Everyone’s done it—you walk into a store for one thing and walk out with a bag full of items you weren't expecting to get. Buying on impulse is one of the biggest barriers to accumulating wealth, and it can quickly derail your money goals if you’re not careful. The good news is that breaking the impulse spending habit is possible, and with a little self-control and a few practical tips, you can start increasing your savings and making smarter financial decisions. The key is to understand the causes behind your spending and replace those habits with smart, savings-focused actions.
The first step to curbing impulse spending 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 avoid the impulse to buy things on a whim. When you see something you feel like buying, wait before buying—wait 24 hours before deciding to buy. This gives you time to think about whether you truly want it or if it’s just an impulse. In most cases, you’ll find that the want to spend lessens, and you’ll save yourself from unnecessary spending.
Another great tip is to reduce opportunities for temptation. If internet shopping is your downfall, unsubscribe from promotional emails and delete stored payment info from your favourite e-commerce platforms. If you tend to buy without thinking in person, leave your credit financial advice cards at home and shop with cash instead. By adding obstacles to purchases, you’ll have more time to consider what you’re buying and avoid falling into the impulse spending trap. Overcoming impulse spending may take time, but the benefits over time—increased financial security and reduced money anxiety—are definitely rewarding.