How To Stop Spending Money On Impulse Buys

Save money on impulse buys

The average U.S. consumer spends $5,400 a year on impulse buys. [1]

How’s that for an eye-opener? Think about the above statement. If a person only makes $30,000 a year, that means they’re spending about 20% of their income on impulse purchases. What on earth? If only there was someone to teach us how to stop spending money on impulse buys! Don’t worry, I got you covered. I’m going to share with you 5 best practices to help you curb impulse purchases and keep your money!

Ask yourself this one question.

Is it a want or a need? Technically speaking, the only things we really need are water, foods, clothing, and transportation. Ask yourself that question before giving in to that appealing purchase that probably won’t satisfy you for long.

Think about it. How many things do we buy that we end up forgetting about later? We’re better off just leaving it on the shelf. If you find something that you really want, apply the next tip.

Sleep On It.

When you really want something, hold off on buying it. You may change your mind later and realize it was an emotional feeling you felt. On the other hand, if you still want the item a few days from now, then go ahead and buy it. Most of the time, impulse purchases are things we don’t really want that bad. They’re just things that end up in the cart without us realizing it.

By waiting it out, you can do research and try to find the item for the lowest price possible. Plus, buying things in the spur of the moment can lead to us spending money on bad quality items.

For example, not too long ago my son broke our TV. So of course, my husband wakes up early in the morning to buy a new one. He got a Walmart brand TV for cheap, brought it home, and found that the quality was horrible! He ended up returning it and buying something else.

In this case, we knew we needed to get a TV. However, by not waiting and doing research it led to wasted time. Holding off on a purchase and doing research on an item before you purchase will always be a good thing. Read more