10 Ways to Curb Impulse Spending

Financial tips

10 Ways to Curb Impulse Spending

Posted by Infinite Wealth Advisors, LLC
2 years ago | October 23, 2017

 

 

Senior couple using laptop at homeIt goes without saying that those who earn more money, have more to save for retirement. But whether you’re actually saving that money is a whole different story, isn’t it? We often find that those who earn more don’t necessarily save more, because they’re spending extra cash on impulse purchases instead.

Everyone wants to enjoy the fruits of their labor, but remember to “pay yourself first” by making retirement savings a priority. If impulse purchases are impacting your ability to stash money for the future, use these strategies to curb your behavior.

Shop only from a list. We spend much more when we go out shopping without a plan. So make a list of what you actually need, and promise yourself that you will stick to it.

Shop only with cash. Take enough money to cover those necessities, and leave the plastic at home. It will be virtually impossible to overspend.

Take your time. When an impulse strikes, take a week to consider the purchase. We live in a land of plenty, so that kitchen appliance or smart phone or new handbag will still be available next week if you really want it.

Read reviews. While you’re taking your time to consider a purchase, research reviews for the item online. You might discover that consumers before you have experience buyer’s remorse, and save yourself some money by avoiding a bad decision.

Reconsider those “good deals”. You aren’t saving money at a sale, if you purchase things you didn’t need (or won’t need in the very near future).

Don’t shop when you’re hungry, tired, or stressed. Any type of stress can impair your decision-making skills, so avoid the mall and super-stores when they’re crowded or you’re not feeling your best.

Identify free or inexpensive forms of entertainment. Often our boredom leads to compulsive shopping, eating in restaurants, going to see the latest blockbuster, and so on. It’s fine to splurge once in awhile, but ask yourself if these things really matter to you, or if you’re just bored.

Budget for special treats. You work hard, and shouldn’t have to live a life of constant deprivation! Set aside a little cash each week to a “mad money” fund, so that you can go out and splurge on your favorite indulgences every so often.

Ask about return policies. Before purchasing an item, ask about the store’s return policy. If you do feel buyer’s remorse later, you can undo your actions.

Craft a long-term financial strategy. It’s easier to stick to a goal once you have defined it. Call us to schedule an appointment, and we can help you develop a motivating vision for your financial future.

 

Have questions? Need assistance?

Use the form below to schedule an appointment.

Call 877-281-8282 or email kevin@infinitewealthadvisors.com to speak with an agent.