Let’s be honest — we’ve all had that one thing that we were never planning to buy but ended up buying anyway, perhaps because we thought we needed it or saw the deal was too good to ignore.
Well, we call that impulse buying — a type of purchase that occurs without premeditation and is often fueled by an emotional pull.
And get this: it’s a common trap that has snared a staggering 84% of all shoppers at some point in life, as per Invesp.
A huge number, right?
But did you know that a good number of these impulse-buying decisions end up in regret? That’s true, and the same report by Invesp backs this up. As per the report, 46% of men regret impulse purchases, while women are the hardest hit by regret at 52%.
The solution? To avoid impulse buying in the first place.
But how do you do it?
Well, in this article, we’ll examine some of the best techniques that you can deploy to help you steer clear of impulsive buying habits.
From simple tricks like making a shopping list to more complex strategies like understanding advertising tricks, you’ll be able to take control of your spending habits and avoid making regrettable purchases.
So, let’s dive in and discover 15 brilliant hacks that will help you curb your impulsive buying tendencies.
1. Make a Shopping List
The first technique that will help you beat impulse buying is creating a shopping list. It’s already a common practice, but we still have a few people who prefer not to use a shopping list while shopping.
So, if you are among them, it’s time to ensure that before heading out to the store, you have everything you need listed down. You can create one on physical paper or, even better, have it noted down on your mobile device.
A shopping list ensures that you remain focused on your shopping goals and priorities without getting swayed by impulses. A study by Psychology Today revealed that people who make a shopping list are more likely to make fewer unplanned purchases.
Just ensure that you stick to it. Otherwise, the whole essence of having one will be defeated.
2. Set a Budget
A budget is a great financial tool that can help one keep their expenditure appetite in check.
When you have a budget in place, you know how much to spend and what you can afford, ensuring that you give items that matter the most a priority and little to no room for impulse buying.
Surprisingly, even with the numerous advantages it offers, only 41% of Americans use a budget, according to GitNux — perhaps the reason impulse buying is still a common shopping malpractice.
So, how do you set a budget?
Well, you can stick to the 40-30-20-10 budget rule, where:
- 40% of your income goes to necessities like rent or mortgage, groceries, and utilities.
- 30% goes towards wants like dining out, hobbies and leisure activities.
- 20% should be directed towards savings and debt payments.
- The remaining 10% is used for investments.
The key idea here is to allocate a specific amount for each category and stick to it. This way, you are unlikely to make impulse purchases that will blow your budget off the roof.
unlikely to make impulse purchases that will blow your budget off the roof.
3. Use the 30-Day Rule
Just saw a nice dress and felt like you’d look good in it? Maybe you suddenly must have the latest phone model, or a new pair of shoes that you saw your friend wearing?
Well, it’s normal sometimes to get hit by these sudden urges.
But before you reach out your pocket for whatever you suddenly want to buy, take your time. If it isn’t a very pressing need, take up to 30 days. Do you still feel like purchasing it after this period?
If it still is, then proceed and get it. This time, it will not be an impulse buy; it will be a well thought-out purchase.
4. Avoid Shopping When Emotional
Some people tend to indulge in shopping when they’re feeling low. If you’re one of them, then it’s time to you learn to avoid shopping when you are feeling emotional.
Just like hunger, your emotions can cloud your judgment and make you feel that purchasing something will make them better. But this usually isn’t the case.
More often, you’ll end up buying what you’ll later on regret. You’d rather avoid shopping altogether in moments when you feel low. At least wait until you’re stable and can make more informed purchasing decisions.
5. Opt for Cash Over Card Payment
With the advancement in technology, online payment is becoming popular while cash is slowly fading.
But did you know that cashless payment methods are more likely to fuel impulse buying over the traditional use of cash to pay for goods?
That’s right! A report recently published by Forbes shows that 52% of people are more likely to fall into impulse buying, while only 24% give in to the same while using cash.
Why? Because if we have to deal with cash, then we’re less likely to carry a lot of it with us, and especially for security reasons, so room for impulse buying is minimized. That’s unlike cashless payment that gives you access to a large amount of funds.
6. Pay In Hours Instead of Currency
Chances are that you’re wondering how this process works. Well, it’s more of a perspective that you need to embrace when buying something.
What paying in hours simply means is that you start thinking in terms of time than money. In other words, don’t judge the cost of an item based on the price tag in dollars. Instead, think about the number of hours you’d need to work to pay for it.
This perspective helps you take a step back before buying anything to first consider whether whatever you want to buy is worth the amount of effort and time you put to earn it. If not, then you’re better off without it.
7. Unsubscribe from Retail Mails & Messages
Retail stores have now embraced the practice of sending emails to their customers informing them of the newest stock and promotions.
While these messages and mails are all great for informing you what’s hot, they can sometimes serve as a stimulus for impulse purchases.
How about you opt out? It may mean missing out on some crazy offers, but trust me, you’ll end up saving more than if you were to fall for every ‘limited time offer’ that comes your way.
