How to Stop Impulse Spending

 

Here are a few tips and tricks to get you out of that impulsive spending habit!

 

 

Sleep on it Rule!

If you find yourself itching to buy something you just saw, use the sleep on it rule! You might find you never really needed or wanted it as badly as you thought!

 

Avoid temptation

Would a recovering alcoholic hang out in a bar? No! As an impulse spender, you must stay away from temptation, aka shopping, malls, online shops and the like. Do something else at home that would occupy your time such as watching a movie or writing a journal!

 

Use budget leftover as pocket money

If you were dieting this would be what is known as a cheat meal! Set up an account for money leftover from your weekly or monthly budget and save it up to use as pocket money. So when you have the craving you have a little extra to spend without actually taking anything away from your budget.

 

Think about your finances

Try to imagine and picture out how long it would take you to pay off your debt if you give in and splurge. Think of how small of a budget you’d actually have left for your basic needs if you spend on something so expensive yet so unnecessary whenever you seem to want to spend on an item way beyond your means.

 

Keep a diary

Keep notes about yourself to know when or during what time you tend to overspend, overshop and overbuy. This can help you figure out your impulsive triggers and how to avoid them in the future.

 

Calculate costs using your work hours

If the impulse to buy tempts you, try and calculate how many hours of work you actually have to put in to pay for that item. Say, it costs 3000 PHP, now wouldn’t that cost you around 24 hours or 3 days of work to pay for such a fleeting thing? This would definitely work in shooing away those impulses!

 

Check your subscriptions

Do you have subscriptions for Movies, Music, Gym, Cable and Extra Data that you may actually not need? You may be paying for both Netflix and Hulu and still be purchasing Movies through Youtube and Amazon. Check these money leaks and try to weigh which ones you actually don’t need. You might amaze yourself from how much money you actually save when you’re not dripping money like a leaky faucet over your unnecessary subscriptions.

 

List List List

Make a list of what you really need when you go shopping for groceries. Stick to it and don’t stray.

 

Leave the cards when shopping

To aid your lists, only take the cash you need with you when grocery shopping or simply just shopping. This would help you to not take out any amount from your bank account once you see something you want while shopping for what you need.

 

Stop spending so much on food

Did you know that we spend most of our budget on food? Yes! And most of us don’t even notice it. So make a list of food you actually need in a week and if you can try to map out what you cook and eat during that week. Meal prepping is also advised.

 

Prepare your own lunch

To avoid spending on expensive brunches and lunch dates, try to cook, prepare and pack your own lunch for workdays. This would help you cut back on unnecessary daily food splurges like coffee, alcohol, smoothies, dips and side dishes. Did I mention, it’s healthier too?

 

Make your own guilty pleasure

Do you love iced coffee? Cake maybe? Or perhaps Pizza? Maybe it’s MilkTea you’re into? Whatever your guilty pleasure is, it’s so much healthier and cheaper to make them at home than ordering or going out to get them!

 

In with the new, out with the old

Try to get rid of an old thing you own every time you want to buy something new. See if you can sell them at online shops for second-hand items. This way, you earn as you spend!

 

Keep a reminder in your wallet

Keep a list of your debt or goals in your wallet to remind you every time you open your wallet! Worksevery timee!

 

Start a new hobby

Try and think of a new activity you can enjoy without spending such as volunteer work, gardening, walking, pet babysitting. Plus points if you can earn through them!

 

Ferds

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