As the name suggests, most people are drawn to make sudden purchases based on a strong and unreflective urge to get whatever the item is. It shows a disregard for the consequence of the act, whether long term or short. People usually make impulsive purchases when exposed to stimuli in a store, either online or at a physical location. It typically happens to defeat a negative emotion such as stress or foster a good one, such as feeling celebratory.
If you do have a problem with impulse buying, then consider taking up the following measures to avoid placing unnecessary dents in your bank account.
Use the Envelope System
Before getting started, it is evident that you need a budget. Given that this is a money management basic, we will move on to what the envelope system. What one ought to do is place money for various budget items in envelopes. If you spend $400 on groceries, the same amount on gasoline, and even more using a spousal support calculator, place them in their separate envelopes.
Therefore, if you need to spend cash, you remove it from that same envelope and return the change to use for the next time. For this to work, you have to remain faithful to the system and not move funds around with the old line of “I will return it.” There are software alternatives such as You Need a Budget, especially where credit cards are concerned. Once it’s depleted, wait for the next month to come round or otherwise rework your budget to be more fitting of your needs.
Sleep on it
If your first instinct was to think that the sale will be over by tomorrow morning, then you have fallen for a marketing trap. That is what brands do to get you spending without a second thought. The logical thought is that if you did need it before the sale, then you would have had it. If you did need it and were waiting for the sale enough to save for it, then you are in the clear. Anything else you will need to sleep on it and see if you need it in the morning.
Sleeping on it gives you time to calm down from the FOMO; you can ask yourself pertinent questions. It will help you know if you do need the service or item. If you still do, save up for it and wait for the next sale- it will always come back around. That way you avoid spending cash you hadn’t budgeted for.
The way to stop emotional spending is to keep your emotions in check. When you feel the urge to spend, ask yourself what you are trying to compensate for. If you are angry or stressed, then you need to find a better coping mechanism.