5 Tips to Help Limit Impulsive Spending

5 Tips to Help Limit Impulsive Spending

Impulse buying is the leading cause of your credit card debt, and the reason you can’t afford to take a vacation every year. However, it didn’t stop you from buying that brand name pair of boots now did it?

Sure, it’s easy for someone else to say just don’t reach for your credit card every time you get a shopping itch or a hankering to buy lunch instead of eat that sandwich you brought with you to the office. Yes, saving does take a little bit of self discipline, however, it’s more about implementing a few strategies to help you curb impulse spending when the temptation hits.

Here are five strategies to help you curb impulse spending…

1. Come up with alternative ways to burn off stress

It’s easy to justify buying that new dress that you look so good in after you’ve had a terrible day at work. An impulse buy might be a temporary fix, but believe me when I say that a hasty purchase won’t cheer you up in the long run. Instead, make a rule to spend when you have and implement alternative methods for dealing with stress in your life—for instance, call and vent to a friend, go for a run, take a yoga class, or cuddle up on the coach with your cat and a hot cup of tea.

2. Only spend what you have with you

We all say that we’ll save the credit cards for emergencies only. However, we all reach for our cards on a whim when we’re out for drinks, at the mall, and suffering a hunger craving mid-workday. If you don’t want to over-charge, try leaving your credit card safely out of reach—or at home. Bring the amount of money you want to spend in cash and that way there won’t be any temptation to swipe that card!

3. Develop a budget—and stick to it

Think of a budget as your financial blueprint—it will give you perspective on what you spend today—so you don’t jeopardize your financial future tomorrow. A budget will keep your finances in check for when it for those expensive investments—such as a vehicle, a vacation, or a first home.

4. Steer clear of extravagant friends

We all have that one friend (maybe even a group) who continuously tempts us to spend more than we can afford. It might be expensive dinners, shopping sprees, electronic gadgets, or trips to the spa. However, there are healthier ways to spend time with our friends and we don’t always have to spend money to enjoy time together. For instance, my friends and I have implemented dinner parties, movie nights, and spa treatments at each others’ homes in order to save.

5. Learn to avoid temptation

I didn’t know why I was constantly tempted to shop online until I realized that I received about a dozen electronic emails from stores on a monthly basis. Unfortunately, thanks to email subscriptions, I was constantly bombarded with the latest deals and fashions from my favorite retailers—from Topshop to Amazon, and from Target to H&M. That’s why I did my finances a favor and unsubscribed from monthly emailers.

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