Last week I wanted to buy a polaroid instant photo printer so that I can print out all the photos and display them instead of just keeping them in my mobile phone. Yesterday I wanted to buy a road bike so that I can cycle to places nearby instead of taking a bus or walking. I have also been contemplating whether to sign up for a cheap gym membership too. Well, this is ME. I have a bad habit of buying things on impulse and therefore it is important for me to keep my spending habit under control. Here are 3 useful tips which I think have helped me curb with impulsive buying.
1) Avoid Temptation
I have stopped online shopping for almost a year by not stop browsing online shopping websites or online retail stores. This is a useful and good way because if you do not see, you can't buy. Avoid situations that will tempt you to spend and your money shall be safe.
2) Follow the Time Rule
Each time you have something you want to purchase, make yourself wait for a specified number of days before purchasing it. You can set your own rule, for instance a '30 Day Rule' means you would have to wait 30 days before purchasing what you have set your eyes on previously. If your urge to purchase that item has passed, then you can strike it off your list.
3) Give Yourself a Splurge Budget
I love this! This is similar to the Play account of the Jars system of money management. You can read it here. Each month, you get to spend and empty the money allocated to the Splurge Budget. It should make you less likely to make big impulse purchases if you allow yourself some smaller discretionary spending. If you really fancy something costly, then perhaps you can save up the money from your Splurge Budget to buy that.
If you have habits of buying things on impulse, give the above methods a try. I believe you can stop impulse buying the way I did too!
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