You know you have been there. You come across something that even if you do not need it, you consider buying it just so that you get a momentarily thrill.
You get home and consider all the positive changes the newly bought items could bring about in your life. However, they weren't something you needed.
Giving in to impulse buying is easy. However, it makes it difficult for you to control your expenses and might even burn a hole in your pocket. Not to forget, this habit prevents you from developing acceptable financial practices in the long term.
What is Impulse Buying?
Impulse buying can be referred to as the tendency of a person to purchase goods and items without advance planning. The marketers take advantage of this to boost their sales. They present a variety of items with the product that you actually need to make you buy impulsively.
Given below are some tips for you to avoid impulse buying:-
The 30-Day Rule
The 30-day rule goes a long way in helping you avoid the habit of impulse buying. Here's what the rule says, you can not buy any unnecessary item until you let 30 days pass.
You can make a list of items that you feel the urge to buy. Put this list on a refrigerator or a cupboard. Whenever you put an item on the list, mention the date.
After a month from the date has passed, look at the item again and figure if you still need it. If you do, go ahead and buy it. If you no longer are interested in that item, pat yourself on the back for not spending money on it.
You would also realise that the urge to buy some of the items vanishes if you stick with your 30-day waiting period. Hence, this rule helps maintain your budget.
Pep Talk Yourself Out Of Buying
You get the urge to buy on impulse only if you visit shopping malls or websites. So, avoid the urge from ever happening by not visiting the shopping places in the first place. Visit them only in cases when you need to buy necessities.
When visiting a shopping mall, carry a list of necessary items with you. Make sure you only buy the goods present on the list and nothing else. Rush out of the store the moment you get every item on the list and do not wander around.
Online retailers analyse your shopping habit and suggest products that you may like. When you are presented with such options, you are likely to give in to the urge of buying on impulse.
Ensure you do not use shopping as your pastime. When you are surrounded by the temptations of things that you want to buy, the urge to buy them only increases. So, it is wise to spend your free time in enjoyable places that do not involve retail.
Plan Your Purchases
It is a great habit to plan your purchases well in advance. It not only saves you from impulse buying but also helps you take charge of your expenses.
Go shopping with a list in your hand. See an item on your list? Buy it. See a commodity, not on your list? Don't buy it. It is as simple as that. Plan your shopping route in the store so that you get all the necessary items and not browse through stuff you do not need.
Developing this habit ensures you purchase more deliberately and less impulsively. Plan for birthday and Christmas gifts months in advance to avoid any sudden expenses.
Use No Interest Credit Cards
It is wise to consider a loan for a smaller amount by using no-interest credit cards. These cards help you maintain your budget as you don't have to worry about your purchases' interest.
Here are a few options for you to consider:-
Barclays Balance Transfer Platinum Card
This card offers you 0% interest on balance transfers for up to 21 months from the date you open your account. You also get 0% interest on purchases for your first 6 months.
Sainsbury's Bank Low Fee Balance Transfer Credit Card
This card offers you 0% interest on balance transfers for up to 18 months from the date you open your account. You also get 0% interest on purchases for your first 3 months.
M&S Credit Card
This card offers you 0% interest on balance transfers for up to first 16 months. You also get 0% interest on shopping for 18 months.
Keep Track Of Bank Reports
Impulsive buys hamper your monthly budget. One way you can take control of the purchases is when you are aware of where you are spending your money.
A detailed report about your spending can help you figure out where you can save money and hence avoid buying on impulse. Not being able to budget correctly can lead you to not meet your expenses and interests on loans if you have taken any.
That, in turn, leads to bad credit. This bad credit can affect you getting loans and all. You will unnecessarily have to spend on a professional guide to getting a loan with bad credit only because you did not keep track of your reports.
Avoid that and stay in budget with your bank reports.
Keep Your Goals In Mind
It is wise to have a clear goal in your mind, whether it is financial or otherwise. Do consider them before spending money. Your goals might need a fair amount of money.
You may plan to take a trip, or buy gifts for someone, or just have a certain sum of money in your savings account but unfortunately can not afford it. So, always keep your goals in mind before purchases because small impulse purchases add up to a considerable amount of money. Such a sum can prevent you from meeting your end goals.
Giving in to the urge of buying on impulse can be easy. However, you can control the urges by following this guide. Make sure to follow the 30-day rule. Steer clear of shopping malls and online retail websites.
You can and should plan your purchases and opt for no interest credit cards. Ask yourself questions and always keep the end goals in your mind.
Always remember, you are in charge of your expenses. A disciplined shopping habit helps you in not giving in to the urge of impulse buying.