Impulse Buying: Why We Do It and How to Stop

We've all been there before. You see something you want and you buy it, only to regret it later. Whether it's a new outfit that you didn't need, or an expensive gadget that you could have live without, impulse buying can be a real problem when it comes to saving money. But it doesn't have to be! Here are a few tips to help you stop impulse buying and start saving your hard-earned cash.

What is impulse buying?

Let's say you're out shopping and you see something that you just have to have. It's not something that you need, but you want it and you want it now. This is called impulse buying, and it's something that we all do from time to time. But why do we do it? And how can we stop? There are a few reasons why we impulse buy.

Why do we do it?

Impulse buying is one of the most common mistakes that people make when it comes to their finances. It's also one of the most difficult habits to break. So why do we do it? There are a few different reasons why people tend to impulse buy. For one, we live in a culture that encourages it. We're bombarded with ads and messages telling us that we need to buy this or that in order to be happy, successful, or attractive. Another reason is that buying something can be a quick and easy way to boost our mood. When we're feeling down, we often turn to shopping as a way to make ourselves feel better. After all, who doesn't love a little retail therapy?! We often see something that we want and we don't want to wait to get it. We want instant gratification. Lastly, we may be influenced by others around us who are also buying things. So, what do we do about this not-so-healthy habit?

How to stop impulse buying

Here are 4 simple ways to break this habit:

• Make a list and stick to it when shopping.

• Use cash ONLY - take only what you need and you may want to leave the cards at home.

• Use the 48 hour rule to shopping - Any purchase over a certain amount (your choosing) requires that you wait at least 48 hours before purchasing. If the purchase is still on your mind after 48 hours, then just maybe this is something that really means something to you and will make a great buy. If not, don't worry about it... after all, you forgot about it anyway lol.

• Make a budget that includes a FUN category, so you don't feel so restricted. Learn to give yourself the freedom to spend money on things other than bills (as long as you ultimately are still honoring your money goals).

The best way to stop impulse buying is to be aware of what triggers it. Once you know what causes you to impulsively buy things, you can start to avoid those situations. For some people, that might mean not going to the mall when they’re feeling down, or unsubscribing from emails from their favorite stores. It’s also important to have a plan for what you’re going to do with your money, so you don’t end up spending it on things you don’t need. If you can be mindful of your impulse buying habits, you can start to control them and save money in the long run.

So the next time you’re feeling the urge to impulse buy, try to take a step back and evaluate what it is that you’re actually looking for. Chances are, it’s not the thing that you think it is. And even if it is, there are always better ways to get it than spending money on something that you don’t need and will only end up regretting later.

Challenge: Want to know how much your impulse buying is costing you? Grab a few colored pencils, markers or crayons. Print off last month's bank statement. Highlight EVERY line item where money came out of your account and it was NOT for: shelter, transportation, utilities, necessary food or a debt payment. Add up the total for the highlighted lines and enter them on the game changer, access it HERE, and find out just how much impulse buying is costing you. Let me know in the comments how you tackle impulse buying!