Impulse buying is instinctual. You walk into the showroom to buy groceries and end up buying that most favourite wearable that immediately catches your attention.
According to Whilst.co.uk, “91% of Brits admit to making impulse buys every month”
Just think, if you spend £200 every month on things that naturally capture your attention, how severely will it hurt your budget?
As a result, refrain from impulsive spending when applying for quick loans in Ireland.
Here is how to retrain impulse buying.
Impulse Buying: What is it?
An impulse purchase is something you buy without needing it. A customer makes an unplanned decision to buy a product or service. Such customers are known as impulse buyers.
Why do we fall for impulse buys almost immediately?
While most individuals fall instantly for buying anything almost instantly, do you ever wonder why it happens?
Here are three main reasons for impulse buying:
- Getting a good deal
14 Effective Ways to Stop Impulse Buying
These being the reasons for impulse buying, how to keep it at bay?
Here are 14 ways that will help you stop immediate purchase temptation:
1) Follow a waiting period
Apart from making a shopping list before going out, try following a mandatory waiting period. It is especially critical while applying for online money lenders in Ireland. A waiting period is waiting for at least a week to buy a product that instantly attracted you. You will realize you never wanted that product in the first place after a week. You will never return to the store to buy the same product.
2) Give a budget and stick to it
Budget: It is the most important thing to plan before making a grocery list. Decide how much you can dedicate to household items, differentiate between wants and needs, and emergency needs. A budget helps you dedicate a fixed amount to meeting emergency requirements, unavoidable expenses like bills and fees, and saving for the future. So, whenever you go shopping, make sure you make a budget beforehand.
3) Take the only amount you need
Having access to more money in hand may lead to buying additional items that you don’t need right now. The best part is to leave your debit card and cash at home. This way, you can prevent the temptation of impulse buying. Well, it might sound irrational or impossible. But that’s the trick to control!
4) Restrain yourself from easy access to credit cards
This trick is fun and economical for ensuring you save enough monthly.
While using credit cards is not bad, the wrong usage is. It is easy to use and promotes excessive usage owing to that. Refrain from over-spending.
If you use credit cards smartly, they will help you save enough money on shopping and discounts. Thus, decide how to use credit cards to your benefit and gain maximum cashback or discounts on purchases.
5) It’s OK to break the rules
Yes, you need to stick to the budget for making an informed purchase, but YOU CAN CHEAT! It is okay to throw a little fun money in there.
Decide how much you can spend either £10-£40 a month apart from taking quick loans to Ireland for meeting massive purchases. Just make sure the amount shouldn’t exceed your budget.
The next time you walk into a shopping mall to buy something on the list and stop by a product, you can think about it.
While you can break the rule for a time or 2, don’t let it become a habit.
And when you budget or dedicate a small amount to it, it is no more impulse-buying.
6) Avoid the temptation of online shopping
Shopping online for a product or service is one of the most common fashions that falls under impulse buying. Here are some tips to stop impulse buying online:
- Don’t find a product by category but by specifics
- Don’t consider store ploys
- Stop window shopping
7) Don’t subscribe to too many emails
If you are doing great by sticking to your budget, avoid such infatuation. Many such emails contain promotional messages and sales emails. Avoid them as much as possible.
You are not thinking about buying that product, but offers and discounts may tempt you. Thus, remain aloof from such distraction.
The best way to stay away from such distractions is by unsubscribing to them.
8) Comparison can hurt your budget
Comparisons are a game-changer for impulse buying. If you always compare what you have and what others possess, you will never be satisfied. Instead of comparing things, pat yourself on the back for not falling for that useless temptation.
If you have any emergent requirement that you need to meet, online money lenders in Ireland can help you avoid that tension.
9) Take up a no-spend challenge
It is especially important if you are a frequent buyer. The no-spending challenge is the best remedy for this problem. Are you unfamiliar with the term? It means exactly what it sounds like!
It means not to spend money on non-essentials.
Distinguish between wants and needs and prioritize needs over wants.
Your needs might include groceries, bills, school fees, etc
Your wants might include- going for home renovation, having luxurious dining, etc.
10) Find someone to check on your spending
It is a healthy measure to track your spending and restrict the same to an extent. Find someone you can rely on to keep track of your savings per month and make a list every month.
The partner can be anyone, your mother, father, spouse, or siblings. Check how much you need to save to maintain your credit score for quick loans in Ireland.
11) Ask questions to yourself before buying
Before buying anything, surround yourself with a series of questions.
- Is the purchase going to help you in any way?
- Is the purchase the most anticipated one?
- Will this purchase make you feel better?
- Will it help save money or effort?
- Does the purchase help you meet your life goals?
These questions will help you analyze the urgency of spending on an object or service and help you curb impulse buying.
But be honest while answering such questions. And evaluate the value of purchase before finally making one.
12) Monitor your urge
Make it a point to monitor your urges before buying a product. Keep a notice book and jot down your urges immediately as soon as they hit your mind. It will help you remain conscious of the urges and help you analyze the useless and important ones. Take care of your health as well, as impulse buying can affect your health.
13) Distract yourself and invest time in a hobby
Before making a purchase, connect the item with your body, mind, and soul. If it doesn’t give the affirmation, don’t go for it.
Pay attention to your feelings before falling eagerly for impulse purchases.
Although you may find it hard to deal with impulse buying initially, it promotes a healthy relationship with money and managing finances. Having a tab over systems, budget, savings, you can gift yourself a lifestyle that supports your dreams and fulfil your wants likewise.
14) Forget the card number
Most individuals keep card numbers. It is because of impulsive buying habits. If this, is you, then it is high time to forget your card number? If your card number gets filled automatically at a website you frequently visit, delete the details. It will help you maintain your credit score before taking online money lenders in Ireland.
It might sound crazy at first, but it helps you prevent impulse buying. You might find it hard to control the shopping urge when a fresh stock hits the market. Erase your details from the website and relax.
So, these are some of the tips that you can utilize for restraining from impulse buying. Spending can be fun, but if it is a well-planned one!
Hudson is a graduate of banking and finance and works as a financial consultant at MyLoansBoat. He has a professional qualification to counsel people about money management. At MyLoansBoat, his key duties include shortlisting applications of borrowers and counseling them about credit score improvement, building an emergency cushion, retirement funds, and getting rid of debt. He is an ardent reader of finance books and uses the gained knowledge to help people with their finances. He also writes for the company’s blog on various topics like budgeting, investing, saving, debt management, joint finances, and the like. His aim is to dedicate his life to helping people have a debt-free life.