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How to Avoid Impulse Spending

3 min read

Summary: An impulse purchase is something you buy on the spot without planning to. Everyone does it sometimes. This guide offers a few simple habits that can help, including a pause rule.

What the agency says

The US Consumer Financial Protection Bureau (CFPB) gives a few ideas, mostly in its guidance on holiday spending:

• When you see something you did not plan to buy, write down the item, where you saw it and the price.
• Check your spending plan. If there is room, you can go back and buy it.
• Use cash where it helps, and leave credit cards at home unless you need one for a specific purchase and have a plan to repay it.

A CFPB page from 2017 also says that nine out of ten shoppers frequently buy items that are not on their list, and that people said feedback on how much is left in their budget could help them curb impulse spending.

Our suggestions

The CFPB does not set a waiting time. The 24-hour idea below is our own suggestion, not a researched rule, and you can change the time to suit you.

1. Use a list. Write what you plan to buy before shopping or browsing. A personal rule such as "if it is not on the list, I wait" is easy to remember.
2. Try a pause. For anything unplanned, wait 24 hours. Write down the item and price, then decide the next day. The pause gives time to think.
3. Check your plan. Does your budget have room? If not, the answer is clear.
4. Add friction. Remove saved cards from shopping sites and turn off sale alerts.
5. Spot your triggers. Tired, stressed or bored? Note when impulse buys happen.
6. Keep a small fun amount. A little money for treats can make a budget easier to keep. Planned treats are not impulse buys.
7. Look at your spending. A short daily note of small purchases can show how they add up.

Example (made-up amounts)

Mia sees a jacket for 80 that she did not plan to buy. She writes it down: "jacket, shop name, 80". The next day she checks her plan. Clothes have 30 left this month, and she still wants it. She waits for next month's clothes money and buys it then. Another time, she forgets about a 25 gadget by the next day. Not buying it keeps 25 in her account.

Limits

A pause will not fix every impulse. Some purchases, like a broken phone, cannot wait. Online deals may end, and that is a risk of waiting. If spending feels out of control or causes you stress, a free local money advice service may help.