How to Stop Buying on Impulse

If you think you're ready to take control of your finances (we sincerely hope you are), Fabulously Broke posted "5 Finance Basics" that may help you get started. We've posted many of these tips already, but we like how FB simplifies the process into five easy steps. Check out the post here.

Before you start budgeting, you should remember to assess what is really bleeding your wallet dry. Are you an impulse shopper? Is it hard for you to walk by a cafe without buying a latte? Does a sale sign on the outside of a shop automatically lure you inside? If so, impulse purchases may be ruining your financial situation.

You may be wondering how to stop impulse buying when doing so is often tied to uncontrollable emotions. For example, many of us will get bored and decide to go shopping, while others will use shopping as a reward for doing well in school, at work, or in our personal lives. The first step is to find out what makes you spend money. If you're bored, remind yourself that buying things is not a sustainable solution to the problem-- that pair of shoes on sale will not provide you with any relief from your mood after the additional purchase. If you're using shopping as a reward, remind yourself that every time you make an impulse purchase, you're digging yourself deeper into financial instability. You'll realize that shopping is a shallow, unsustainable way to make yourself feel better.

The second step is to come up with something to fill the void. Boredom is usually not the result of having nothing to do. If you're creative, you can always come up with something to do. I don't mean you should force yourself to clean your room when you're bored (that's what my mother used to say when I complained), but that you should seriously consider trying something new. Start a decorating project for your room, take a long walk outside and contemplate life, just do something! You'll never stop being bored if you don't try something new.

Finally, you need to make saving money a good experience, or you'll never want to do it. Every time you put a dollar away, you are that much closer to your goal. Learn to appreciate the long term goals and not just the short term relief of spending money.

Good Luck,

Savvy Student