Budgeting

Tips to Put an End to Impulse Buying

If you find you have minimal money left over at the end of the month to put away into savings, it’s time to start thinking about putting an end to your impulse buying.

No matter how little you earn, you should be trying to put away a little each month so you have savings to help back you up in the event of an emergency.

Of course, you can always take out a personal loan if an emergency comes at the last minute and strikes you unaware, but if you have savings, you can help take out some of the stress of unforeseen costs and expenses.

Change your spending habits

Sometimes the first step we need to take is to reconsider how we spend. For example, if you’re an impulse shopper and know you can’t resist something you see at the shops during your lunch break, try and take your lunch breaks in the park instead.

Make a list before you hit the supermarket

Many of us impulse buy at the supermarket. If you go to the supermarket without a shopping list, you can make silly purchases of items you’ll never eat or use. Instead, plan your weeks meals in advance and write out the ingredients you need. Then hit the shops with the list and only buy what you have written down.

Use cash when you can

Spending cash instead of putting everything on your credit card makes you more aware of how much money you are spending. It will also help ensure you’re not getting into credit card debt each month, and hopefully reduce your impulse buying urges.

Create a monthly budget

One of the best ways to reduce monthly expenses is to write out a budget and then keep track of everything you buy to ensure you stick to it. Remember to include bills, rent, groceries and other miscellaneous expenses, such as dinners out, in this budget. Then you can use an app like Spending Tracker to track how much you spend this will make you immediately aware if you’ve gone over your budget and you can then take measures to reel in your spending.

Don’t treat yourself too often

It might be tempting to go out and buy a dress to reward yourself for doing well at work, but why not do something that doesn’t cost money? Have a picnic with your family in the park or go out to the beach since these experiences don’t cost anything and can be just as rewarding.

Living on a budget is challenging at times. However, there are always small ways to cut expenses to add a little cash to your pocket. If you find yourself in need of extra cash to get you through a tough situation, contact us today.