Plus, it gives you peace of mind knowing that you’re not constantly bombarded with promotional messages and temptation to make impulse buys.
8. Delete Shopping Apps
Most retail stores are now switching to using Apps to sell their products to customers. In fact, stats by eMarketer shows that a whopping 74% of consumers use retailer apps when shopping, up from 65% reported just a year earlier.
Now, while these apps make online shopping more convenient, let’s be honest; sometimes the temptation that comes when those notifications come knocking can be hard to resist.
So, how about uninstalling those apps?
It may not sound the best idea, but it will save you a bundle in the long term. You’ll still be able to shop online from a browser, but at least with the absence of notifications and easy access via an app, you’re less likely to fall for impulsive buying behavior.
9. Carry A Reminder
Sometimes it’s the seemingly small things that have the most significant impact when it comes to helping you curb impulsive buying behavior.
For instance, if you often struggle to beat the temptation to buy impulsively, carrying a reminder on your wallet can help you maintain your buying sanity.
It could be a note from your loved one asking you to think twice before making any unplanned purchase, or even a picture of something you’re saving money to buy in the future.
The idea is to have something that will help you think from a broader perspective before making any impulsive purchase.
10. Unfollow Social Media Accounts That Trigger Impulsive Buying
Does your stimulus to buy something sometimes come from the posts you see on Instagram? Maybe you’ve followed several social media influencers and are day in day out pumping you with the latest releases and trends.
As much as you’re following these accounts on your social media, chances of you not indulging in impulsive buying are very slim.
The solution? To unfollow them! It might not sound like the best decision, but for your financial life, it will do you a world of good.
You can still keep tabs on the latest trends and releases by browsing through these accounts’ content from time to time, but at least you won’t be constantly bombarded with new products that will trigger impulsive buying.
11. Review Return Policies
How often do you check the return policies of a product before buying it? As per Wifi Talents, only 67% of shoppers are bothered to read a product’s return policy before making a purchase. If you’re among the 33% who never visit the page, it’s time you sparing a few minutes to check the page before you place your order.
So, what does reviewing return policies has to do with curbing impulsive buying? You may ask. Well, when you know that you can’t return an item, that might quench the urge to buy it in the first place.
Plus, knowing that you can return an item without any hassle provides a sense of security and assurance that in case regrets creep in, then you can easily reverse the decision and have your money back.
But again, this doesn’t mean that you buy things impulsively with the intent of returning them later. It’s best and less time-consuming if you can avoid the impulse purchase in the first place.
12. Shop Less Frequently
How often you shop can have a significant impact on your impulsive buying behavior. If you’re constantly visiting the stores or checking out online shops, chances of stumbling upon that “hot deal” are very likely, making impulsive buying hard to resist.
The solution? Reducing the frequency of your shopping. Check out the stores and websites only when you have a specific item in mind that you need to purchase. This way, you’re less likely to make unplanned purchases and end up overspending.
13. Reward Yourself (But Not With Shopping)
Still, rewarding yourself for staying on track with your financial goals can go a long way to help cultivate good buying habit. However, it doesn’t have to involve spending money and buying things you don’t need.
Instead, think of other ways like treating yourself to a day at the spa after successfully sticking to your budget for a month, or taking a weekend getaway with friends after meeting a savings milestone.
By rewarding yourself without involving impulsive buying behavior, you’ll not only stay on track financially but also train your brain to find joy and fulfillment in non-materialistic things.
14. Learn to Distract Yourself
When you have the urge to buy something impulsively, how about distracting yourself by engaging in other activities?
Choose the things you love doing and make them your major distractors. It could be reading a book, listening to music, or any other healthy habit that brings you pleasure. Doing this will help you clear your mind and shift your focus from buying.
According to research conducted by Journal of Consumer Psychology, it takes about 20 minutes for an impulse to subside. So, spend at least this amount of time to distract yourself and see if the urge persists after that time frame.
Chances are, it will disappear, and you’ll end up saving money instead of making an impulsive purchase.
15. Seek Out Support
Sometimes the knowledge we have is not enough to help us navigate some situations in life. So, if you feel that you’ve done your best to beat impulsive buying behavior, but you’re still struggling, don’t shy away from seeking external aid.
Help from family and friends can go a long way to help. Share your goals of saving more money and avoiding unnecessary purchases with them so they can hold you accountable.
Sometimes seeing things from someone else’s perspective can help you think twice before making any impulsive purchases.
Conclusion
In conclusion, impulsive buying behavior is a common habit among shoppers. Even worse, it’s expected to become even more prevalent owing to the rapid rise of online shopping and growth of targeted ads.
But here is some good news: Impulsive buying isn’t an invincible practice. With our hacks alongside the right determination, discipline, and mindset, you can steer clear of it and end up spending your money in what will bring you long term satisfaction. Keep practicing the hacks provided and watch your savings grow!
