This post shows you strategic tips to help you stop impulse buying!
Can’t stop buying things online? With an increase in social media algorithms tailored to you, the urge to buy is greater than ever!
It’s no secret that many of us have been spending more time online lately. And with technology, companies are getting to know you more than ever and targeting you with exactly what you want.
Before you know it, you’re impulse-buying yourself into debt without even realizing it.
Don’t guilt yourself. The system is designed to give you instant gratification, also known as “dopamine hits” every time you click the button to buy.
But notice how that initial feeling of excitement never seems to last?
Hence, the buying loop and never-ending cycle. When you understand that the key to stop impulse buying is more mental than the actual act of spending, you will be able to change your behavior.
The most important thing to remember is to control your money and don’t let it control you!
It’s all about strategy and telling your money where it’s going. Once you figure that out, you will never feel deprived again.
What is the Root Cause of Impulse Buying?
Let’s go beneath the surface to dissect why so many people fall victim to impulse buying.
Impulse buying is the act of making a purchase on a whim without thinking.
It’s a matter of biology for the most part. Impulse buying stems from your brain having less dopamine or “pleasure” and seeking ways to get it.
There is no planning or logical reasoning for the purchase. In the moment, your emotions take over and you buy something that you usually don’t need.
Impulse buying doesn’t discriminate and can happen to anyone in any category, at any income level!
What to Do When You’re an Impulse Buyer:
- Identify Your Triggers. Pay attention to how you feel when you feel the urge to purchase something. If you’re feeling sad or lonely, put down the phone and pick up a pen and journal or enroll in therapy.
- Do No Spend Challenges. Doing small challenges throughout the year makes not spending feel less restrictive and you become aware of your habits.
- Make Lists Your Best Friend. Make a rule that you can’t go shopping until you have a list of things you want vs. need. Once you’re out shopping, make a commitment to not stray from the list.
How to Stop Impulse Buying: 10 Ways to Trick Yourself to Spend Less and Earn More
1. Pay Yourself First, Every Time You Get Paid
I send money on auto-withdrawal to a separate savings account. This helped me save money when I made a game out of how little I could live on, every payday.
Read: How to Stop Overspending Your Budget: 10 Ways That Actually Work
A couple of times I end up having to transfer some money back but most of the time, it’s out of sight and out of mind.
If you get paid $2K, transfer $100 to savings. Pretend you only got paid $1900. I found it easy to adjust to living off the new amount!
I budget for the new number and allow room for impulse purchases at times but once I started to see my savings grow bigger, the urge to buy grew weaker over time.
2. Get Your Dopamine Kick from Somewhere More Productive
I’m working to spend less time on my phone but I figure if I’m online, why not put use my urge to buy somewhere more productive?
Right now, I don’t have a car payment. Instead of spending the extra $300 on clothes, I’ve started to invest money into crypto every other Friday.
It’s a new asset class and I love watching the ebbs and flows. The small amounts of money put in can potentially build real wealth in the long-term.
Obviously, investing is a risk. But if you have patience and a long-term vision, this method could truly pay off.
3. Learn the Art of Delayed Gratification
The beauty of shopping online is the power of putting things in your cart and waiting.
There’s no rush in buying the product unless it went viral and demand is high, which you means you shouldn’t be buying it in the first place!
In store, you would head straight to a register to check out but online with delayed gratification, you can wait a few days before asking yourself:
“Do I really need this?”
More often times than not, the answer is no.
But you still receive the dopamine kick from putting the item in your cart and you didn’t have to spend a dollar. It’s a win/win.
4. Pay With Cash
I have a monthly budget that I follow every month with $200 for spending money on absolutely anything I like.
The trick is to take out the amount in cash instead of swiping a card.
I notice when I see the money actually leaving my wallet, I tend to think twice on purchases I’m making, even if it is considered “fun money.”
Many times you’ll find that most things you think you want; if you wait a little bit, that initial feeling of excitement goes away quickly.
I’ve even had months where I was able to rollover my fun money into the next month, allowing me to purchase something more satisfying.
5. Make Yourself Jump Through Hoops and Barriers to Buy
Part of the problem with impulse spending is that companies use psychology making it easier for you to buy.
Things like Amazon 2-day shipping, Apple Pay, auto-filling in credit card information so you can buy in one-click; these are all tactics of manipulation being used.
If you must buy, make it as hard as possible for yourself!
Cancel the subscriptions, take yourself off the email lists. Before you purchase, make yourself get up off the couch, find your purse with credit cards, and put in your info manually.
By the time you get to the last screen, you’ll find those initial feelings of excitement have faded away when time to finally purchase.
6. Start Thrifting to Learn the Difference Between Cheap and High-Quality Things
One thing that seriously changed the way I look at my spending habits was when I bought a house.
I had just dumped my savings for a down payment and was shopping for things to furnish my space. I felt so broke because of how everything was ridiculously expensive.
As someone living on one income, I immediately had to find another option.
And that’s when I was introduced to the world of thrifting.
Imagine my shock when I noticed that things I bought while thrifting were actually of higher-quality.
And cost less!
Once you find quality items sold for less that’s what’s being priced in stores, you’ll never spend extra on cheap junk ever again!
7 Order Groceries Online to Stick to a Monthly or Weekly Budget
While shopping for clothes and make up is criticized online, I don’t find this to be true for grocery shopping.
When I used to live in Minneapolis, I loved having Instacart for groceries.
Obviously because of the delivery, but also because I could write my list and see the prices of everything beforehand to meet my monthly budget!
Several stores offer online grocery shopping as an option now with apps and you can also use digital coupons to save even more.
9 Write Things Down to Make Them More Real
I always say everything is just an idea floating in the air until it’s written down. Then, it’s real and in the universe.
Write it down in a notebook every time you buy something, whether it’s groceries or a tube of lip gloss. Record every single thing for an entire month.
Then go back through your list and determine what are needs vs. wants and highlight the differences accordingly.
When you compare and contrast the numbers, list of things you need, or don’t need, it opens your eyes to reality and how drastic the changes are that you need to make.
10 Decide If It’s Worth It to You Based On Your Lifestyle
Only you know your lifestyle and budget. Based off of that, determine your own prices regardless of what the sale tag says.
For example, I have friends who would easily drop $100 for a pair of jeans.
Me? I would never pay $100 for jeans. Heck, I wouldn’t even pay over $30 for jeans. And I stick to that. I get my Levi, YMI favorites at the thrift store or Marshall’s.
Being frugal no matter how much money you make is the one of the best personal finance tips to remember. It’s how the wealthy, stay wealthy.
