How To Stop Impulse Buying

Sun, May 2, 2010

Budgeting

For some people, shopping is a form of therapy. Others get obsessed with big ticket gadgets and always feel the need to get the latest and greatest toy. It seems innocent, but this can be a real problem and prevent you from using that money in a much better way. To keep yourself from making such impulse buys, you must train yourself to change the process you go through when thinking about a purchase.

The first step is honestly asking yourself whether it is a need or a want. If it is a want, you should lean towards not making the purchase unless you can honestly justify its intangible value to you.

Next, you have to put yourself on probation. Every unnecessary purchase should be buffered with a mandatory waiting period you give yourself to think about before you buy. Try 2 to 3 weeks to start out with, especially with big ticket items like electronics or high end designer fashion products. If you have difficulty sticking to the waiting period, enforce it on smaller and smaller items like t-shirts, for instance, until you have a handle on your compulsion.

With practice doing this, you will have better control over yourself and will save a load of money in the long run. It is not to say you should never make a purchase for personal reasons, but it is always best to be in control and understand what is going on. That way you see things for what they are and can begin using money in better and better ways.

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6 Responses to “How To Stop Impulse Buying”

  1. Amanda Says:

    Serve as a wake up call for shoppaholic like me. Actually, cutting down my credit cards work perfectly fine to me. Now, I’m starting to cut down on my non sense spenditures.

    Reply

  2. I need money Says:

    I think this is very useful info.
    I followed the steps you show on this blog and I have really tried to stick with it.
    I have cut my impulse spending down by about 50%
    Thanks
    Your the greatest

    Reply

  3. Lisabeth@Cheap Loans Says:

    Thankfully, I don’t have that problem. I impulse-buy desserts instead! Not as expensive, thank God, or else I’d be in trouble.

    However, I do have a friend who can’t resist shopping almost every time she goes out. If the item’s on a sale, she’ll buy it – whatever it is. She thinks she’s saving money, but my logic is you still have to spend money, though, and it can quickly add up. I think she’s addicted to bargains. I really don’t think she needs half of what she buys.

    Reply

    • admin Says:

      Right. I mean a pretty good rule of thumb is that if you end up with less money than you started with before making the purchase, you’re not “saving money”.

      Reply

  4. Lisabeth@Cheap Loans Says:

    Yeah, I hear you. And I agree.

    I do tell her now and again. But she’s grown, so she’s gonna have to learn her own lessons. I’ll be there either way.

    Reply

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