How to Stop Impulse Buying and Become a More Mindful Spender

Do you often make purchases on a whim, only to regret them later? If so, you’re not alone. Impulse buying is a common problem that can lead to financial stress and a cluttered home. It’s easy to get caught up in the moment and give in to your impulses, but doing so can have long-lasting consequences.

In order to combat this issue, it’s important to develop a more mindful approach to spending. This guide will provide you with comprehensive steps and tips to help you break the habit of impulse buying and become a more thoughtful and intentional spender.

Step 1: Prioritise Your Spending

The first step to becoming a more mindful spender is to establish your budget and priorities for that budget. This will help you to avoid impulse buys and stay focused on your spending goals. Here are some tips to get you started:

• Allow for monthly fun money in your budget. It’s important to have some money set aside for discretionary spending each month, such as eating out or buying a new pair of shoes. Set a reasonable limit for your fun money and stick to it.
• Create a wish list. Prioritise your spending by making a wish list of items you want to purchase and rank them in order of importance. Focus on purchasing the items at the top of the list first, and only move on to lower priority items if you have enough money left over.

But how do you prevent yourself from straying from your budget and wish list? Read on for the next steps.

Step 2: Prevent Unnecessary Spending

To control the urge to spend impulsively, put some barriers in place:

• Avoid temptation. If you know that you’re likely to be tempted to buy something that you don’t need, avoid going to places where you’re likely to encounter those items. For example, if you’re trying to avoid buying clothes, avoid going to the mall.
• Delay the process. When you see something you want to buy, give yourself time to think about it. Delay the purchase for a day or two, or even a week. This will give you time to reflect on whether you really need the item and whether it fits into your budget.
• Remove any 1-click buying facilities if you shop online. It’s so easy to buy items in an instant; by removing 1-click buying, it creates a delay in purchasing, allowing some extra time to think about the purchase before it’s finalised.

These steps will help you to control the urge to spend impulsively, but what about when you’re ready to make a purchase?

Step 3: Ready to Buy? Question Why?

Before making any purchase, ask yourself these questions:

• Do I need this? Was it on my wish list?
• Can I afford it? Is it in my set budget?
• What is the long-term value of this purchase? Will it bring me long-term happiness?
• Can I find this item cheaper elsewhere? Do some research to make sure that you’re getting the best deal.
• Am I buying this to impress someone else? If so, why?
• Can I wait to make this purchase? If it’s not urgent, consider waiting a few days before making the purchase.

Asking yourself these questions will help you become more mindful of your spending habits and make more informed decisions.

Step 4: Reflect on Why You Bought an Item

If you do make an impulse purchase, take some time to reflect on why you bought the item. Was it because you were feeling emotional? Did you feel pressure to keep up with friends or family? Understanding the reasons behind your impulse buying can help you avoid making similar mistakes in the future.

Extra Tips

In addition to the steps above, there are other tips that can be useful to stop impulse spending:

• When you go shopping, bring your wish list with you and stick to it. Resist the urge to browse or window shop, and only purchase items that are on your list.
• Don’t rush into purchases that are on sale (just because they are on sale) as you may find that you never really needed the item in the first place. If is not on the wish list, don’t buy it!
• Avoid shopping when you’re emotional. When you’re feeling stressed, sad, or even happy, you may be more likely to make impulsive purchases.
• Use cash instead of credit cards. It’s easier to overspend when you’re using credit cards.
• Shop with a friend who will hold you accountable. Ask your friend to remind you of your budget and priorities if you start to get off track.

By following these steps and tips, you can become a more mindful spender and avoid impulse buying. Remember, it’s important to prioritise your spending, stick to your budget, and take time to reflect on your purchases. Happy shopping!

Impulse buying used to be a real problem for me. It was like a hobby! If I had no plans for the day, I would go to the shops to look around (dangerous!!!), I ended up with a wardrobe spilling out with clothes that were never worn. What do you do to prevent impulse buying? Let me know in the comments 🤍

Some further reading from Annuity.org: Financial Stress: The Relationship Between Finances and Mental Health