Impulse
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Spending
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Impulse • Spending •
Impulse Spending
We’ve all been held victim to an impulse purchase. You walk into Target for a bottle of face wash and walk out with two new shirts and a pair of earrings. Even though impulse spending makes us feel better in the moment, it can quickly start to drain your bank account. Impulsive spending wastes money you could otherwise allocate someplace else and over time, the amount of money you waste will pile up!
Why do we buy impulsively? Being aware of the habits that drive us to spend our
money in this way can help prevent impulsive buys in the future. Click on each item to learn more.
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Shopping releases a ton of dopamine! Dopamine is a chemical in your brain that makes you feel good and drives you to seek out rewarding experiences. Buying something can be a release of emotions and provide comfort.
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Phrases like “Spend X more dollars for free shipping!” are classic impulse buy traps. While it feels like we’re saving money, we often end up spending more than we intended on things we don’t really need.
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Our emotions heavily influence our shopping habits. You might buy a candy bar to lift your mood today, but over time, this pattern can escalate into more significant, costly habits. Recognizing emotional triggers can help us avoid letting our feelings dictate our spending
Heres a tip:
If emotions drive your spending, consider a free alternative. If you are mourning a clothing item you didn’t buy, ask your friend to borrow one of theirs. If you are upset and looking to spend money, try calling a friend or family member to cheer you up. Hopefully these alternatives will mask the need to have a spending spree.
So, how can we try to limit impulse spending?
Create a Budget:
A budget is a powerful tool to organize your money and
make sure your purchases are intentional. If you anticipate occasional impulse buys, allocate a small portion of your budget for them. While it permits a less-than-ideal habit, it keeps your spending within controlled limit. Just be sure not to exceed what you’ve set aside!
Unsubscribe:
Removing flood emails from stores promoting their products and “limited time” deals will slowly remove those items from your consciousness and reduce the urge to act on them.
Limit Social Media:
Social media can be one of the biggest drivers to our impulsive spending tendencies. Just because an influencer declares something is cool doesn’t mean you need to drop everything to buy it! Removing targeted content from your everyday scrolling may limit your urge to purchase.
Walk Away:
The best way to limit your spending is to see if you can live without it. If you notice you are about to buy something impulsively, put it back. If you find yourself thinking about it all week and regretting the decision, go buy it–now you know it is something that will add value to your life!
