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Break The Impulse Buying Habit

I’m sure we’ve all had the experience of buying something on an impulse or a whim. Some people to a greater degree probably than others, but we’ve all done it. Whether it’s randomly buying a DVD because you saw it on a sale rack or picking up a Snicker’s bar in the checkout line, it’s something that you don’t need, didn’t plan on buying, and most likely wouldn’t miss had you never bought it to begin with. I’ve also seen some quite extravagant impulse buys such as new TVs, appliances, and jewelry. So here are a few ways to stop making unnecessary purchases and break the impulse buying habit.

1. Make a list and stick to it. This applies mostly to grocery shopping, clothes shopping, or other similar outings. For larger purchases a list would just be silly since there would probably only be one thing on it. However, no matter what you’re shopping for, decide ahead of time what it is you’re going to purchase, and don’t come back with anything else. Doing this relies on your will power and fiscal determination. If that’s not enough then you’ll need to keep reading.

2. Reward yourself for not spending. I’m not talking about making one frivolous purchase as a reward for not making another one, but rather to save what you would otherwise have spent. It goes something like this. Whenever you find yourself about to buy some unnecessary item, instead of actually buying it, keep track of the price of the item. Then transfer whatever amount into your savings account (which you should already have set up). The reward is watching your account balance grow faster than before.

3. Don’t be afraid to return things. Sometimes you won’t catch yourself before the purchase is made; it’s human nature. But just because you’ve bought something doesn’t mean that you have to keep it. As long as you haven’t used the item and you’ve got a receipt you should be able to get your money back. I’ve talked with plenty of people who have kept things they don’t need or really even want simply because they’re too busy or embarrassed to return it. Don’t be one of these people.

These are some ways that you can begin to break the habit of making impulse purchases. Ultimately though, you’ve got to find what works for you. Not everything works for everyone. So what are some things that help keep you from making random purchases?

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5 Comments so far »

  1. by RacerX, on March 7 2008 @ 11:08 am

     

    #2 is very smart…Great Idea.

    Great way to force new habits.

  2. by Linking Around in Busy Busy Times | Personal Finance Blog by Money Ning, on March 9 2008 @ 10:31 am

     

    […] Musings tells us to break our impulse buying habit and even shows us a few ways to […]

  3. by Raspberry, on March 9 2008 @ 6:32 pm

     

    I used to be a horrible impulse buyer - a trait I inherited from my Father. He is still pretty bad, but he can afford to come home with things he wasn’t planning on buying. Nevertheless, my Mom trys to discourage this by doing all the shopping herself. Although I always knew I had this bad habit, it never really bothered me until I met my husband. He is very financially minded and when we got engaged I had to make some major changes. I am happy to report that I have been cured - I no longer make impulse purchases because I always think about what else that money could be used for. And these three points are great advice.

  4. by Jon, on March 9 2008 @ 7:06 pm

     

    Great post. I use to be quite bad making impulse buys as well. But in the past 2 years, I have been a lot better. Having bigger goals, like buying a new car or a new house really help you stay focus on the bigger picture. So I would say that making a bigger more detailed plan for the future as keep me on track and I have saved a lot overall.

  5. by fiscalmusings, on March 9 2008 @ 8:02 pm

     

    Thanks everybody for commenting. It can be really difficult to break the habit, but it’s definitely worth it.

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