Impulse buying - spending money spontaneously on unplanned purchases without really thinking about it. This common practice is driven by emotion and the sudden desire to buy, but can cost us £100’s every month. So how do you stop?

Start at the Source

Ask yourself why you’re spending money. Are you bored and just want to have an online shopping scroll? Are your friends constantly showing off their new outfits and you feel like you need to keep up? Do you keep buying every aesthetically-pleasing storage solution but never get round to actually organising the house? FIguring out the root cause of your impulsivity can really help to tame your spontaneous spending habits. 

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Our Top Tips

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1. Have a separate account just for spending. 

On payday, once you’ve sorted out your budget for the month, move all your spending money to a separate account. Ideally, this account won’t have an overdraft and it won’t be a credit card with potential for overspending. That means no dipping into other accounts - the amount you put in there is all you have to spend. The idea is that if the money isn’t in there, you simply cannot spend it. 

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2. Adopt the 48-Hour Rule (or 7-Day Rule if you need to practice a little extra restraint).

If you’re out and you see a coat that you want to purchase, take a photo and save it to your camera roll. If after two days, you look at it and you still want it, then you can consider purchasing. You may find that the initial excitement has worn off or maybe you’ve remembered you actually have a similar coat in your wardrobe and don’t need another. This just gives you time to step back and really think about whether you need to buy that item or if you’re just caught up in the thrill of another new purchase. 

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3. Keep a permanent Christmas List 

Yes it’s only April, but bear with us. Similar to the 48-hour rule, instead of buying something immediately, keep a list of everything you want so that you can ask for it for Christmas or your Birthday - you cannot purchase it yourself. If that list starts getting too long, you can cut it down to things you will actually appreciate and want in 6 months time. 

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4. Try a No Spend Month

Look at your calendar for the next month and pick certain days or certain categories that you cannot spend a penny on. Keep a journal of how you feel during the month and when you want to spend and don’t forget to celebrate the small wins. If you successfully make it through the month, have something in mind that you can reward yourself with to motivate you through it. 

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5. Social Media Clear Out. 

Look at who you follow on social media and decide whether they’re actually a positive influence on your spending habits. If you want to buy everything a certain someone has, just because they have it, then maybe it’s time to unfollow.

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