How to Avoid Impulse & Emotional Shopping
Impulse and emotional shopping can wreak havoc on your finances, leaving you with regret and unnecessary expenses. CSE is dedicated to helping you make smarter financial choices, and in this article we’re focusing on how to control those impulses that might lead to overspending. Shopping can be fun and even therapeutic, but it’s important to stay in control and avoid those purchases that can hurt your financial health.
Here are a few simple tips to help you stay on track with your budget:
1. Fund a Prepaid Card for Shopping
Allocate a specific amount to a prepaid card each month strictly for shopping. By doing this, you limit yourself to a set budget, ensuring you can’t overspend or dip into savings or rack up debt on a credit card. A prepaid card acts as your buffer against impulse buys, and when it runs out, it’s time to stop.
2. Make a Shopping List and Stick to It
Before going to the store or browsing online, create a list of what you actually need. If it’s not on the list, it’s likely a want and you can try to avoid purchasing it. This method not only keeps you focused on necessities but also gives you time to consider whether those extra items are truly needed.
3. Implement a "Wait" Rule
If you find yourself wanting to buy something on a whim, some people have a wait rule. Your wait time may be anywhere from 24-48 hours, up to 30 days, depending on what the purchase is for or how strict you want to be. Giving yourself time to cool off may change how you feel. After your wait period, reassess whether you still want or need the item. Many times, the urge will pass, and you’ll be glad you didn’t make the purchase.
4. Avoid Shopping When You’re Emotional
Shopping when you’re stressed, sad, or bored can lead to emotional spending. Try to recognize these triggers and find healthier ways to cope, such as exercising, journaling, or talking to a friend. Redirecting your emotions can help prevent unnecessary purchases and racking up debt which often leads to more emotional stress.
5. Unsubscribe from Marketing Emails and Alerts
Companies are constantly trying to lure you in with tempting deals and promotions. By unsubscribing from marketing emails and turning off sale alerts, you remove the temptation. Out of sight, out of mind!
6. Don’t Save Your Payment Info Online
Having your payment information stored on websites makes it far too easy to make impulse buys. Taking the extra step to enter your card details every time can give you another opportunity to think twice before making that purchase.
7. Shop with Cash Only
Leave your credit and debit cards at home and take only the cash you’ve budgeted when shopping. This forces you to stay within your spending limit since you can’t overspend if you don’t have the funds with you.
8. Set Short- and Long-Term Financial Goals
Having clear financial goals, like saving for a vacation, emergency fund, or retirement, can keep you motivated to save instead of spend. Every time you’re tempted to make an impulse buy, think about how it might delay or disrupt achieving these goals.
Taking control of your spending is all about mindfulness and self-control. By implementing these tips, you can reduce impulse and emotional shopping, saving more money in the long run. At CSE, we believe in empowering you with the tools and knowledge to make better financial decisions, you got this!
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