Be it grocery or clothes, shopping is a huge part of our lives. But us serial shoppers have it hard, more so when we're on the verge of going broke. Saving any money whatsoever can be really hard if you're an impulsive shopper. No matter what we do, none of us are immune to impulse buying every now and then. And while there's nothing wrong with it, it doesn't take too long for it to become a habit that can be harmful for your finances.
Impulse purchases mean overspending on things that you don't really need and that can take a toll on your financial goals. This is why it's important to identify the difference between your needs and wants before you go shopping. But we all know how difficult that can be for an impulsive shopper. That's why we've put together some tips that can help you keep a track of your expenses and manage your impulse purchases.
Impulsive shoppers tend to buy unnecessary things even when they hit the grocery store. This is why it's important to make a list of your needs before you head out to the store. Remember to control your urges and stick to your shopping list no matter what!
Before you hit ‘buy now’ on that cute but expensive dress you saw online, sleep on it. Wait for at least a good week or so before you do it. This gives you time to think about your purchase and understand if you really need it or not. Plus, if you still want it after a week, it means it's worth the buy!
When you pay in cash, it takes away the power to overspend. Every time you step out to shop, calculate how much you're going to need and carry cash. Leave your credit and debit cards at home with someone trusted. This also limits your tendency to make an impulsive purchase.
Every now and then a major expense pops up. In such cases, keep a gap of one month between each such purchase or expense. For example, if you need a mixer blender worth Rs. 5000 and also want a watch worth Rs. 4000, buy the blender in the first month and the watch in the next month.
Just like POPxo senior writer Khushboo Sharma, take up a money-saving or no spending challenge. Trying it for just a week can also help cut down your impulsive purchases and overspending habits.
More often than not, our moods impact our purchases. We tend to indulge ourselves in some retail therapy when we're in a bad mood. Do not make shopping your emotional outlet because it doesn't take too long for it to become a vicious cycle. Just avoid shopping when you're stressed or sad or bored or even tired. Put it off for a better day and a better mood because impulsive shopping will only harm you in the long run.
Make a list of all your past impulsive purchases that you regret and keep it handy when you go shopping. Take a look at that list before you take the decision to buy anything that's not on your shopping list.
TBH, you cannot stop being an impulsive shopper until and unless you don't want to do it yourself. And now that you've taken the initiative, we suggest you calculate how long it takes for you to earn that money you blew up on your last few impulse purchases!
Feature Image: Freepiks