Sign In/Sign UpTRENDING BASIC MONEY MANAGEMENT TIPS
TRENDING BASIC MONEY MANAGEMENT TIPS
08.25.2021 / Lifestyles « Back to all articles
5 Tips to Prevent Impulse Buys
The internet has made it easy to make impulsive purchases: just a swipe and a click, and that amazing pair of shoes is yours. Impulse purchases are usually an emotional reaction to counter stress, but the dopamine spike that comes from "retail therapy" is temporary and subsides when the budget woes take hold. Here are some ways to avoid buyer's remorse by putting a stop to impulse buying.
1. Shop With a Goal
While it's a lot of fun to sit on the couch and browse the newest additions to your favorite online shops, it's not helping your wallet. Not only are you tempted to load up that online shopping cart (followed by that quick swipe and click), but your browsing history is tracked through online marketing tactics. If you don't clear your cart, you'll get reminders through pop-up ads and emails, pestering you to complete your purchase. For these reasons, avoid online shopping unless you have a specific end goal in mind.
2. Establish a Budget
Create a shopping budget and review it monthly. Use a separate fund for shopping and earmark part of it for online purchases. If you find yourself tempted to spend more than you've allocated, don't cave.
3. Create Obstacles
Online shopping is available all day, every day, without even leaving the house, making it more difficult to curb impulse spending. Setting up obstacles can be a helpful strategy to create more shopping mindfulness. Remove shopping apps from your devices to make it less convenient to browse and avoid saving your credit card information on stores' sites so you expend a bit more effort to finalize your purchase.
4. Ignore the Ploys
Stores will often tempt you with incentives to spend a certain amount, such as free shipping, a percentage discount, or "buy two, get one free.” Do the math before you fall for these ploys; it's usually cheaper to fork out money for shipping than to buy more to reach the quota. Keep in mind that if the store is promoting the deal, it probably benefits them more than you.
5. Set a Timer
The core of impulse buying is impulsivity, so if you can force yourself to stop and think, you can reduce the amount of spending. If you see something you want, set a timer before you finalize the purchase. This could be an hour, a day, a week, whatever works. If you still want the item when your time is up, buy it. If you've forgotten all about it when the time expires, then you didn't need it!
Impulse spending is a habit that's difficult to break because it's convenient and feels so good in the moment. However, a bit of advanced planning can help to break the habit and avoid buyer's remorse.
Credit Talk
08.25.2021 / Lifestyles « Back to all articles
5 Tips to Prevent Impulse Buys
The internet has made it easy to make impulsive purchases: just a swipe and a click, and that amazing pair of shoes is yours. Impulse purchases are usually an emotional reaction to counter stress, but the dopamine spike that comes from "retail therapy" is temporary and subsides when the budget woes take hold. Here are some ways to avoid buyer's remorse by putting a stop to impulse buying.
1. Shop With a Goal
While it's a lot of fun to sit on the couch and browse the newest additions to your favorite online shops, it's not helping your wallet. Not only are you tempted to load up that online shopping cart (followed by that quick swipe and click), but your browsing history is tracked through online marketing tactics. If you don't clear your cart, you'll get reminders through pop-up ads and emails, pestering you to complete your purchase. For these reasons, avoid online shopping unless you have a specific end goal in mind.
2. Establish a Budget
Create a shopping budget and review it monthly. Use a separate fund for shopping and earmark part of it for online purchases. If you find yourself tempted to spend more than you've allocated, don't cave.
3. Create Obstacles
Online shopping is available all day, every day, without even leaving the house, making it more difficult to curb impulse spending. Setting up obstacles can be a helpful strategy to create more shopping mindfulness. Remove shopping apps from your devices to make it less convenient to browse and avoid saving your credit card information on stores' sites so you expend a bit more effort to finalize your purchase.
4. Ignore the Ploys
Stores will often tempt you with incentives to spend a certain amount, such as free shipping, a percentage discount, or "buy two, get one free.” Do the math before you fall for these ploys; it's usually cheaper to fork out money for shipping than to buy more to reach the quota. Keep in mind that if the store is promoting the deal, it probably benefits them more than you.
5. Set a Timer
The core of impulse buying is impulsivity, so if you can force yourself to stop and think, you can reduce the amount of spending. If you see something you want, set a timer before you finalize the purchase. This could be an hour, a day, a week, whatever works. If you still want the item when your time is up, buy it. If you've forgotten all about it when the time expires, then you didn't need it!
Impulse spending is a habit that's difficult to break because it's convenient and feels so good in the moment. However, a bit of advanced planning can help to break the habit and avoid buyer's remorse.
