We all do it. Few of us want to admit it. We walk into the mall- just to look around of course; then “accidentally” buy more things then we intended to. It’s a tiring hobby most of us just can’t shake away.
Lots of our impulse purchases are small. But many of the some – 54% in fact, can be over $100 on a single purchase according to CandythatCares.com
It’s time that we get in control of our wallets! Here’s how:
1. Plan Your Trips
It’s often that when we’re going to the market or having a night out, you’d want to explore. In the spur of the moment, you decide to try something new. In doing so, it is discovered that most of our impulse decisions occur when we are on an unplanned trip to the store.
To solve that problem, you’d need to plan your trips. Write down the stores that you’d only allow yourself to go to when gathering your groceries or buying a new appliance for your home. You are 13% less likely to make an impulse purchase if you do; according to Bradongaille.com
2. Give yourself A Budget
This one should be obvious. Make a list. Write down the essentials. Then only buy the allotted items. That’s correct if you’re planning on a one trip grocery expedition, but what about your monthly spending budget?
Giving yourself a monthly spending budget may come off as the equivalent of a parent giving their child an allowance, but it is also quite an effective incentive to do better and spend less.
3. Wait Overnight
“…put some time between your emotions and the transaction. You wake up the next morning with a fresh perspective. You may ask yourself, “Do I really need that?”’ – Rachel Cruze
If you’re out shopping- at the mall for example, and you see the exact jacket you want. It’s perfect; has everything you’ve dreamed of and more. This jacket hunt trip was already sort of planned, it’s also in budget. Should you buy it now? Not necessarily.
In many cases, our impulse purchases aren’t really that important are they? If we take some time to think about how it would really benefit us, we’ll find that it isn’t that important and isn’t something we need immediately.
4. Don’t Shop When You’re Emotional
It is true that shopping when you’re sad can make you happy… According to TheAtlantic that’s only short term.
Shopping can make you feel valued and loved when no-one else is there but you and your wallet. That can easily turn you into a shopaholic. The constant shopping can cause dependency upon unnecessary materials, wasted gas, and precious time that you can use productively.
When you’re down, go for a walk. Talk with a friend. Just steer clear of your nearest shopping center.
5. Shop Online
When you’re physically shopping in store, you’re subjected to salesmen, effective copy, and fear of missing sales that drives your decision making skills on your everyday purchases.
While effective copy and sales tags are effective online, according to invespcro.com, 80% of impulse purchases are made in brick-and-mortar stores. Shopping online can mitigate outside decisions already made for you when you shop.