How You Can Learn to Control Your Impulse Spending

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Did you know one of the most profitable products at the supermarket are the candy bars, sodas, and magazines near the checkout line? That’s why they’re placed there, in the hopes that you’ll make the impulse purchase. In fact, the average American spends $276 a month on impulse buys. This equates to $3,312 a year and close to $200,000 in a lifetime.

It’s easy to justify purchases in the moment, but when we look at our credit card statements and wonder where all the money went, it can be a real wake-up call. Don’t worry; there are ways to control your impulse spending. Here’s how you can make sure you’re not overspending on items that don’t help you reach your financial goals.

Recognize your triggers

The first step in controlling your impulse spending is to recognize what triggers it. Is it seeing something online? Is it walking into a store and seeing an item on display? Retail stores know how to target shoppers, which is why some of the most appealing items are placed at eye-level on the shelves, aisles, and near the cash register.

Identifying the triggers that cause you to make impulse purchases can help you avoid them going forward. This will allow you to prepare yourself mentally when these situations come up, so you won’t be tempted to spend more than necessary. Here are some of the most common triggers:

A good sale: Stores know that we often can’t pass up a great deal, so we are more likely to make the impulse buy. Nearly two thirds (64%) of shoppers buy things on impulse because they don’t want to miss out on a deal.We love it: Who doesn’t love shopping? It releases dopamine, making you feel good in the moment.Our emotions: Marketers know to appeal to our emotions. Especially when we are having a bad day, there’s nothing like shopping to help cure the blues!Our past: Maybe we’re used to rewarding ourselves or never truly learned how to manage our finances. It can become a big problem if not kept in check.

Track your spending

Once you have identified your triggers, start tracking your spending for a few weeks or even a few months. This will help give you an idea of how much money is really going out each month and where you could cut back if needed. You may be surprised by how much your small purchases add up over time.

Keeping track of your expenses can also give you insight into which expenditures are necessary and which ones aren’t. This can be helpful in determining whether an impulse purchase is worth making. Fortunately, there are budgeting apps that can track this for you. These apps can also give you spending insights to help you plan, as well as send you alerts about your spending habits.

Prepare ahead of time

An impulse buy is when you buy something without planning ahead of time, so one way to avoid impulse buying is to plan for any potential purchases that might come up. You will be less likely to overspend and you can add more obstacles between you and the item you want to buy. Want an item that just popped up in your email? Before hitting “buy,” have a rule in place that you will wait a day or unsubscribe from the email list. After the initial dopamine rush, the impulse desire may no longer be there.

If you know that you’re an emotional shopper, don’t shop when under those conditions. If you have issues with control, bring someone with you to help hold you accountable. Leave your credit cards behind and only take the necessary cash you need to buy what you planned for. If you know there’s a sale coming up at one of your favorite stores, decide how much money — if any — you’re willing to spend during the sale beforehand. By doing this, you’ll be more likely to stick to your budget and keep from indulging in unnecessary purchases.

Another part of a good plan is allowing some room in your budget to have some fun. That way it isn’t an impulse buy, but a reward you budgeted for. Can’t live without a product you want? Do some research and find out if you can get it for free instead. You might also consider boosting your income to better afford your shopping habits.

Controlling your impulse spending habits doesn’t happen overnight; it takes time, dedication, and practice. However, with some self-reflection and preparation ahead of time, it’s possible to learn how to manage these temptations so that they don’t derail your financial goals. By recognizing our triggers, tracking our spending, and creating a plan, you can ensure you meet your financial goals while still enjoying life’s little pleasures along the way.

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