiser spending decisions. The key is to understand the causes behind your spending and shift those behaviors with smart, savings-focused actions.
The first step to reducing impulsive buying is to make a financial plan and adhere to it. Knowing exactly how much money you have available for discretionary spending each month can help you fight the temptation to buy things on a tips on saving money whim. When you see something you feel like buying, wait before buying—pause for 24 hours before making a purchase. This gives you time to think about whether you truly want it or if it’s just an impulse. More often than not, you’ll find that the urge to purchase disappears, and you’ll avoid spending money needlessly.
Another helpful strategy is to minimise your access to triggers. If online shopping is your weakness, opt out of marketing emails and take out saved payment options from your favourite e-commerce platforms. If you tend to make impulse purchases in person, leave your credit cards at home and pay in cash. By adding obstacles to purchases, you’ll have more time to evaluate your choices and avoid falling into the impulse spending trap. Breaking the habit may take time, but the benefits over time—increased financial security and reduced money anxiety—are worth the discipline.