How To Stop Impulsive Spending & Quit Crazy Spending Habits Fast!

Ever wondered how to stop impulsive spending?

Or why you keep spending money on things that you never planned to buy or things that you really didn’t even need at all?

Then keep on reading because,

In this post, I will be sharing with you useful tips you need to stop impulsive spending.

Without further Ado…..lets get straight to it

What Is Impulsive Spending?

Impulsive spending is simply the tendency for a customer to buy a product or service that they didn’t initially plan on buying on the spot,

This tendency is usually influenced by emotions or things we see.

Reasons Why We Spend On Impulse

Here are the main reasons why people spend on impulse :-

1. The Feeling of Need

This is when we have managed to convince ourselves that we need something that we really don’t need at all and so find reasons to go ahead to purchase it,

This type of impulsive buying is usually inspired by our wants,

It’s the simple ability of mentally pushing an item on our “wants” list into our “needs” list just so that we can purchase it.

2. To Save Money

Most times when people spend money on a product or service on impulse,

It’s because that particular product is on a sale or is discounted,

At the time they usually don’t realize that they are buying on impulse because they feel that they are saving money that they would have spent in future to purchase that product.

3. To Portray or Keep Up With A Certain Lifestyle or Class

This is when you spend money on unplanned vacations or unplanned shopping sprees etc

That you otherwise wouldn’t have taken just because you want people to see you as rich or envy your lifestyle or even keep up with a public image.

4. Shopping Addiction

Most of the time when people spend money at the snap of their fingers, its because they have a shopping addiction that they aren’t aware of,

These type of people find it very easy to make spending decisions simply by looking at an item or being offered a service.

5. Shopping Buddies

You stand a higher chance of spending money on things that you wouldn’t normally spend on if you are with your friends or shopping buddies because everyone is buying something

And you don’t want to be left out,

Sometimes they even pull you into getting things that you can both own example bonding over twin outfits.

6. Emotional Feeling

Sometimes when people go on an unplanned shopping spree,

It’s because there’s something on their mind that they are trying to get off,

It may be a broken heart, a distracted mind or even anger over a recent incident,

And they are trying to take this feeling away by spoiling themselves with that fancy new dress or that trip to the spa.

Signs You Might Be An Impulsive Spender

1. You convince yourself you need things that you clearly don’t need easily.

2. You always take advantage of sales or discounts.

3. You feel like you have an image to uphold.

4. You buy things without planning for them.

5. You buy things because your friends are buying them.

6. You spend money based on how you are feeling at the moment.

How To Avoid Impulsive Spending

In order to avoid spending money impulsively, here are ways you can avoid it…

1. Avoid going to shopping malls or visiting eCommerce websites

2. Make a budget of things you clearly really need and can’t do without.

3. Put big purchases on a wait-list, say 2 weeks?

4. Avoid going shopping with your gang.

5. Stick to your budget at all costs.

6. Always use a spending tracker when you go shopping.

Effects Of Impulsive Spending

When you spend money impulsively, here are some problems that you are most likely to run into…

1. You have to spend more money later on to buy things that you really need.

2. You end up not using the things you have bought for a really long time.

3. You regret spending money unnecessarily.

4. You may have needs that you cant meet because you spent the money meant for it.

5. You find it harder to save money.

How To Stop Impulsive Spending

Alas, all hope isn’t lost, there’s still a way that you can stop impulsive spending and they are…

1. Make a budget of the things that you can’t do without and set money aside for them

2. Go shopping with a spending tracker and tick off every item purchased as you buy.

3. Go shopping alone or with someone who will remind you to stick to the budget.

4. Try your best to stick to your budget.

5. Avoid shopping when you are upset or emotional.

6. Have a waiting period of at least 2 weeks before you spend money on big purchases.

7. Avoid sales or discounts except they are on items on your budget list

8. Avoid taking your credit card along with you, spend in cash.

9. Take only the amount needed for your purchases

10. Don’t buy things that you can’t buy twice.

Conclusion

Don’t be too hard on yourself,

It’s part of life to spoil yourself from time to time, especially when its unplanned, so don’t go blaming yourself if you don’t stick to the budget sometimes.

It’s all part of what makes life “life”, plus you can always try next time!

Try not to make decisions on a whim,

Instead give yourself time to know if you really need the product or service that you want,

If you still can’t do without it after your waiting period then go ahead and make the purchase.

I hope this post helps you control your spending habits,

Here are some really great tips to help you manage your money properly to avoid impulsive spending.

Don’t forget to share this post to someone you know who needs it and leave a comment below letting me know which of these methods of controlling impulsive spending have worked for you!