How To Stop Impulse Buying: Tips And Tricks

Have you ever made a spontaneous or emotional purchase with little to no consideration? Standing in the checkout line and tacking on a pack of gum, putting a pair of jeans in the cart when all you came for was to exchange a shirt, or getting some retail therapy after a long day would all qualify as impulse buying – and making a habit of this behavior can put a serious strain on your finances.

If you’re guilty of routine impulse spending, you’re not alone and you’ve come to the right place. Let’s take a closer look at what impulse buying is, discuss why it’s a problem and tips to help you break the habit.

What Is Impulse Buying?

Impulse buying is the act of spending money on anything without careful thought and consideration. When you buy impulsively, you make a purchase that prioritizes your satisfaction in the moment without evaluating the consequences of the purchase later down the road.

This type of spending is often emotionally driven and gives consumers a temporary sense of gratification. Impulse spending might be motivated by a lack of self-control, a sale or promotion, or even the brand of the product. Sometimes, those promotional emails or a bad day at work get the best of us.

Why Should You Stop Impulse Buying?

While you may feel entitled to frequently treat yourself with your hard-earned money, impulse shopping can eat a big chunk of your finances. In fact, 73% of shoppers in a 2022 study said the majority of their purchases were impulse buys. According to the same survey, the average person spent $314 on impulse purchases each month in 2022. And, the frequency of impulse purchases is increasing as well – not just the amount of money spent.

It may come as no surprise that the money going toward impulse purchases is money that could go toward paying down debt or building your emergency fund. Especially if you’re using credit cards, racking up bills from impulse buying can dig you into a deep financial hole that’s difficult to come out of. Fortunately, you can break this bad habit in several ways – which we’ll consider next. 

9 Tips On How To Stop Impulse Spending

Ready to stop impulse buying? Here are some practical tips and tricks to get started.

1. Create A Budget

Without a budget, it’s easy to spend irresponsibly or tack on unplanned purchases. Laying out a budget gives you a framework to keep your spending in line. While many personal budget templates are available, it’s important to personalize your budget to suit your financial situation and work for your goals. Different types of budgets are available to get you started, including the 50/30/20 rule and the 80/20 rule.

Dedicating portions of your budget to specific spending areas and debts can help you avoid tacking on unplanned items. This is where the Rocket Money^SM app can especially come in handy. It allows you to create your budget and track your progress so you have a better chance of sticking to your plan.

2. Use Cash

The cash-only budget, otherwise known as the budget envelope method, is another strategy for reducing impulse buying. Some consumers who limit their spending to the cash they have on hand find that they spend a lot less than when they use debit and credit cards. That’s because you’re actually watching the amount of cash you have dwindle, and it makes you think twice about whether you really need to part with it.

But as with any budgeting method, there are both pros and cons of the budget envelope system. While some people find it easier to save money and have better visibility into how much they spend, others might find it harder to keep track of their spending with cash. Some folks are also uncomfortable carrying cash around and find that many places don’t accept cash at all, which can make this method challenging.

3. Stop And Think

As simple as it sounds, you might avoid impulse buying by simply taking a moment to really consider the pros and cons of your purchase. After all, impulse buying stems from a failure to think the purchase through, so why not stop yourself before you get to the checkout line and determine whether each item in your cart is a necessity?

Ask yourself: “Do I really need this? Is it worth it? Is there something else I should spend this money on or save for?” Pondering these questions will help you reconsider a purchase and possibly put it back on the shelf.

4. 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. If you’re stressed or sad, you might try to make up for it with shiny new gifts. If you’re tired, you might be less inclined to spend time considering your purchases. If you’re hungry, you might add on more snacks and new foods.

Try to be clear-headed when you make a purchase of any kind. Perhaps that means shopping in the morning before work so you’re not tired or on edge. Or maybe you find it’s best to shop after a workout when you’ve released some stress.

5. 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.

Instead of driving over to your local clothing store when you’re bored, take a walk or check out a store with items you’re not tempted to buy.

6. Postpone Your Purchase

If you’re not sure whether a purchase is an impulse buy, hold off. Put it back on the shelf or store it in your “save for later” folder. If you’re still thinking about it in a few days, maybe then go back and get it. After a few days pass, you might find that you don’t have the same urge to spend or you’re in a better state of mind.

Give yourself a waiting period for any unplanned purchase. Whether it’s 1 day or a week, delaying your purchase can end up saving you a lot of money.

7. Try A No-Spend 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. In other words, you’ll pay to cover your rent or mortgage, utilities, phone bill and any other necessities, but you’ll skip take-out orders, going to the movies or splurging on a new pair of shoes.

This challenge allows you to prioritize responsible spending and save money on purchases you don’t need to make. Any money you don’t spend can go toward other goals, like paying off your student loans or building up your savings account.

8. Remove Your Saved Card Info

Many of us know how easy it is to order online with just a click of a button – your card information is saved and ready to go. To make it a bit more difficult, remove your card information from anywhere it’s saved. That way, when you want to order an item, you’ll have to reenter all your card information.

This gives you a moment to consider whether this purchase is really worth the money and the time spent reentering your information. When the process is no longer effortless, you might second guess an impulse purchase.

9. Unsubscribe From Your Favorite Retailers

Sometimes you have no intention of spending money, but an email pops up showing you a promotion on one of your go-to buys. You might as well stock up, right? Retailers are only getting smarter – and they document your purchases and send hard-to-ignore promotions for your favorite products.

This is why it’s crucial to unsubscribe from text alerts and newsletters from your favorite stores. If you aren’t aware of a sale, you won’t fear missing out on it.

More Simple Tricks To Stop Impulse Spending

Below are some other simple ways to stop impulse spending. You can try these when the methods above don’t cut it:

• Bring a shopping partner. If you’re going to a store where you notoriously overspend, bring along someone who’s a good influence. Encourage your shopping partner to hold you accountable for making responsible purchases.
• Shop with a list. Before you go shopping, make a list of the items you need. Push yourself to stick to these items to prevent any unplanned purchases and rule out the potential of overspending.
• Set clear financial goals. To stop impulse shopping, you need to have something to work toward. Whether your hope is to pay off credit card bills or save for a down payment on a house, set clear financial goals to stay motivated.
• Allow yourself some discretionary spending. Remember, you’re allowed to treat yourself every now and then. When you create your budget, set aside some money for occasional non-essentials that both bring you joy and fit within the monthly budget.

The Bottom Line

While you’re entitled to reward yourself with your hard-earned money from time to time, it’s important to be able to identify impulse buying and put a quick stop to it. When impulse shopping begins impeding your ability to achieve financial goals, use the budgeting tips and tricks we’ve reviewed here to spend responsibly. When you’re ready to create a personal budget, sign up with Rocket Money to efficiently manage your finances.