Have you ever walked pass a confectionery store only to end up with a chocolate cake you didn’t plan for? Or visited a retail store because you need a pair of new shoes only to return home with multiple shopping bags containing shoes, bags, clothes and even sunglasses? If yes,then you can be referred to as an impulse buyer.
Impulse buying is an unplanned decision that occurs when you make purchase of a product suddenly and instantly without prior intention. It starts with some sort of temptation that is mostly triggered by the shopper’s emotional state which could either be positive or negative.
Impulse buying is an habit that can have a negative consequence on your finances because it makes you lose track of your spending and you end up spending more than you are expected. Getting rid of this habit isn’t a one time thing but there are several little ways that you can deal with it which can help you control buying on impulse.
The first and most important thing you need to practice is self control. Learning to override your emotions and automatic behaviors and not acting on them instantly is the best way to deal with impulse buying. However, you can practice self control by doing the following:
1. Have a shopping goal
You can do this by creating a shopping list whenever you have cause to shop either online or in store.
2. Track your spending
Creating a budget and following it religiously helps you track your spending and therefore, you don’t get to buy anything you didn’t budget for.
3. Put Spend Limits on your Card
Another way to control your self when going to shop is to prepare in cash the amount you will be needing for the things you plan to buy and leave your credit card at home.
4. Shop with an Accountability Partner
Get a shopping partner whenever you go shopping to keep tabs on you. This partner can be your friend, spouse,children, colleagues or other members of your family.
5. Shop Only with Cash
This may be difficult but it is helpful to shop your goods and products with cash
Impulse buying is not always a good thing, but while trying to deal with your impulse buying habit, do not go too hard on yourself. Take it one step at a time, and in no time you will gradually be able to exhibit self control even in the most tempting situation. Remember that eliminating impulse buying is a great way to take control of your finances and put your money into better investments.
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