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Control Impulse Buying With Four Basic Rules

4 Ways to Stop Impulse Buying

With today’s technology – subscription purchases, electronic transfers, e-payments at the register, it is no wonder most people are impulse buying more often than ever before. Right now, you can easily buy anything you want with a quick tap on your phone or a swipe of your card at the store.

Take control of your impulse purchases with four rules as your foundation.  

 

Don’t Go ‘Cold Turkey’

Cutting yourself off cold turkey from impulse purchases isn't always the right move. For a lot of people, that decision can feel like a punishment, and they may want to rebel against their self-imposed limitations. Instead, be realistic about your shopping habits and let yourself have a few impulse purchases.

Commit to giving yourself a weekly or monthly allowance. Once you reach the limit, you can't make any more impulse purchases, so choose wisely! This helps you strike a comfortable balance, and when you budget for impulse buys you think more carefully about them.

 

Set a Limit for Each Purchase

If large impulse purchases are a mainstay in your world, set a limit for each purchase. When an item is over that limit, for example $50, require yourself to think about it for 24 to 48 hours. At that point, the purchase is no longer impulsive because you've spent time considering the impact on your budget and whether or not you truly want the item. Oftentimes when you delay purchasing an item, you’ll find you no longer feel like you need it.  

 

Disable One-Click Buying

One-click buying options are quickly becoming more popular with online shopping. Completing a purchase online is so much easier now that you can skip the part where you enter your credit or debit card number and shipping address. Of course online retailers want it to be easy for you to click ‘purchase,’ the sooner you get there the less time you have to second guess your purchase.

If you’re trying to cut down on your impulse shopping, go to the websites or apps you use the most and disable the one-click buying option. This will allow you more time when making the purchase to really consider whether you need it or not.

 

Lock Your Cards

To put another barrier between you and impulse purchases, consider locking your credit and debit cards. Most financial institutions offer this feature where you can lock and unlock your cards through their app or online banking platform.

Now you’re wondering why you would lock yourself out of your own purchasing power….keep reading, trust us on this one!

Imagine you pay all your bills for the month, take out some cash for incidentals and daily needs (groceries, gas, etc.), and then you lock your debit or credit cards for the rest of the month. If you ever want to make an impulse purchase, you have to go through the additional step of unlocking your card, and that can help to minimize impulsive shopping habits.

CAMPUS Members have complete control of their credit and debit cards using the CAMPUS USA Card Control App.

 

Do Your Best

Impulse purchases can instantly derail your monthly budget. However, by setting a few rules, you’ll be able to keep your finances on track and enjoy treating yourself occasionally.


By Campus USA at 12 Dec 2019, 14:33 PM

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