9 Tips to STOP Impulse Buying

Often we buy things and then it turns out later, that we didn’t need it at all. This is an expensive, wasteful, and an overall bad habit. Here are 9 tips to curb unnecessary spending.

You should know these tips because they will save you time and money. You will be happier and trust yourself more. In the end, you will have more pride in the few things that you do buy.

Tip #1: Know what you already have - Take inventory of what you already have so you know what you have and don’t end up rebuying things. This helps you prevent waste and give you an opportunity to find things to donate, sell, or throw away.

Tip #2: Stop temptations - After seeing an advertisement for a product or the product itself, it makes us want to buy it. To prevent buying these products, do look at the advertisements and don’t be shopping around unnecessarily. Keep in mind that coupons and sales may not always be worth your money and get you to buy things you don’t need or won’t use.

Tip #3: Practice delayed gratification - Impulse buying is a major problem that contributes to buying things that you don’t need. When you find yourself wanting to buy something you don’t need, wait at least a day before you actually buy it. Often you will realize that you don’t care much about what it is that you want to buy. Not only will it save you money, but delayed gratification is a great skill to know.

Tip #4: Think about why you are buying - Stores use psychology to trick you into buying things that you don’t need. Don’t let these stores fool you. Also, don’t buy things that people you know are buying without good reason. Before you buy something, think about why you are buying and think of a few good reasons why you need it. If you can’t do this, then you likely don’t need it.

Tip #5: Have a budget and set financial goals - Using a budget can limit how much you spend on certain things. You can also implement Dave Ramsey’s envelope system to be able to see your spending limit. If you are likely to use a debit or credit card once you run out of cash, you may want to go cashless altogether. Unfortunately, you do not get the ease and perks of cards, but at least you won’t be spending money unnecessarily. Like a budget, goals can help you spend less as well.

Tip #6: Think about how much you have to work to afford what you are buying - This can help you realize that what you are buying may not be worth your time and money.

Tip #7: Buy quality - This is not saying to buy, but instead if you do have to buy something, be sure to buy quality. It may cost a little extra money, but you likely wouldn’t have to rebuy things soon after.

Tip #8: Share a purchase, borrow, or rent - If you have the opportunity, buy a larger purchase with someone else. This can be a cheaper alternative. Likewise, borrowing can be much better than buying. You don’t have to pay for it or maintain it. If neither of these are an option, renting can be a good option.

Tip #9: Be grateful - Be grateful for what you already have. This can help you have a greater appreciation for your money.

[GenZInvestor]

I have strong impulse control myself! But I will have to share this tips with my girlfriend!

[KenanGrace]

Great video! I posted a finance video on my channel and it linked me to yours. I’m glad it did. I look forward to seeing more videos from you and staying connected!
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