At some point in our life, we are guilty of impulse buying. It happened not just once, not just twice but many times. Impulse buying can really affect us financially. It can destabilize our financial status by spending on those unimportant things. Making purchases without proper planning.
So if you are guilty and want to overcome it, here some ways to avoid impulse buying.
Ways To Avoid Impulse Buying
1. Make a budget and stick to it.
Do not underestimate the power of budgeting. A budget is very important in order to take control of your money. You are designating your money on where to go – how you are going to spend it. When you do not have one, you will not be able to maximize your money’s value.
But do not just make a budget, you must stick to it also. It takes discipline to follow your budget. When you have one, you have a guide on where and how much you will spend.
2. Keep your goals in mind.
When you have a clear goal in your mind, you can stop the urge of buying unnecessary pieces of stuff that do not directly correspond to what you want to have in the future. Let’s say you want to start your dream business. When you think about it, you can stop the urge to buy those things that will not really matter in the long run.
It is really important also that you know how to make a financial goal properly. You should have a plan laid down on how to attain those goals. After setting your financial goals, you need to FOCUS.
3. Don’t go to the mall or check online retails especially when you are bored.
Are you bored? Going to the mall just to kill your boredom is not a good idea. Or even just checking online shopping store. There’s a chance that you will purchase some stuff that you do not really need.
Can you really resist those SALES? Those tags saying 30 percent off? Those are designed to exploit your weaknesses.
When you have free time, use it wisely. Develop a new skill. Read books or blogs, watch videos or listen to podcasts that can help to develop you more.
4. Calculate how much work it would take to pay for the item.
When buying, think first how long do you need to work to be able to pay the price. Does it only require you to work only for hours, days or weeks? Or maybe, it will take months and even years? Working that long in order to be able to buy it. Is it really worth it?
Think about this. Buying the latest phone worth Php 35,000, how many days will it take for you to be able to have that much money? Are you willing to trade your time for that phone?
5. Plan your purchases.
If you are planning to purchase a large amount of money, plan it carefully. Include it in your budget, make some necessary adjustments on it. For example, you want to buy a new refrigerator. How much money can you spare to buy a new one? How much money can you set aside weekly or monthly to attain that amount of money?
Planning before taking a large purchase is important since it can affect your other financial goals. Without carefully taking it into consideration, you may end up short with the money that you need to resort to debt.
6. Ask questions.
Ask yourself before buying. What are the benefits if you are going to buy it? Can it improve your life? Will it help you feel better? Balance the pros and cons before buying.
You need to evaluate first before you are going to buy it. After thinking it many times, purchase it if you REALLY NEED it not just because you want to have it. And not just because you have some spare money.
7. Shop with the right companion
Though some people prefer to be shopping alone, most people want to shop with friends or with a family. However, you should have the right companion when shopping. They can make you spend less or more. So, next time when shopping brings the one who is frugal. Someone who is good at making a decision on what to buy and not to buy.
8. Shop with a list.
Before going to a grocery store, make a list of what you are going to buy. Just make sure that everything you need is on the list. When at the grocery store, buy only what’s on the list. This can help you to avoid buying unnecessary items and even saves you time.
The shorter the time you are in the grocery store, the lesser the chance you will be tempted in buying unimportant items. Bringing a shopping list is one of the best ways to avoid impulse buying.
9. Use a waiting period rule.
Whenever you have the urge to buy something, create a rule to give yourself a time to thoroughly think about it. It can be a day, a week or even a month. The longer you can wait the better. There is a chance that your urge to buy will be gone.
Use also that time to thoroughly think why you need to buy it or not. You will have sufficient time to evaluate it.
10. Reevaluate what you already own.
Assess what you already have. There are some things that you can still make use of what you previously bought. Some items that can be used as an alternative. Or it is still in good condition or it may need some minor repair that you do not need to buy a new one. Analyze first if where you can save money, to buy a brand new or just to make some minor tweaks on what you already have.
11. Plan your splurges.
Give yourself also permission to spend. After working hard and those stressful days, you also deserve to treat yourself. But make sure that you include it and it is within your budget that it will not have a great impact on you financially. So, if you want to travel plan it ahead.
Of course, as much as possible it should be in a frugal and creative way. You can opt to go mountain climbing or hiking which can be good also for your health. You can visit your salon and do a make-over. Simple things that you really enjoy doing.
12. Give yourself a no-spending challenge.
Challenge yourself not to spend money within a few days, within a week or even in a month. Put a note where you can easily see it remind you. Make it a game and it can be fun.
This challenge can be:
- ) Do not eat outside especially at fancy restaurants and only cook your own food.
- ) No buying of clothes within 60 days.
- ) Do not watch movies in the cinema within a month.
13. Only shop with a clear head.
Are you stressed? Or not having a good day? You are having a difficult time due to many problems – personal life and work-related? Do not shop because you can be irrational. Clear your mind before buying anything. You cannot think well and you may just spend most of the money to relieve your stress.
14. Never shop for entertainment.
You must not entertain yourself by shopping. It is a dangerous thing to do. There are a lot of ways to entertain yourself. You can try to develop a new skill or a habit. You can try gardening in your backyard. Grow your own vegetables. You can save money and you can be sure that the vegetables are fresh. Learn to cook or bake. This can be your additional source of income in the future.
15. Think about your last purchase regret.
Have you experienced it before that after purchasing you regretted it? You bought a high-end phone but you felt remorse after some time. Later on, you realized that the money you spent could be used in a more meaningful way. You can add it to your savings in order to start your business later on. Or you can add it to whatever investment you already have. How did you feel about it? Remember those feelings – guilt, unhappiness, dissatisfaction.
Conclusion
The above list of ways to avoid impulse buying will still be useless if you do not have self-discipline. Remember, these are just guides. And guides are nothing if you do not follow them. You must have self-control and be determined to overcome impulse buying.
How about you? How did you overcome impulse buying? Do you have any tips or other ways to avoid impulse buying that you can share? Comment it below!