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Have you ever been in a store and stumbled upon a product that you just “had” to have? You imagine all these great ways it’s going to make your life better. Plus, it’s on sale. So, you buy the product, get home, and immediately start using it. Sure, it works as advertised, but it’s not nearly the life changer you imagined it would. Most likely, this was something you bought on impulse, not something you actually needed.

Impulse buying can wreck your monthly budget and, ultimately, keep you from getting ahead financially. To get your impulse buying under control you need to become more aware of your motivations for impulse spending, learn how to stop impulse buying, and gain control of your spending.

What is Impulse Buying?

Impulse buying is the act of spending money without any forethought. An impulse buyer, often motivated by a strong emotion like stress or the promise of happiness, sees a product, advertisement, or other marketing, and it triggers a purchase. Typically, impulse buyers don’t consider the consequences on their budget and finances.

What Causes Impulse Buying?

Shopping Addiction

For some, shopping is an obsession otherwise known as Compulsive Buying Disorder (CBD). CBD is similar to other behavioral addictions like binge eating or gambling and often occurs along with other mental illnesses like depression and anxiety.

You Want to Save Money

This one hits close to home because I’ve made this mistake in the past. I visit deal sites once a day and, in the past, have bought things like shoes, clothes, and household goods when they’ve been on sale regardless of the need. My thinking was that we would eventually use it. Although this ended up being true, we ended up with items that we wouldn’t need for another year. It wasn’t a lot of money, but it’s money we could have used to save or invest a little more.

Fear of Missing Out (FOMO)

Fear of missing out is characterized by the urge to keep up with your peers or the culture as a whole. Is there a new smartphone coming out that all your friends are talking about buying? Or a new movie being dubbed as the greatest movie in a decade and a must-see event for everyone?

Emotional Buying

People that are afflicted with a certain condition or have problems with their health, finances, romantic life, etc. are more susceptible to targeted marketing for their problems. They are sucked in by the promises of health, wealth, and/or happiness and will pay just about anything for the panacea to get them there.

Ways to Stop Impulse Buying

Practice Mindful Spending

Mindful spending is the act of being intentional with each financial decision you make.

Ask yourself:

Is this purchase something you can live without?

Will it make you happy?

Does it align with your personal values?

Is this purchase the best use of your money?

Review Your Goals

Before making any unplanned purchase, make it a practice to review your goals.

Will this purchase help or hinder your progress towards your goals?

Do Research and Read Reviews

Before making an unplanned purchase, do your research. Read reviews from reputable websites as well as customer reviews. Also consider alternatives.

If you aren’t absolutely convinced the product meets your needs, don’t buy it.

Use a 30-Day Rule (or Other Waiting Period)

Before you make any unplanned purchase, practice delaying the purchase for 30 days. 30 days is just an arbitrary length of time, but is a long enough timeframe for you to properly consider the consequences of your potential purchase and short enough for you to actually use it.

Shop with a List

Before going to a store or shopping center, make a list of the items you plan on purchasing. Stick to that list while shopping.

If you see something not on your list that catches your attention, use the 30-day rule.

Avoid Stores and Shopping Centers

Probably the easiest and most efficient way to avoid impulse spending is to avoid shopping areas altogether. If there is nothing to tempt you, you won’t buy anything.

Avoid Online Shopping Websites

Same goes with online shopping. Out of sight, out of mind. Don’t visit shopping websites unless you have specific, planned purchases.

Convert the Price to Hours Worked

Before buying anything, convert the price of the item to how much time you would need to work to earn that money. This works great for larger purchases because most people would rather have more free time than more junk.

Think About Your Last Disappointing Impulse Buy

Before buying anything on a whim, think about the last impulse buy you made that was a disappointment. This purchase could very well end up the same way.

Shop with a Clear Head

This should go without saying, but don’t shop hungry, sleepy, or under any other kind of influence. A must-have purchase when your inebriated may be a huge regret when you regain your mental faculties.

Conclusion

Impulse spending is terrible for your short-term budget and long-term financial goals.

If you ever find yourself compelled to buy something without any forethought, you’ve been under the spell of impulsive spending.

Being able to identify your motivations for your impulse buying can help you better combat it.

Use the 10 easy tips above to help you avoid the temptation and fight the urge to make unplanned purchases when you do have to go shopping.

If you do manage to stop your impulse buying and gain control of your spending, you’ll be happier in the long run.

Do you have any impulse spending stories? Do you have any other tips for how to avoid impulse spending?

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