You re standing in the checkout line at the grocery store browsing the magazine headlines, without even thinking about it you toss a pack of gum in your cart.
You re driving home from work and you had a really lousy day. Since the mall is on your way home, you stop in just to window shop and leave with a brand new two hundred dollar coat, even though the one you re wearing is just fine.
A friend wants to stop for a cup of coffee on the way to the library. You didn t really want one, but once you re in the coffee shop with him you order a latte. You end up throwing half of it away because you didn t really want it in the first place.
Any of these moments sound familiar? They re moments when we succumb to impulse buying. We all do it. But it can wreak havoc on our wallets. Want the cycle of undrunk lattes, unchewed chewing gum, and extra winter coats to end? Use some or all of these tips to quit impulse shopping and get your finances under control.
Shop with a list. Write down what you need from the mall or grocery store before you head out. Be thorough and careful. When you get to the store, don t deviate from the list. This can be tough if you re new to it, but over time it becomes a habit and yields positive results for your finances.
Go shopping less often. Head to the mall when you need a new outfit for work, not because it s a Saturday and you re bored. Go grocery shopping once a week or less instead of every day on your way home from work. The less time you spend with merchandise, the less likely you are to buy it.
Don t grocery shop hungry. This is an old piece of advice, but it works. If you go to the grocery store when you re hungry, you re more likely to make impulse purchases based on what looks delicious right then and there, whether or not you ll be interested in it later in the week when it actually comes time to eat it.
Shop with a friend. You re less likely to break your new rules if you have a chaperone.Find a friend who is willing to hold you accountable and/or shares your goal to quit impulse buying. Explain your goal to your friend before you go and then ask her to keep you in check on your shopping trip.
Track your expenses. Write down every penny you spend and what you spend it on. Whether it s an impulse buy or a planned purchase, track it. If you can see where your money, you ll be less compelled to spend it on unnecessary items. For a really stark look, take a sheet of paper and write down your income for a month and your spending in the following categories for that same month: food, savings, and impulse.
Take a deep breath and think about it. If it s a candy bar at the grocery store you re after, then close your eyes for a moment and reevaluate the purchase. If it s a larger purchase like fancy pair of shoes or a new smart phone, head home to think about it. If it s something you really want, take the time to shop around and find exactly what you want for the right price.
Make a slush budget for impulse purchases. Sometimes we don t want to worry. Sometimes we want to forget limitations and just shop because it s fun. There s nothing wrong with that. But you ll save yourself plenty of headaches if you budget for those excursions and stick to it. If you set aside $100 and make a date to go shopping with a friend, you can then blow that hundred on whatever you want guilt and debt free.
