5 Easy Ways to Avoid Impulse Buying

It’s easy to fall into the “impulse buying” trap. That’s when you’re shopping at the mall or some other retail outlet, see something you “can’t live without” or “can’t resist” and then purchase it without thinking if you can actually afford it. Often times, impulse buying habits can lead you into an ocean of credit card debt.

Here are 5 easy ways to avoid impulse buying.

1. Follow the Time Rule

Adopt a new principle in your life. When you see something that you want to buy, wait a certain amount of time before you buy it. If you make a habit out of that, you’ll eliminate impulse buying quickly.

In fact, you’ll find that it’s often the case that when you wait a certain amount of time before making the purchase, you realize that you don’t need it and you can live without it. Other times, you’ll find better deals for the same item during your waiting period.

Speaking of you waiting period, how long should it last? It depends. For some people, it might be necessary to wait just a few days. For others it’s a few weeks or even a month.

As a rule of thumb, it’s best to wait a month before purchasing big-ticket items like expensive television sets or cars.

You’ll also find that the Time Rule is good practice once you merge money after marriage. You don’t want to start a marital spat because of your impulse buying habits.

2. Avoid Shopping When You’re Upset

It’s easy to succumb to temptation when you’re angry or unhappy. Often times you’ll see something at the store and tell yourself: “That’s exactly the stress relief I need.” Then, you’ll make the purchase.

Eliminate that temptation by not even shopping when you’re upset.

3. Avoid Shopping With Your Kids

It’s a good thing that there are tax breaks for parents because kids cost a lot of money. That’s especially true when you’re shopping with them at the mall and they try to talk you into buying that cute new toy that they see.

Even if you’re not buying the item for yourself, you’re still impulse buying when you succumb to the pleas of your child.

You can eliminate that temptation as well by simply not shopping with your children as much as possible.

4. Create a “Splurge” Budget

Sure, you should be able to buy stuff that you like once in a while. However, you don’t want to get into the habit of impulse buying. What do you do?

You can create a so-called “splurge” budget. That’s money you use just to spend on yourself. You can use it to buy whatever you want, whenever you want.

However, once the money runs out, you’ll have to wait until next month until you can “splurge” again.

5. Buy Things You Can Return

Do you shop somewhere that has a “No Refunds” policy? If so, shop somewhere else.

That way, if you do succumb to impulse buying and have a change of heart later on, you can return to the store and get a refund.

Impulse buying can put a strain on your budget. Fortunately, with a few simple changes in your spending habits, you can end your impulse buying and put more money in your savings account.