Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”
Impulse buys are those random, unnecessary purchases that eat into your potential savings and leave you wondering what happened to your extra money. It happens to the best of us. Here are some tips for breaking the bad habit of mindlessly buying things you don’t need.
- Avoid shopping for fun. Turning to retail therapy to bring joy makes you more vulnerable to impulse spending.
- Keep credit cards out of reach. Using cards for impulse purchases only adds extra costs in the form of interest in something you didn’t even need in the first place.
- Unsubscribe from emails & text alerts. Take advantage of deals when the purchase makes sense for your budget, not just due to fear of missing out.
- Don’t wait to track spending. When you take note of what you spend each day, those unnecessary impulse purchases will stick out.
- Don’t make your budget too restrictive. Add some room to your budget for discretionary spending. That way, you can make some random purchases guilt-free.