Hi, I’m Jo, and I’m an impulse buyer.
*Hi Jo*
If you’re an impulse buyer like me, there’s no hope for you to stop spending and start saving, right? Wrong. I didn’t like the way my money whittled away each month, so I setup safeguards for so I could be more successful. Here are 6 tips to help you stop spending money and keep your cash in your pocket.
1. Don’t go shopping
I know, it sounds obvious, but this was an epiphany I had when I was in high school. I’m a huge nerd and I could never resist cute, dorky, random things I would happen upon. And that’s how I have an alligator watering can named Lyle- true story.
The problem is, I never regretted my purchases. It would be one thing if I had buyer’s remorse at some point, but I don’t. I still have Lyle and I still think he’s great.
So, how do you convince yourself to stop buying random animal shaped gardening supplies (when you don’t have a garden, I might add)? You don’t see them in the first place.
You can’t buy what you don’t know exists.
Do I love Lyle?
Yes.
Would my life be just as full if I never met Lyle?
Also yes.
As great as Lyle is, he is a want, not a need. If you have a hard time saying “no” to those random little wants, don’t go shopping. And if you’re saying, “I just like to window shop”, I know how that works- meet Lyle. If you truly want to window shop- leave all your money (and cards) at home.
2. Play pretend
You can’t avoid shopping forever. Eventually, you need groceries and new socks. What are you going to do about the adorable Star Wars hoodie that you NEED and is only $10?
I put it in my cart.
Now, this technique might not work for everyone, but try it out once and see if it works for you.
I know what you’re thinking, aren’t we trying to not buy things here? Doesn’t everyone say to NOT put “wants” in your cart?
Yes and yes, but hear me out.
If you simply can’t walk away without it, try putting it in your cart and finishing your shopping. I get the immediate jolt of happiness and excitement of getting something I want. Then as I continue my shopping, that excitement wears off. When I’m done shopping, I assess my cart.
Now that the initial want and excitement has worn off, I can look at the purchase more logically and less emotionally. I can reason, that I already have 5 hoodies, one of which is a Darth Vader one, so while this other Star Wars hoodie is super cute, I’ll be fine without it.
Pretending I’m going to buy the hoodie helps me move past the emotion so I can more logically distinguish a need from a want.
‘Cause let’s be honest, it’s always a want.
3. Tell yourself a little white lie
This technique might only work for me because I have a terrible memory and am easily distracted, but give it a try and see if you are also Doug.
I tell myself if I still want it at the end of my regular shopping, I’ll go back and get it.
This tricks me into avoiding the finality of saying “no” to myself, but 99% of the time I completely forget about the item when I’m done shopping. Once in a blue moon when I get home I remember the item, but I’ve never cared enough to drive back to the store.
4. Don’t store your credit card Information
Those techniques may work fine for physical stores, but what about the beautiful vistas of the internet? You can’t really avoid those stores.
In the book The Power of Habit, Charles Duhigg says that if you want to build a habit you should decrease the number of steps to make it easier to do. If you want to break a habit, increase the number of steps to make it harder to do.
For example, not saving your credit card information online so you can “one-click” buy things.
I’m looking at you Amazon.
How easy is it to hop onto Amazon when in the comfort of your bed and just happen to buy a pretty notebook and pens thanks to one-click?
Too easy.
How likely are you to get out of your cozy bed, dig in your purse and enter in your 16 digit credit card number? That notebook starts to look a little less appealing.
5. Create a 72 hour want list
Next, it’s time to pull out the big guns. I learned about this from Liz over at Frugalwoods. (It’s a great blog, you should totally check them out).
When you find something that you want, put it on a want list and wait for 72 hours.
During those 72 hours, see if you have something around your house that would be a suitable replacement, and look to see if you can find the item used.
If neither of those drum anything up, after 72 hours look at the item on your list again and decide if you still want it.
Again, like my technique of carrying the item around, this creates space between the wanting and the buying to allow your impulse to cool so you can be more logical about your decision.
6. Have an accountability partner
Nothing like some good old guilt, right?
If you can’t be trusted, you may need to bring in a third party. Find someone who knows how to guilt you well and ask them to be your accountability partner.
Whenever you want to purchase ANYTHING that isn’t an immediate need, talk to your accountability partner about it.
You have to tell them what the item is, how much it costs and why you want it. Then your partner’s role is to play the devil’s advocate to show you that the item isn’t a need and they can help you brainstorm free/cheaper alternatives.
Make sure you pick a partner who can put their foot down and tell it like it is to you. Just the thought of having to confess my want to someone is enough to sway me from buying it- especially if it involves calling them on the phone.
The more painful you make this, the better.
So, those are the techniques I use to help me stop frivolous impulse spending:
- Don’t go shopping in the first place;
- Pretend I’m going to buy the item, then put it back;
- Tell myself I’ll go back for it when I’m done shopping, if I still want it;
- Don’t store my credit card information on websites;
- Create a 72 hour want list;
- Have an accountability partner.
Curbing your spending doesn’t have to be difficult, sometimes all it takes it a few tweaks.
Do you already do any of these techniques yourself? Which one do you think could benefit you the most? Let me know if you try any of them out!