Rathandeep – Finance Coach for Women

From Impulse Buyer To Savvy Saver: Overcoming Emotional Spending Habits

It would be realistic to say that only a few have never experienced the urge to quickly hop on a shopping app to relieve their stress from a rough day. 

How many purchases do you regret making in the name of “retail therapy?” Even after being “financially educated”, most of us cannot resist “emotional spending.” You can justify it in your head, spending your hard-earned money for a quick dopamine high is always a bad idea. But how do you eliminate your impulse buying habits to reach your dream of financial independence? 

In this blog, we have shared some of the best hacks that will work for most people.

Seven Hacks To Turn You Into A Savvy Saver From An Impulse Buyer

Follow these tips to overcome your emotional spending habits:

  1. Always have a list

It does not matter whether you are shopping for your groceries, makeup, or anything else, list the things you need and never buy outside of it. Be assertive about your purchase decisions, and never let a nagging salesperson convince you to buy anything you do not need.

  1. Overthink your purchases

It is not as counterproductive as it sounds. Before you go ahead and spend your money, think how many times you will use that item. Will that item significantly improve the quality of your life? Do you actually “need” it or want it? Did you do enough research about the quality of the product? If you ask yourself these questions, you can save yourself from your next impulse shopping purchase.

  1. Have a waiting period rule

Let’s say you have convinced yourself to make a purchase. How do you know if it is just the emotional side of your brain convincing you or if there is logic behind your wanting to make that purchase? Give yourself to sleep on it for at least 2-3 days, and then check if you still want it. Most of the time you will have already moved on from it.

  1. Give yourself a no-spending challenge

Gamify the process of saving to make it fun rather than it being a “boring nerdy thing.” Create new mental challenges like “No spending on outfits for three months”, “only spending on necessities for a month”, or “buying accessories only on a 50% sale for a year.” Gift yourself an inexpensive treat when you complete these challenges to keep going.

  1. Have monthly saving goals 

The truth is human needs and wants are never-ending. If you allow yourself to spend endlessly every month, your mind will keep suggesting newer things to buy. So always set a limit on your monthly spending budget and stick to it no matter how hard it might seem. Think about whether you’re saving enough every month for your retirement, your health and well-being, or your child’s future education plan. If you badly need something outside your monthly budget, push the purchase to the next month. 

  1. Plan your splurges 

After toiling those long hours at work, we all deserve to spoil ourselves sometimes. But how do you enjoy your luxury purchases and not regret them later? Do not make these purchases any time you feel like. Plan them from months before. Give yourself targets like, “I will first earn XYZ dollars before I make this purchase”, and set timelines to create sufficient gaps between fancy purchases. 

  1. Take a hard look at what you already own

It is very likely that you already have a similar dress in your wardrobe, like the one you have wish-listed or have shoes, perfumes, and handbags that you have not even used enough, and you are still thinking of buying more. Its just a momentary gratification most of the time so lets be a mindful shopper.

Turning yourself from a compulsive spender to a thoughtful saver is easier than you think. You need to having a savings target and spend only after that .

What do you think?

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