Picture this: You just discovered that you’re running out of toothpaste and toilet paper. You quickly dash to the nearest store to get some, so you don’t forget. You walk in, go to the toiletries section and pick up a pack of toothpaste and toilet paper.
You’re about to pay when you decide to add two chocolate bars and a bottle of yoghurt because you suddenly ‘decided’ you’re hungry. You leave the store with three more items than you planned. You know what you just did? Impulse buying. Oops!
Impulse buying or purchase means buying a product in the spur of the moment, without thinking and planning carefully. It involves emotions and feelings rather than critical thinking and decision making. While it might seem harmless at first, it will eventually have severe effects on your finances.
Here are some tips to help you curb this awful habit:
1. Don’t give in to pressure from friends
In most cases, you end up picking up items you don’t need when you go with friends or siblings. They might suggest random items on the shelves to buy, stating flimsy reasons why you should buy the items. If you notice this, it’s best to go solo. It’s easier to stay focused on what you planned on buying when you go alone.
2. Plan out your purchases
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Make a list of the items you truly need and take it with you. This way, you can discipline yourself from making ridiculous and unnecessary purchases.
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3. Take only the amount of cash you need:
Calculate the amount of money you need to buy the items you need and take that exact amount. Nothing more.
4. Don’t let emotions dictate your spending
You may be really excited because you just heard some great news, so you decide to reward yourself with something you don’t really need. In another case, you might be unhappy and having a rough day, and you just convince yourself to buy something you don’t really need as a form of therapy. Don’t do it. Issa trap! https://media.giphy.com/media/3oz8xt6aO8l4UjcnXa/giphy.gif
5. Minimise your online purchases
Shopping online is incredibly convenient and easy, as you can do it from the comfort of your bed. However, it’s easy to get caught up and end up making purchases without thinking about them. After all, it’s so easy, right? Plus, the ads are usually so tempting! With one or two clicks, you have tons of new items, many of which you might not actually need. If you discover that most of your impulse purchases are made online, it’s time to minimise your usage of those sites or simply avoid them.
6. Don’t go window shopping
If you love going window shopping to pass time when you’re bored, you might end up making certain purchases you might regret later. If you find yourself doing this, it’s time to find a new activity to engage yourself with.
7. Ask yourself some important questions
‘Do I need this?’ ‘Is it important?’ ‘Is this an urgent need?’ -These are some vital questions you should ask yourself before making any purchase. If you find yourself going back and forth answering the questions, it’s best to put the item down and walk away. Money saved.
8. Always have a budget
If you don’t have a budget, it’s time to create one. Plan out your expenses on a monthly basis and determine the necessities. It’s not enough to create a budget, you have to stick to it. This is a very important tool in financial discipline.
Impulse buying is one habit that’s usually hard to control. But with discipline and by applying the tips above, you’ll be able to conquer it. You’ve got this!
Have you ever bought something on impulse that you regret? Share your experience with us in the comment section below!
I once bought something on impulse buying and i regretted it, i bought something that i could not use and i gave it out. but after than it was hard to stop it , but this tips will help greatly…. thanks
Thanks