What is impulse buying? For me it’s when you run into Target for salsa and walk out with a new notepad, book, or clothing that I just had to have. For you, maybe it’s that random Amazon Daily Deal that you totally needed. Whatever your impulse spending culprit may be, here are a few tricks to curb your spending.
The Three Day Rule:
- When shopping and you see something that you just have to have, write it down in your phone. If you still really want that item in three days and feels like a good use of your money then buy it. If it’s a really large purchase, I often wait 30 days instead of three. This allows me to see how it will have a larger effect on my overall monthly budget.
Don’t Go to Retail Sites or Stores:
- The best way to save money is to avoid the temptation. Where ever you find yourself guilty of impulse spending, try to avoid the store or site for a week or even month. If you need to go on that site or in that store, make a list of things you really need and stick to it.
Calculate the Earning Time:
- One of the best tricks to cut spending is to equate that dollar value to time spent working. Before you go shopping, calculate your hourly pay take home pay. If you find something you want but don’t need, quickly calculate how many hours of work that item will cost you. You’re more likely to walk away when you learn that the new video game or outfit may cost you three hours of work.
- If you leave home with only the amount of cash you need for your shopping trip you more likely to stay on budget. Paying in cash allows you to keep a real-time running total of what you have spent.
What tips do you use when trying to beat impulse spending?