Are you an impulse buyer? Stop the habit with these 3 tricks

Shopping is a fun experience for most people and even small purchases throughout the day can boost your spirits. But impulse purchases can have a negative effect on your pocketbook and might be costing you more money than you’d expect. If you’re guilty of being a serial impulse purchaser, eliminate the habit by employing these three tactics.

Figure out where you impulse buy most

Before you can even start thinking about creating a new budget, you need to understand what you’re spending most of your money on every month. Apps like Mint or YNAB can assist you with this process. Once you see where that money goes, any problematic spending habits will become more apparent—what you thought was a harmless latte habit could be costing you hundreds of dollars a month. Once you see where you’re making the most unnecessary purchases, give yourself a limited budget on how much you can spend each month in that category and stick to it.

Think about what else you could do with the money you’re about to spend

That new golf bag in your local sports store is just calling your name—but is it really worth spending a cool $200 on? Instead of tossing it in your cart and hoping for the best, think about what else $200 could pay for: The family’s cell phone bill for the month, two tickets to that Broadway show that’s coming into town, or a week’s worth of groceries. Puts things into perspective, doesn’t it?

Calculate the cost per use

Sometimes it becomes more difficult to determine what is a worthwhile purchase and what is not, especially with big-ticket items. That’s where calculating the cost per use comes in. By taking the price and dividing it by the number of times you’re realistically going to use it, it becomes easier to determine what is a good investment and what is not.

For example, if your family eats waffles every single Sunday of the year, and you’re thinking about buying a $100 waffle iron rather than dishing out Eggo’s all the time, calculate the cost per use:  Divide $100 by the 52 weeks in a year and you have a cost per use of $1.92—and if that waffle iron lasts beyond a year, the cost decreases even more.

Of course there are some situations where calculating cost per use doesn’t make a lot of sense (while planning a family vacation for example), but it’s a good jumping off point for most purchases.

Cutting back on impulse purchases will save you a lot of money in the long run. So the next time you feel like whipping out your credit card, make sure you’re making a smart purchase that you won’t regret in the future.

2 Comments

  1. Im into the latest vitiams that seem to help but is in my head. I was in school and these had the four food groups on a plate. Im in a assisted living and they feed us potados bread little meat tea cake every other day and im diabetic. I watch tv see fish oil Vit d pills blueberry and they tell us all the benifits. I want to study online so the latest cell phone table and memory fastest and internet service thier a better one im aways looking. If the soil still had all the minials and the food did not have all the sweetners and watered down soil power milk. This is the age of fast food and more people are getting diabets because of the fastfood processed food with surgar corn oil to buy in large amounts at Sam Club. Than like other countries riding and walking to street markets fresh foods do they get more vitiams in thier food than Americans. Do American need to changes drinking tea with sweetner energe drink and soda that is to must caffen. Stop buying food with corn oil and perservitive to storage life. Like American drive to the store once a week getting ten bags of food a trunk load of food. Is thier something wrong with the American System. Compared to other counties. of walking more shoping more fresh food compared with our American way. We away watch tv for the latest cell phone internet ,tv ,in thier something wrong with this or should we wiat for years when the prices come down the get the best product?

    • America definitely sacrifices nutrition for convenience, and that can have a detrimental affect on our personal health. The best way to combat the issue is to start with ourselves first – be the change we seek in the world. Can we challenge our own selves to not sacrifice nutrition for convenience? Perhaps it’s not doing so 100%, but to find places in our lives where we can do better more often then not.

Leave a Reply

Your email address will not be published.


*