Irrespective of the economic situation, expenses are certain to be made. Online shopping has made the temptation of impulse buying worse.
You may be able to prevent yourself from physically visiting the stores to shop, but you can barely prevent seeing the ads and marketing techniques such as Amazon one-click, flash sales, buy one get one free, etc.
Except you already have a wish list, most holiday shoppers do not buy things actually planned for.
Here are some tips you can follow to avoid impulse buying:
1. Keep your cards at home
One way to avoid indulging in impulse buying is to pay for items entirely with cash and stick strictly to your budget. That way, once your cash is exhausted, you cannot spend anymore.
2. Unsubscribe from daily deals and newsletters
In the past, I used to get at least five emails every day from my favourite stores. I will be lying if I say that I didn’t indulge some of the mouthwatering deals they offered, but at a point, I knew I had to nip it in the bud. Don’t wait until Black Friday before you start unsubscribing from this type of email. They are composed of strategic marketing to get you to purchase items you do not really need.
3. Create a list and stick to it
Have a list? Stick to it and ensure that you are not buying any item merely because they are on sale. Your mission is to buy the items on your list and go home. You can make this easier by creating a shopping fund, that is, by saving every month for upcoming holiday seasons.
4. Don’t shop in a group
Peer pressure is a thing while shopping. It is so easy to be convinced by a fellow shopper to splurge on what you may not need. It is better to shop solo in order to avoid the urge to go above your budget.
5. Avoid shopping due to sentiments
Take a moment to examine the reason for wanting to purchase an item. Most consumers purchase items based on sentiments. They want to buy the latest thing in vogue in order to feel good. Ask yourself, “do I really need the latest iPhone? Weave? Dress? Shoes? Can I do without these items because I have enough already?”
6. Avoid the clearance sale section
30% off, 50% off, final clearance sales, you must have come across during holiday shopping because most stores are trying to sell off old stocks. You don’t have to buy a clearance item if you don’t need it. If it is not on your list, don’t buy it. There is also a higher temptation of countdown sales, that is, sales that last for a few days or 24 hours. Don’t fall into their trap, remember there will always be other sales in the future.
7. Take a break from social media
Social media is a big trigger for impulse buying, from sponsored ads to influencer marketing. You would always come across something to spend your money on. Getting off social media for a while could be good as you won’t see all the flashy ads and deals.
8. Don’t be pressured to buy a gift for everyone you know
Stick to your budget, create a gift list and save towards it before the holidays. This way you will not feel overwhelmed with pressure.
9. Fulfil your important financial obligations first
Before you go on a shopping spree with your 13th-month bonus, allocate your money to important financial obligations first. Pay your bills, increase your rainy day fund or invest it.
