Imagine yourself looking through a grocery shelf online when all of a sudden your eyes jerk to that attractive dress. You previously saw it on your favourite influencers and believed it would fit you well, and now it is staring at you. The prize is so mouthwatering that you simply cannot afford to pass it by.
This is one of the most alluring methods in modern marketing and e-commerce. They practically force people to buy on impulse. These efforts are skillfully planned to specifically target the unsuspecting. This tactic is used by everyone, including media advertisements and shopping websites, to appeal to your natural want for more.
The reality is that most firms are quite skilled at what they do and can get your attention for things you hadn’t even anticipated.
Many people think that impulse buying is acceptable and harmless, but if it becomes a habit, it can have a negative influence on your finances. Most individuals rarely think about their finances while making impulsive purchases, and frequently, what first appears like fun turns into a financial nightmare for a variety of reasons.
Can you picture spending your money on products you didn’t budget for because they felt nice to you, only to discover that you have already gone over your budget, forcing you to borrow to cover other critical expenses? It appears to be rather foolish right? I believe you can relate to it.
However, if you find yourself frequently buying goods you didn’t budget for or buying things you don’t need, there are some practical strategies to break the pattern and spend your money sensibly.
In this article, you will know exactly what impulse buying is all about and some practical ways to break off this seemingly harmless habit. Read on.
What is impulse buying?
Impulse buying is the sudden and impromptu purchase of any good or service that is not within your budget. Think of impulse buying as an urge, or a craving to satisfy your want for something you desire and afterward create logic for it.
Impulse buying is different from normal purchases primarily because they are not consciously planned out. This type of buying happens in a moment without thorough logical consideration, and it is difficult to resist and control. Impulse buying is regulated by emotional impulses like anger or a great feeling of joy.
From research, it was found that the female genders are more engaged in impulse buying because of their inclination to be more emotional. Buying on impulse may have saved the day on one or two occasions, however making it a habitual way of life may put your finances in jeopardy in the nearest future.
Wayst to curb impulse buying
Here are some suggestions that will help you to curb and bring impulse buying to a possible end.
1. Set a definite monthly budget
The First step in overcoming this habit is to set a daily, weekly, or monthly budget and follow it religiously. Be sure to take account of all your spending and expenses so that it does not exceed the amount already allocated for each day.
Here is where self-discipline comes in. Having set these budgets, you must be disciplined never to exceed them.
If you have money left at the end of the month, put it into a savings scheme or your retirement account.
The secret about this strict budgeting will help you to monitor your spending and at the same time show you your weaknesses. This will help you to be more accountable to yourself.
2. Draw up a shopping list and be disciplined to follow it
To Stop impulse shopping is quite easy with the right willpower. Willpower is needed to control your spending habits and the most effective way to do that is to create a shopping list and stick to it. And most importantly, you must go on with the list while shopping or surfing online shelves.
Ensure you stick to the items you have planned for, and be wise to go to the shop that sells the items you budgeted for. You must avoid buying items you want, and rather go for items you need. Remember there is a difference between needs and wants.
3. Reduce your use of cards, especially for online shopping platforms
Credit or debit card use makes people very vulnerable to impulse buying. Virtual shopping removed the hassle of going to physical shops and waiting in endless traffic, unfortunately, this has encouraged impulse buying over the years.
To discourage impulse buying, it is advised you engage more in offline buying and though this may seem to be inconvenient, it is a worthwhile effort to check your spending habits. This way, you will be in control of your finances.
4. Create a savings plan
Have you heard the saying that when there is no budgeting, every money received is a surplus? Creating a savings plan will help you allocate money to where it is only needed. The psychology of this is that with a savings plan, your money is already reduced.
This will create a sense of awareness in your mind to be careful, otherwise, you might run into a deficit. The bigger the savings goal, the less opportunity, and the inclination to impulse buying.
Also, you must create a savings plan that deducts the percentage automatically from your account. You can contact your account manager or a financial advisor to help you with that.
5. Avoid buying in group
Sometimes, peer pressure may be a reason one engages in impulse buying. It is easy for a fellow to cajole you into buying an item you might not need.
And because you want to protect your ego, or maybe you don’t want to feel left out, you end up buying. So avoiding shopping in groups may help you control your spending habits.
Today’s world makes it even harder to resist the quest for impulse buying. But why destroy your finances because of your lack of discipline? With so many shops displaying alluring items, and many advertisements orchestrated just to make sure you spend more it feels almost impossible to say no, but you have the choice to say no.
If you are genuinely interested in curbing impulse spending and taking back control of your life and finances, then you should consider those clues and follow them religiously.