How To Overcome Making Impulse Purchases – Launch FCU – Annemarie DellaGuardia, REALTOR®

How To Overcome Making Impulse Purchases – Launch FCU

Planning a budgetToday’s tip comes from Launch Federal Credit Union‘s Tuesday Tip

Having technology at our fingertips makes shopping online fast and convenient; however, it also makes impulse buys that much harder to resist. During the holidays it’s easy to forget our budget and make purchases for our loved ones. This Tuesday Tip will help teach you how to avoid impulse buys so you can enter 2019 with more money in the bank!

Five Tips To Curb Impulse Buying

1. Make A List
Impulse buys frequently happen when we don’t make a list. We’ve all been there, you walk into the store to purchase a handful of things to make for tacos and you end up with dessert for the week, that movie you’ve been wanting but you know you won’t get around to watching, and a back massager that was on sale. STOP! Make a list before you leave the house and STICK to it. Walk in, get what’s on your list and walk out. It’s that simple.

2. Budget
Creating a budget can help curb your impulse buys. However, if you’re one of those people who will end up making these purchases anyhow, add it into your budget for the month under miscellaneous purchases. This way you won’t be caught off guard at the end of the month and you can still satisfy your urge. Once you hit your limit, stop and wait till the next month to make additional purchases.

3. 30-Day Plan
A tactic that works for many people is the 30-day plan. Once you see an item you think you must have, record it and wait 30 days. If you still really want it after 30 days have passed, then go ahead and make the purchase. This time frame tends to help stop impulse purchases you may regret later, and it allows you time to add the purchase to your budget.

4. Create Financial Goals
Creating goals is a healthy habit. It helps you have something to work towards achieving and can be a great motivator! Another helpful tactic in curbing impulse buying is creating financial goals that may require some time of saving. Whether it’s a house, a new car, moving to a new state, or saving (x) amount for retirement, document it for later. Create a physical copy of your list and keep it somewhere to help remind you when you feel like making a purchase you may not need.

5. Rewarding Yourself
If you reward yourself with purchasing items, try finding other ways to create the same effect! Finding cheaper alternatives to your current spending will help you achieve this. Some examples could be:

  1. Buying your favorite dessert or cooking your favorite meal
  2. Plan a poker or movie night with friends or family
  3. Plan a beach day
  4. Take a nature walk
  5. Brainstorm new affordable hobbies

Of course rewarding yourself only works if you’re not spending as much as you were before. Try to cut your impulse buying budget in half and use that amount towards these cheaper alternatives!