Impulse Spending: How to Break the Habit and Boost Your Savings

Impulse Spending: How to Break the Habit and Boost Your Savings

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We’ve all experienced it—you pop into a shop for one thing and end up leaving with a bag full of items you didn’t plan to buy. Spontaneous spending is one of the major obstacles to saving money, and it can easily disrupt your money goals if you’re not cautious. The good news is that breaking the impulse spending habit is possible, and with a little self-control and a few practical tips, you can start increasing your savings and making smarter financial decisions. The key is to understand the causes behind your spending and replace those habits with smart, savings-focused actions.

The first step to curbing impulse spending is to make a financial plan and adhere to it. Knowing exactly how much money you have available for discretionary spending each month can help you fight the temptation to make unplanned buys. When you see something you want to buy, take a break—pause for 24 hours before making a purchase. This gives you time to think about whether you truly want it or if it’s just an impulse. In most cases, you’ll find that the want to spend lessens, and you’ll save yourself from unnecessary spending.

Another great tip is to reduce opportunities for temptation. If internet shopping is your downfall, unsubscribe from promotional emails and delete stored payment info from free online financial money advice your favourite shopping websites. If you tend to buy without thinking in person, shop without credit cards and shop with cash instead. By adding obstacles to purchases, you’ll have more time to consider what you’re buying and avoid falling into the impulse spending trap. Breaking the habit may take time, but the long-term rewards—increased financial security and reduced money anxiety—are worth the discipline.