Have you ever gone to a mall or boutique for $500 worth of shopping but left with goods worth $1000? Impulse buying is a common act many people face without planning or thinking about it. One survey found that 5/6 Americans admit to giving in to impulse buying urges.
Impulse buying can be more or less problematic depending on your financial circumstances and how often you give into impulse buying urges. Fortunately, you can reduce impulse buying and there are many tools you can utilize to keep your spending to a minimum. Here is a simple guide on accommodating impulse costs into your budget to prevent any repercussions.
Know Your Weak Spots
No matter who you are and what your salary may be, we all have weak spots when it comes to purchases. One way to escape impulse buying is by knowing your weak spots and knowing how to navigate them effectively. If you identify your weak spots, you will avoid temptations and cut your spending drastically.
Maybe you recognize that you often visit the mall and make purchases when you are sad, bored, or have a rough day. Anytime you have such feelings, and you get tempted to go shopping, consider doing other activities or hobbies. If you must still make purchases that day, consider online shopping and do curbside pickup. By doing so, you may buy less than what you usually do if you were just wandering around the store aimlessly.
Impulse Buy on Your Terms
You can stop impulse buying by including those expenses in your budget. A budget is not a tool that restricts your spending, but it’s a tool to assist you in making intentional choices on items.
With proper budgeting, you’ll get ahead of that impulse buying by spending it intentionally rather than without planning.
Impulse buying on your terms allows you to mitigate the toll the expense that unplanned purchases will have on your funds. If you make an early purchase or know what you want without finances in mind, you can break up the payment to help mitigate the total cost.
Look for an Affordable Alternative
While you may have tried budgeting and setting your financial goals, you may still need help to avoid impulse buying. Knowing this beforehand will put you ahead of the game and there is nothing wrong in admitting your shortcomings and looking for a viable solution. There are other affordable alternatives that you can rely on to minimize spending unnecessarily.
You can control and manage impulse purchases and still keep to your budget by shopping at affordable retailers with high-quality products. There are a plethora of options available to you that may not be on your radar which you can pursue.
For example, you can find premium prescription sunglasses and eyeglasses online for a more affordable price than buying directly from your eye doctor. You’ll also have more options in terms of frame design and color, as well as customizing the product to your personal preference, such as adding polarization and light protection. You also don’t have the stress of talking with a sales associate like you would in stores.
Be Aware of Finances
Being aware of finances means you need to have clear financial goals. These should be goals that are realistic for you to achieve and within your reach. It’s the easiest way to avoid impulsive buying and keeping within your budget. With clear goals for spending money, it becomes easy to maintain your eyes on the prize, thus avoiding impulse purchases.
Also, clear financial goals give you time to think about where you could invest or use your money. The motivation behind meeting your financial goals is an excellent way to avoid impulse buying. Without proper financial goals, you will feel more unsure and guilty after impulsively buying if you don’t know if you can afford it.
Becoming an Intentional Consumer
These are just some ideas you can use to accommodate impulsive purchases and be an intentional consumer. Your budget and financial decisions play a major role. With the methods listed, you can easily accommodate impulse purchases in your budget and end up saving more in the future.