8 Money Resolutions for Your Impulsive Shopping Behaviors
The majority of American consumers are guilty of occasional impulse shopping. In fact, 73% of Americans say the majority of their purchases are unplanned, and the average shopper will spend around $281.75 monthly on impulse buys in 2024, adding up to a yearly total of $3,381 according to Capital One Shopping.
Impulse buying is defined as the act of carrying out spontaneous or unplanned purchases that are usually motivated by strong emotions or urges, according to Invesp, a conversation rate optimization company. Nearly 84% of shoppers have made an impulse buy, and impulse shopping makes up around 40% of all money spent on e-commerce.
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While the occasional splurge does no harm, making impulse shopping a regular habit will do some damage to your finances. Here are several money resolutions that experts say you should set if you find yourself regularly indulging in impulsive shopping behaviors.
Determine What Purchases Are Necessary
Intentional spending is the exact opposite of impulsive spending. By determining which purchases are necessities, one is able to better practice intentional spending habits.
Your rent, bills and groceries are a top priority,” said Michael Hershfield, founder and CEO of Accrue Savings. “From there, you can then determine what purchases you can realistically make that offer that happiness factor.”
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Save for Purchases Over Time
Once you figure out which purchases are necessary, the next step is to save up for them rather than buy them right away. When you avoid instant gratification services, such as credit cards or Buy Now, Pay Later options, you can make an informed decision about whether a purchase is truly valuable.
“The process of saving up for something before you purchase it will help you to ensure you are being intentional about where your money is going,” Hershfield said. “With the rising cost of essentials, practicing intentional spending will help you take control of your financial situation.”
Create a Savings Plan
With inflation causing increasing prices everywhere, it may be difficult to stick to a budget. Daily expenses can exceed your budget, making it crucial to set a spending plan for yourself — especially if you are an impulsive shopper.
“To do this, you need to identify your income and expenses and allocate a specific amount for your necessities, desires and savings,” Hershfield said. “By doing so, you can optimize your spending and uncover extra money for essential expenses that may have been hidden within your coffee or take-out budget.”
Creating a savings plan can also help you build an emergency fund and achieve your long-term financial goals.
Follow the Seven-Day Rule
One way to limit your impulsive shopping habits is to follow the seven-day rule. If you see something you want to buy, wait a week before buying it. If you still want the item after seven days, then it’s more likely you’re buying something you need rather than something you want.
“Also, pay attention to the difference between your impulses when you’ve just been paid versus when you’re waiting to be paid,” said Erika Kullberg, founder of Erika.com. “If you’ve been eyeing something up but waiting until payday to make the purchase, you should still follow the seven-day rule. Once your essentials have all been squared off, then you can decide if you really want to make that purchase.”
Identify Triggers
Understanding what internal or external factors may cause you to impulse shop can help you to curb your habits, according to Alejandra Rojas, founder of The Money Mindset Hub.
“Keep a journal to track when and why you feel the urge to shop impulsively,” she said. “Note any patterns related to stress, boredom or specific situations.”
Track Your Spending
Using technology to track your past and present spending habits can provide real-time feedback and ensure you stay on track with any savings plan you have established for yourself.
“Consider past financial traumas or experiences that may influence your current behavior,” Rojas said. “Understanding these roots can help in developing healthier spending habits.”
Pay in Cash
Paying in cash and leaving your credit cards at home forces you to buy only the essentials on your shopping list, making your spending more controlled.
“Any impulse buy would have to replace an essential item on your shopping list, so you’re less likely to make the sacrifice. This technique is guaranteed to save you money and safeguard you from accruing credit card debt,” said Gates Little, president and CEO of The Southern Bank Company.
Unsubscribe From Promotional Emails and Social Media
Social media and newsletters from stores you shop at will include updates on promotions and new products currently available. Constantly seeing these updates will tempt your shopping impulses, so a good financial goal would be to unfollow these accounts and unsubscribe from marketing emails.
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