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How to prevent impulse buying

by Chinkee Tan

You want to SAVE money but you always fail because you cannot stop yourself from buying something every time you go to the mall.

You want to work around your budget but you easily get tempted when you see the SALE sign in stores.

You want to be RESPONSIBLE but you get derailed when you see the latest displays in your favorite store.

Impulse buying is not just an interesting concept to talk about. It is a vicious cycle that can keep you in chains if you do not make a deliberate effort to be liberated from it. If you are suffering from impulse buying and seem that you can’t resist.

Here are five ways to prevent impulse buying:

1. Do NOT bring your credit card every day.
Avoid getting tempted to swipe your credit card by not bringing it with you in the first place. Keep it in a secure place in your home and use it only for very important expenses or emergency purposes.

2. Do NOT withdraw a huge amount of money to keep in your wallet.
Withdraw a reasonable amount of money only enough to give you something to use for transportation and food cost. Do not withdraw an excessive amount of money as this will also compel you to buy on impulse knowing that you have extra cash in store.

3. Stay clear of the mall if you do not need to do something important there.
Look for another place apart from the mall where you can unwind after a long day at work. Do not make retail therapy a habit.

4. If you do find yourself inside the mall, do NOT go into the lion’s den.
You most likely know you weakness. If you do, avoid the store that usually tempts you to do unplanned spending.

5. As part of your savings, set aside money for shopping that you can only use at the end of each period.
Reward yourself as you continue to build the discipline of saving and working around your budget so that you have something to look forward to.

Do not deprive yourself also of material things. However, you need to be firm about when you want to shop.

A wise person should have their money in their wallet not in their heart.

THINK. REFLECT. APPLY.
Are you an impulse buyer? What do you usually splurge on? What do you need to do in order to avoid buying impulsively?

If you want to learn how to save P52,000 this 2018. Please check out my latest book, “My Ipon Diary.” For more info, please visit chinkeetan.com/ipon.

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