Tips to Avoid Making Impulse Purchases
August 30, 2022•
Impulse spending used to be an occasional thing, maybe when you went shopping twice a month or during your weekly trip to the grocery store. Now though, it’s easier than ever to fall into the trap not only because of our growing overzealous demand for stuff (thanks Covid), but also thanks to tech as all you need to do is scroll on an app and click “buy.”
49% of users that participated in a recent Bankrate survey admitted they’d engaged in impulse buying on a social media platform (or other) that they use, and a more concerning 64% of them said they regretted at least one of those purchases.
A few ways to side-step impulsive buying
- Procrastinate: When you see something you’re tempted to buy, wait at least 24 hours... better yet, 36. The key here is to wait however long it takes you to forget about it, and then reassess how much you wanted it. If it’s still on your mind, add it to a wishlist of sorts and purchase it when it fits within your budget.
- “Ask app not to track:” Social media is one of the biggest drivers of impulse spending nowadays, and that’s largely because advertisers know what you like, and therefore what to show you. If you have an iPhone, you can somewhat dodge this by telling your app not to track your data which should end up showing you ads less relevant to you, thus reducing the temptation.
- View the item in a vacuum: They say comparison can be the thief of joy, so it’s important to ask yourself if you really want something for yourself before buying. Oftentimes, we make purchases just based on what we imagine others might think of us if we had X, Y, or Z, and not based on solely if we want or need it.
Take this related lesson on this topic and earn Dibs 🟡 while you're at it:
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