How to stop impulse buying

According to the Oxford dictionary, impulse buying is ​‘buying goods without planning to do so in advance, and without thinking about it carefully.’

So, what is an impulse or acting on one? It is also defined by the Oxford dictionary as ​‘a sudden strong wish or need to do something, without stopping to think about the results’. 

Impulse buying or impulse spending is, essentially, making unplanned spending decisions that don’t always lead to positive outcomes. This is often because upcoming bills and financial obligations have not been thought of. The very nature of being spontaneous is not a bad one, for example an impromptu meet up with a friend or a quick trip to see family is wonderful and can cause happiness for all involved. 

However, when it comes to spending money, there can be some challenges when you are too spontaneous if the results of spending that money haven’t been carefully considered.

Let’s be completely honest: we have all fallen into the trap of impulse buying on occasion. The psychology behind consumer spending is no accident. Buy now, pay later schemes, loyalty cards, items right by the checkout, big sales, vibrant billboards and so much else all work together to influence us to spend more. We can be targeted and influenced to spend especially with limited-time deals and social media ads for products on our phones — it can be relentless. 

Ultimately we need to spend money to survive; food, clothing and shelter are not free. Nevertheless, with some mindset shifts and thinking of setting aside some savings, we can resist unplanned spending to ensure we have enough for the essentials. Impulse buying pulls us all to want something there and then without analysing if our needs are all met first. Sometimes being aware of this is helpful to curb impulse spending.

Impulse buying may peak during certain holidays and seasons that promote extra spending. Here are some tips to help you pause and use as a mental checklist before taking out your card, cash or phone this season:

• Do you have money allocated from your budget for any unplanned purchases?

• Are all your essential bills and financial obligations up to date?

• Have you searched for a cheaper option, such as online deals or secondhand shops?

• Do you truly need this now, or could it wait until your next payday?

• If you buy this now, can you still meet all other non-priority financial commitments?

What is the difference between compulsive buying and impulse buying? Compulsive buying can be a disorder when it comes to spending, it can be an addiction that is hard to control. It needs to be treated with extra sensitivity as it can be diagnosed by a doctor. If you feel like you are struggling to control spending, and the tips and suggestions you have read don’t seem to be working, please be encouraged to seek extra help from your GP or healthcare professional.

Impulse buying, though challenging and something that you may struggle with, usually can be controlled. With practical information and support, impulsive buying can be overcome independently or with a few close loved ones. Whereas compulsive buying can be linked to other addictions and those struggling with it may benefit from counselling and shopping with others for accountability in order to limit increasing debt.

No matter what has happened in the past with your spending habits, it’s never too late to adopt new ones. Here are some tips you may find useful:

• Write down what you truly need before heading out.

• Leave your cards at home or in the car to limit spending.

• Disable features like phone-based payments at certain times.

• Don’t buy items when you feel stressed or emotionally drained.

• Ask a trusted friend or family member to help keep you on track.

• Explore features in your banking app, like spending limits, to support your goals.

• Can you analyse what motivates you to spend to help you set good money habits and stick to them?

• Start to involve your children in positive money habits so it becomes a family affair.