January 25, 20214 Ways to Stop Impulse Buying
Right now, you can easily buy anything with a quick swipe, tap, or click at any online or brick-and-mortar store. All these stores constantly push impulse buying on you by design, and that makes it hard to say no. But you can take control of impulse buying once you stick to a few of these rules.
1. Don’t Go Cold Turkey.
Cutting yourself off cold turkey from impulse buying is not always the right move. This makes many people feel like they’re being punished, and they may want to rebel against their self-imposed restrictions. Be realistic and admit that everyone deserves a fun treat occasionally, even you. Allow yourself a couple of impulse purchases.
To stay in control, give yourself a weekly or monthly allowance, but don’t spend more than that. This helps you balance your need to enjoy the fruits of your labor and maintain self-control. A good way to give yourself an allowance is by having PEFCU make payment distributions from your direct deposits into a separate PEFCU account.
2. Set a Limit for Each Purchase.
If big impulse purchases are your downfall, set a limit for each purchase. When an item is over your set dollar limit, then give yourself 24 to 48 hours to think about it. At that point, the purchase is no longer impulsive because you spent time considering the impact the purchase would have on your budget and whether you really want the item.
3. Disable One-Click Buying.
One-click buying options are fast becoming more popular with online shopping. You enter your address and card information once, then from then on, you just click once to buy items online. This feature benefits the retailer because it lessens the time you take to reconsider your purchase.
If you’re trying to reduce your impulse shopping, go to the sites or apps you use the most and disable the one-click buying option. This will give you more time to consider whether you need to buy or not.
4. Lock Your Cards.
To put another barrier between you and impulse buying, consider locking your credit and debit cards. PEFCU offers this feature with our Card Controls app. Just pay all your bills for the month, take out a cash allowance, and then lock your debit or credit cards for the rest of the month. If you ever want to make an impulse purchase, you‘d have to go through the extra step of unlocking your card. That may help minimize impulsive shopping habits.
We’re Here to Help!
Impulse shopping can instantly derail your monthly budget. However, by setting a few rules, you can keep your finances on track and enjoy treating yourself occasionally.
To learn more about budgeting or additional options to get the most out of your accounts, stop by any branch location or call us at 1-800-226-6673.
Each individual’s financial situation is unique, and readers are encouraged to contact PEFCU when seeking financial advice on the products and services discussed. This article is for educational purposes only; It does not constitute legal advice. If such advice or a legal opinion is required, please consult with competent local counsel.