Saving is essential because you cannot predict your future when you may need money. Saving money can help you become financially secure and provide a safety net in case of an emergency.
Saving process acts like emergency cushion where you may need money to build new roof for your house, out-of-pocket medical expenses, or sudden loss of income. You will need money set aside for these emergencies to avoid going into debt to pay for your necessities.
If you look at your expenditure and where your money is draining you will be surprised that most of the time it is your habit for impulse buying that is letting your money flow out of the wallet. So here are the 10 best tips to save yourself from such impulse buying
- Stop your temptation to buy. Don’t go to the mall when you don’t need to buy anything. But if you must, then don’t go inside your favorite stores just to see what’s there. Also avoid going to your favorite shopping websites when you’re bored and unsubscribe yourself from their mailing list.
- Ask yourself questions do you seem necessary to buy when you see something that want to buy. Many a times specially when visiting shopping centers or malls with your friends or relatives, it is a common tendency to imitate what others are doing. If your friend has a beautiful dress you too are tempted to have one. So to curb this impulsive buying ask yourself do you really need that dress or any stuff that you wish to have or not. Have an honest conversation with yourself and answer this question, “What will happen if I don’t buy this?” Truthfully answer this question, “Am I buying this because I’m angry, stressed, or depressed?”
- When you feel like shopping because you’re angry, stressed or depressed, do mindful meditation instead the positive feeling lasts longer. I remember once I was stressed and went out to avoid more worse situation and while strolling entered a shop and got few dresses for my mother. But with this my financial situation did got more worst that I had expected. Thus avoid doing implusive things when in stress or anger.
- Take several deep breaths whenever you’re feeling anxious or excited, especially when you see something on sale. Have a mantra you can repeat to yourself when faced with temptation. For example, a friend’s mantra goes: “I’m a saver and a smart spender.” Or you can keep reminding yourself of your saving goals. Once I was tempted to buy something but soon I realized that I had to save for my mom’s medical bills and I dropped the whole idea to buy.
- Also implement some spending rules like you can always pay in cash when buying things that you don’t really need. This strategy is very effective. Avoid carrying credit card and swiping it at the paying machines. Remember how our parents or grandparents used to open their wallets and count the money before spending for shopping. With use of credit cards you do not know how much you have already swiped out from your bank balance. Therefore leave your credit cards at home when it’s unnecessary to bring it. Just keep enough cash for the day’s expenses in your wallet
- Never buy a “want” without first comparing its price in other stores or considering cheaper alternatives. You need to visit few stores looking for the price of the product you wish to have before you shop. Also it is better to buy your product or the thing you are looking for off the season or on some discount or rebate sale.
- It is better to make a list when going out to buy things or shopping and constantly remind yourself to stick to it while you’re out. Create a “needs” list — things that you need to buy above everything else. Look at the list whenever you’re tempted to buy something impulsively. Also create a “wants” list and note the date whenever you add an item there. Wait 30 days before buying the item. More often than not, the desire to purchase it will be gone and you can just take the item off the list after a month.
- It is good to manage your finances better. Allocate a budget for discretionary expenses. This allows you to have a guiltless shopping experience whenever you see something you want. Download a budget app on your smartphone that keeps your list of shopping clear to you and tracks your expenses.
- Learn how to be a minimalist. Realize that the less clutter you have and the simpler your life, the easier it is to manage your finances. Define and save for goal. Reminding yourself what you’re saving your money for in the future will help you gain the proper mindset to resist impulse buying.
- Last not the least you can apply my savings formula for implusive buying and that is avoid going out to the malls or shopping centres and instead go for a walk to a park; stroll in your garden; listen to music, play with pets or kids and in the end of the day count your money that you have saved.
With these 10 tips you will never regret that you did not saved when your mind coax you to do some impulsive buying and you will successfully curb this compulsive desire.