5 Tips To Stop Impulse Purchases So You Can Save For The Holidays

Has COVID-19 flustered your finances? If you’re like a lot of people, it probably has. Whether via job or income loss, or the need to play it safe so you have money for emergencies, the coronavirus outbreak has likely affected your finances somehow.

You may not be up to buy a ton of gifts this year as you’ve done in the past. Still, you’d like to have a decent holiday budget so you can buy what you need and make everyone happy.

Getting a second job or selling your stuff could add to your holiday budget, but an easier way to achieve that goal is to start saving right now. This doesn’t mean you have to deprive yourself of food or always do deep dives for discounts, either, as merely stopping expensive impulse purchases can do the trick.

Examples of Impulse Purchases

You’ve probably heard of an impulse purchase before, but if you don’t know exactly what it is, here’s the gist: Picking up something you didn’t plan to buy or don’t need.

For example, you may snag a cool, unnecessary gadget while buying paint you needed at the home improvement store. Or you decide to buy three candy bars at the grocery store when all you came to buy were eggs.

How expensive are impulse purchases? According to CNBC, consumers spent $5,400 per year on these unnecessary buys in 2018.

Now that you see just how costly impulse buying can be, let’s look at how to stop it right now, so your holiday budget gets bigger.

1. Only shop with a list.

Use a list as your shopping guide, so you save time and money at stores. If something is not on your list, do not buy it, no matter how tempting it may be.

2. Only shop with cash.

Keep your credit cards at home. Without their seemingly unlimited buying power in your pocket, you’ll be less likely to buy things you don’t need.

3. Don’t shop as a hobby.

Is going to the mall to walk around and see what’s new a fun thing to do? Of course, but retailers know this, and they’re experts at putting enticing items in the window to trigger impulse purchases.

Whether it’s shopping in person or online, don’t browse things you know are a weak spot. You’ll eventually give in and leave yourself with less spending money for the holidays. You’ll be much better off seeing shopping as a chore and sticking to your lists.

4. Make online shopping harder.

With COVID-19, more people are shopping online than ever. Not only is it safer, but online shopping is also more convenient.

If you’re a big fan of shopping on the Internet, make it harder for yourself to buy things by:

1. Blocking websites that tempt you.
2. Deleting saved credit card information for quick, one-click checkouts.
3. Unsubscribing from email lists that send you constant promotions.
4. Using an ad blocker to prevent targeted advertisements from filling your screen.

5. Ask for help from friends and family.

Your expensive impulse purchases can affect your loved ones. If you feel like you cannot control frivolous spending on your own, ask for someone to be your accountability partner.

Take them with you to the store so they can help you combat impulse buying. Just make sure it’s someone who’s not afraid to speak up when you whip that credit card out.