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Do you always buy items without thinking if you really need them? Impulse purchase can be fulfilling until your paycheck is halfway down.
Our needs are unending and impulse buying can become our new normal if not checked. Have you ever wondered why you spend way above your budget at the shopping mall?
There are different reasons why we do this but most times it is out of impulse. Then when we get home we realize the items bought are not as important as we thought.
Impulsive purchase can be reduced. It all depends on the method of approach we use to help ourselves.
What does Impulse Purchase mean?
I would refer to this as a reflex action taken after seeing what we might want. Impulsive shopping is the act of getting things that are not needed at the moment.
Just because you saw something you want doesn’t mean you should get them immediately.
If you read carefully, the definition of impulse buying you will notice the word “want” was used and not need.
This is because needs are essential items that are necessary for you to have. For example clothes, food, medical care, and shelter.
So, if you have got some of them, there is no need for more. This is why you want more clothes that can be bought later.
What Causes Impulsive Buying?
Impulsive spending can be triggered by emotions, cravings, social media influence, discounts, love for an item, limited-time offers, peer pressure, and even our past experiences. These are some of the factors influencing impulse buying behavior.
Why is impulse spending bad?
There is nothing fun about excessive spending. Realizing that you keep on purchasing items you don’t need can be sad.
This leaves one thinking about the money spent that would have been used for something else.
These items can also fill up spaces in our houses which wouldn’t give a beautiful home look. Everyone wants an easy life but not things that would disrupt our money and happiness.
An Example of an Impulse Shopping
A personal story from an impulsive shopper.
“Shopping for clothes always gets me into the research mood”. I would have decided on the colors and type of clothes I want using pictures seen on social media.
Now at the marvelous Store to get amazing clothes. I started seeing different colors and new brands.
This made me fall again into the act of getting other things I don’t need.
On reaching home I realized they were not needed. This is because they weren’t different from what I have at home.
How to stop impulse spending
1. Read reviews
Reading reviews can assist you in controlling your Impulse spending.
If a product has a lot of customers who are unhappy with it, you should avoid purchasing it since there is a good chance that you will have the same experience.
This assists you in making the appropriate choice about the product.
You should have days for shopping and spending money. If you don’t have any event there is no urgent need for clothes.
If you have a good timetable, it will help you have a budget for food that can help your spending habit.
You can also spend or treat yourself after attaining milestones you set for yourself. This would help curb the habit of impulse purchase.
Think about what you want to do. Currently, you have entered a period of spending restraint.
You should make it a priority to cut your spending habits if you want to see positive financial results. This makes you more self-aware of your situation and also accept it.
4. Estimate the item’s worth
Spend money only if you believe the thing to be of high value.
How valuable is the thing you are thinking of buying with your hard-earned cash?
You need to do the numbers and give them some thought before spending.
5. Plan your shopping in advance.
What is your plan? Do you just go to the shopping mall and buy anything that comes to mind?
You should have a plan. The kind of items you start buying first just in case you get out of funds to spend.
You need to buy things according to priority based on how you have written them down.
Do you have a crystal clear idea of what it is that you want? Can you describe it in detail?
Before going to the store to purchase what you need, be sure you have done all the necessary research.
Although this could take some time, it is preferable to simply purchase anything that catches your eye.
7. Don’t shop when you’re emotional
Emotional shopping sometimes leads to excessive spending.
If you are feeling sad or happy, going to a shopping mall might not be the best decision at the moment.
You can take a few hours to get settled before going shopping. This will enable you to spend wisely.
8. Prepare a budget plan and diligently follow it.
The urge to spend money on flash items or discounted items can be tempting but there is a solution.
Having a budget can save you from a lot of stress and money spending.
It puts you on the right track with your financial life. To have a budget and stick to it requires discipline. Without discipline, it is difficult to stick to one’s budget.
I saw someone having a wallet with different sections labeled for different purposes.
This can be handy if you use online banking a lot and cannot resist the urge to transfer money or pay for items online.
I know we are currently living in a cashless community in some parts of the world. Using cash for shopping can help you reduce your impulsive buying behavior online shopping habit.
10. Adopt the waiting rule
Through my research, there are different types of wait periods one can adopt. It can either be 10 seconds, five minutes, 24hrs, or 30 days. You can make use of anyone.
Give yourself time to analyze if the item is worth your money before making a payment A great way to build a healthy financial life is by asking questions.
Questions like do I need this now? Can I get this later? Do I have a substitute item at home? What do I lose if I don’t get this now? These forms of questions can help you spend wisely while shopping.
This would enable you to have time to wait in order to purchase the item. Once you have spent some time away from it, you realize that there is no need for the item.
11. Limit the use of online platforms
Instagram can give a lot of ideas and also Pinterest. There are other social media platforms too that can encourage you to get things you don’t need.
This is done using ads, showing you flashing items. Edited pictures and videos.
All this can get in your head and you end up purchasing it.
You know that frugal friend you have can come in handy in shopping too. People help a lot during shopping because you make decisions together.
And this will reduce the amount spent on unnecessary items. Going shopping with your siblings, parents or spouse is not really a bad idea.
This type of shopping is mostly fun and exciting but beware of some siblings that request a lot of new items just giving some advice from personal experience.
13. Stop using your card number
When you commit your card number to memory, you are more likely to make impulse purchases and spend larger amounts.
You could ignore it and stop using your card until it goes away.
There are various forms of temptation. Being aware of the different manners in which it entices to spend your money,
can assist you in developing healthy financial habits for both the now and the future.
15. Keep your eyes on the prize
The prize here is you having a good spending habit.
Having a goal in mind and working diligently to achieve it might be beneficial.
You can set a financial goal for yourself that will enable you to make wise spending decisions regardless of what happens.
16. Too many email lists might be overwhelming.
Email lists can lead you to impulse purchases if not checked. A lot of emails use professional writers and sometimes know your pain point which encourage impulse buying.
So, they don’t need to ask you questions before sending emails that meet your desires. You should unsubscribe from the email list that tempts you to buy products.
You want to live a disciplined life so staying away from some things would help at this point.
17. Put an end to comparisons
Comparison can come in different ways and lead you to spend more. Sometimes this can be intentional and unintentional.
If someone has something nice and beautiful that doesn’t mean you should get it too. We are living in a free world.
We are not here for competition so please live your own life at your own pace.
18. Always buy refundable items
Investing money in something that is non-refundable is taking a significant risk.
It is in your best interest to make purchases from companies from whom you are confident that you will be able to get a refund if the product is not required.
Before making a purchase, you should make it a point to gather the appropriate information and ask the necessary questions to avoid impulse purchase.
19. Think about the last purchase you regret
You will be able to reduce your spending if you think about the most recent mistake you made.
According to a well-known proverb, the best way to learn is through actual experience.
As a result of the fact that nobody enjoys being in the same difficult place twice, this can also help you control your impulse purchases.
20. Do a no-spend challenge
Having a spending challenge can help you build a better financial lifestyle and stop impulse buying.
You can either create one for yourself or join any existing one. It is an accountability check for spending.
This will help build the right mindset around spending and also a positive spending habit to avoid impulse purchase.
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