We've all done it: walked into a store with a short shopping list and left with an armful of bags. Impulse spending can wreak havoc on the best planned budget. A 2012 Shopper Engagement Study found that 57% of the respondents often spent more than planned. We're sharing tips on how to keep more of your money in your pocket and spend less on impulse purchases.
Tip #1 – Tally what's wasted on impulse spending
- Examine receipts from the past 2 - 3 weeks
- Add up purchases that weren't planned.
- How else could you have used money?
Tip #2 – Know what tricks the stores use
- Weekly specials in front
- Colorful banners
- Phrases: "New low price" or "Lowest price around"
- Be oblivious to store tricks, only get what you came in to buy
Tip #3 – Have your own spending tricks
- Shop with a list and a dollar limit
- DO NOT deviate from the list nor the dollar limit
- Ask yourself: need or a want?
- Compare prices and brands
Tip #4 – Avoid temptation
- Stay away from your ‘weak spots'
- Leave credit cards at home
- Carry only the amount of money you will need each day
- Get off the mailing lists
- Don't make shopping an activity
- Focus on your goals