Put more money in your wallet and less clutter in your home
We live in a culture of consumption. There are so many small tricks that companies are using to try to get us to spend more money in their stores. Everything from putting bargain-priced items and deals at the end of grocery store isles to putting the higher priced, name brand items at eye level on the shelves, to ‘buy one get one free’ deals at clothing stores.
And it’s not just companies, society too often tells us that we need this product or that product to be happier and more satisfied with ourselves and our lives. But often these little impulse buys that we’re making on the spur of the moment are not really adding any benefit to our life whatsoever. In fact, they’re causing us to waste money and have more clutter around our home.
What is emotional spending?
Emotional spending or impulse buying is anytime you buy an item that you were not planning on purchasing. Impulse buys can happen anywhere — at the grocery store, at the mall or even while you’re scrolling on your phone while sitting in the comfort of your own home. How many times have you grabbed a candy bar at the check-out aisle at the grocery store just because it was there?
How many times have you had a bad day and you told yourself ‘I’m gonna go get some dinner or some ice cream to cheer myself up’? On the other hand, maybe you had a great day and decided to go get some ice cream or some dinner to reward myself. These are all examples of impulse buys.
Treating yourself every once in a while is fun, but only when it fits in your budget. Regular impulse spending is not a good financial habit.
What causes people to impulse buy stuff that they don’t need?
There are two main reasons; first there are your emotions — both negative and positive emotions can make you want to buy things that we don’t need. The other main reason that I’ve seen is financial FOMO (Fear Of Missing Out). Maybe you feel like you’re missing out on a great deal if you don’t get it right then and there because i’ts only for a limited time. You may also have a scarcity mindset and you’re afraid you may run out of something or you might not have that item at home.
Noticing your past track record with impulse buying will help you see patterns of behavior. When you start noticing these patterns of behavior, it’s going to become easier for you to pinpoint the exact set of circumstances that causes you to want to impulse buy. That’s going to help you to stop the impulse buying in the future.
Getting clear on your goals is one of the best ways to prevent impulse buys. It’s a lot easier to say ‘no’ to impulse buys if you’re trying to save money to pay off debt or put a down payment on a new home. Those clear goals are going to make you feel good every time you have to say ‘no’ to yourself.
Research says you become 42% more likely to achieve your goals and dreams, simply by writing them down.
Start noticing the messaging and the people that you’re surrounding yourself with. Are they encouraging you to make impulse buys or are they encouraging you to be more mindful and intentional with your buying and save money? By raising your awareness of the messaging that is being presented to you on a daily basis, you can start being more aware and have an easier time saying ‘no’ when you see those items.
Identify your personal spending triggers. Notice the emotions that you feel that make you want to spend money. Maybe it’s when you’re upset, or when you’re bored and you scroll on your phone and impulsively buy things. If you cannot resist the dollar isle at Target, try to keep your blinders on and walk right past it. If you know that boredom is something that makes you want to spend money, instead of scrolling on your phone, take a walk, watch a movie, or do anything else that is going to prevent you from ‘doomscrolling’.
Audit what you already have before you go to the store. This applies to everything but especially the grocery store. Do an audit of what you already have before going to the grocery store to prevent from buying items you don’t need. When buying clothes, take a look at what you have in your closet and only buy something if it compliments the pieces that you already have.
Wait a period of time before you make a purchase. Give yourself time to think about whether this item really ads value to your life and what place it would have in your home.
Challenge yourself to a spending freeze. This is when you designate a set period of time ( 7 days, 30 days, 1 year) when you are not going to spend any money whatsoever except for the essentials. This means no Starbucks, shopping for clothing, movies, out to eat. You can use a calendar for this and cross out the days that you’re successful. This really helps you examine and question what you really need in your life. You’re going to realize you’re spending a lot more money on things that are ‘wants’ and not ‘needs’.
Unsubscribe from brands or people that make you want to spend money. I get an overflow of emails from the stores I’ve shopped at- offering me deals as an incentive (buy one get one free, $5 off coupons, etc. ) to get me back into their store to spend more money. Chances are I wasn’t thinking about spending until I saw that email in my inbox.
When you shop without planning to, you’re putting your financial health at risk.
When you learn to control impulse buying, you can potentially have more time, more money and more freedom to do the things that you want to do and have the things that you want to have without having these unnecessary impulse buys clutter up your home.
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