REFLECT BEFORE PURCHASING
Getting into the habit of slowing down and reflecting before making an impulse buy can be a big money-saver. Is this item a want or a need? Can I afford it without sacrificing something more important? Will this bring long-term value and satisfaction? These are some of the questions you should ask yourself before making that purchase.
STICK TO A SHOPPING LIST
Before heading to the store or browsing online, make a shopping list of items that you genuinely need. A shopping list provides a clear plan for your shopping trip, eliminating ambiguity and reducing the chances of being swayed by impulses.
PRIORITISE CLEAR FINANCIAL GOALS
Envision your ideal financial future and set clear goals. Instead of simply saying you want to save money, set a specific target, such as saving one million within the next year.
USE CASH
The cash-only budget is another strategy for reducing impulse buying. That’s because you’re actually watching the amount of cash you have dwindle, and it makes you think twice before buying unnecessary things when out for shopping.
SHOP IN THE RIGHT STATE OF MIND
Because impulse buying is usually an emotional or rash decision, it’s important to be in the right state of mind when shopping. Try to be clear-headed when you make a purchase of any kind.
AVOID TEMPTATION
Another way to eliminate bad spending habits is to avoid the temptation to spend frivolously. Whether your go-to outlet is online shopping or your favorite local clothing store, try restraining yourself from heading to the store or visiting the website where you’ll be tempted to make an impulse purchase.
TRY A NO-SPENDING CHALLENGE
A no-spend challenge is when you designate a certain time period where you only spend on your living expenses. During this challenge, you don’t spend anything on nonessentials.
