How to fix your impulse purchase problem….
Are you the type of person that is always purchasing something and then regretting it later? Have you tried to figure out how to avoid sabotaging your finances with those horrible purchases?
Luckily there is a relatively simple way to fix this issue to limit the purchases you will do in the future. Read on to figure out what adjustments you should make in your purchasing habits.
Step 1: Decide what purchases you want to restrict
Before you start to create a change in your habits, it is essential to know what kind of purchases you make that are harmful to your finances that you need to stop. These types of purchases could be clothing, shoes, purses, electronics. Maybe you like to buy games or expensive trips.
Regardless of your particular purchasing category, this system will allow you to change your habits around it.
Step 2: Decide what dollar amount acquisition is okay to make on an impulse.
Once you know which kind of purchases are harmful, you can decide what dollar amount threshold makes sense to allow yourself to buy on the spot to fulfill your impulses.
This is a crucial step because it gives you the ability to trick your subconscious mind. Giving yourself some leeway to make an impulse purchase, you mentally allow yourself freedom, which will help you stick with your new habits for the long term.
This can be anything you want, though it is often most successful if you choose approximately 25% or 50% of your typical purchase amount.
For example, if clothes are your thing and you would usually spend $100 on a pair of pants, you would allow yourself to buy a pair of jeans that cost $25 or $50, but anything beyond that would fall under your new habit.
Step 3: Decide how long to wait to make sure you are not making an impulse purchase.
This step is the one that will likely determine the success or failure of your habit changing journey and will require a bit more self-evaluation.
Some individuals find that their impulses will last for a few days, so they choose not to make any purchases unless they have thought about them for 3 to 5 days. Others notice that their impulses only last a few hours, so they choose not to purchase something unless they still want it 24 hours later.
Whatever your plan is, it is vital to create some way to track it. This can be as simple as writing yourself a note on your phone and putting the date and item you want to purchase. Then look back at your phone after the time you selected and decide if you still want that item.
The Wrap Up
Once you start postponing your impulse purchases, you will realize considerable savings in your life. It is effortless for us to rationalize how important it would be for us to get that new pair of jeans or computer, but in reality, we don’t need it, and we know we don’t need it.
By giving yourself a timeline to think about how valuable the item would be in your life, you give your mind the ability to stop thinking about the excitement of getting the latest and greatest shiny object and can think through how that item will impact your life.
