How to Stop Impulsive Spending

Whether you have more money than you need, you must control your spending to avoid financial troubles in the future.

14:38 15 October 2013

If you find yourself with more than enough money coupled with a desire to spend every single penny you have until there is no more in your pocket, this is not a healthy attitude.

Rather than getting into trouble (either now or at some point down the line), it is better to act right away and learn how you can stop impulsive spending.

Consider the following tips on how you may stop impulsive spending:

•    Do not bring your credit cards with you when you are shopping. Credit cards are just like cash which you can use to make unnecessary purchases. Better to just have a little amount of cash with you when you go out.

•    Divert your focus on considering making investments and make it your goal to save money for it. Not only you will be able to prevent yourself on overspending but you will also learn how to value money.

•    Before you go out to shop, make sure you make a list of things that you need to buy. Stick to your list. This will help you become a more responsible shopper.

•    Go with a friend when you go shopping. Your friend can help you find better choices as well as prevent you from buying what you actually don’t need. 

•    Every time you go shopping, you should bear in mind to buy only what you need. You should set a clear differentiation of what your needs are and what your wants are. Before purchasing anything, you need to ask yourself, “is this what I need?” or “is this what I want?”

•    When you have a limited budget, however, you will need to prioritise items which are more essential among your list of things you need to buy. Some things are just more important or more urgent than the others.