With the winter blues continuing (for those in the northern hemisphere), plus a spell of exceptionally cold weather, it is invariably tempting to take out your smartphone and begin shopping. Saving money, avoiding crush decisions, and steering clear of addictive activities like online gambling represent some of the sounder financial advice.
Do you, for instance, really need the item on offer? Can you really afford to gamble when saving is probably the better option? Are you better off paying off some of your credit card instead?
The company NonGamStopBets has provided five strategies to avoid impulse buying during the January sales. The advice has been passed onto Digital Journal, and the findings are based on pausing and avoiding rash decisions and steering clear of spending frivolity. Think before you buy.
Set a 24-hour rule
Before adding an item to your cart, set yourself a 24-hour waiting period. Consider making the purchase if you still have a strong desire to buy the item after a day.
Extending this cooling-off period to 48 hours, if possible, can further help distinguish between genuine needs and impulsive wants.
Make a budget and stick to it
Creating a well-defined budget helps set boundaries to limit spending. Setting aside a portion of funds specifically for non-essential purchases can prevent feelings of guilt and reduce the urge to overindulge.
By tracking expenses within this budget, consumers gain a better understanding of where their money is going, making it easier to identify and cut back on unnecessary purchases.
Unsubscribe from emails and notifications
Retailers use promotional emails, texts, and notifications to trigger impulse buys. Unsubscribing from emails and text lists and disabling notifications can reduce these prompts, making it easier to resist.
Practice mindful shopping
Reflect on the “why” behind each purchase – asking questions like “Do I really need this?” and “Will it add value to my life?” This introspective helps shoppers to prioritize meaningful purchases and avoid those driven by impulse.
Don’t save your card details
Convenience is a significant factor in impulse buying, and having card details saved on websites can make purchasing too easy. By choosing not to save card information, shoppers create an extra step before checkout, allowing a moment of reflection to consider whether the purchase is truly necessary.
This seemingly small barrier can significantly reduce spur-of-the-moment buys and support more intentional shopping decisions.
