Tiny House, Tiny Living, The Tiny Life.

4 Rules to Curb Impulse Spending

Impulse spending was my biggest money mistake, to the tune of thousands upon thousands of dollars. Aside from our student loan debt, 85% of our debt was because of impulse spending and not planning ahead.

In order to break the cycle and change our spending habits, we had to learn the rules to curbing our impulse spending. I wished I had known about these strategies years ago, but they are still rules that we follow today.

Only leave with the cash amount that you are willing to spend

When you go out shopping with a limit to how much you’re willing to spend in mind, take only that amount in cash. Leave your debit and credit cards behind. If you leave any access to extra funds at home, you guarantee that you will not blow the budget and pick up $100 worth of items from Target when you only went there for paper towels.

Avoid the places where you know you tend to overspend

When we did our spending analysis, I saw just how much of a weakness I had for the cosmetics counter and Target. Those are two places where I can easily find myself overspending and making impulsive purchases.

My husband on the other hand would rarely walk away from our local hardware store with just the one item that he went there to pick up. We acknowledged our impulsiveness and agreed to avoid those places as much as we could.

Shop with a list

I not only shop with a list when doing my grocery shopping, but I also make a list when it’s time to do any type of shopping. My lists are made up of the items that we need by doing an inventory of what we already have, and nothing else goes into the cart.

As I prepare my Christmas shopping list, I come up with four items for each of my children. Something they want, something they need, something to wear, and something to read. Aside from the stocking stuffers, I know that with my list I’m protecting myself and my budget from going overboard.

Unsubscribe from those store email lists

Every morning I would be greeted with a long list of emails from some of my favorite stores letting me know about the great sale that they’re having (they seem to be having a different one each week), or a coupon code. I found myself all of a sudden in a mood to go shopping and take advantage of all these great deals.

This past January I decided to end the temptation once and for all. I unsubscribed to all of the email lists. No longer am I bombarded by sales ads, I’m no longer tempted to take advantage of the sale or coupon code on items that I didn’t really need anyway. After all, if you don’t need the item, you’re not really saving any money, no matter how much it’s marked down.

Your Turn!

  • What is your spending weakness?
  • What do you do to curb impulse spending?

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