Money Saving Tips

Reining in Impulse Purchases

Try as we may to be responsible, almost all of us end up spending money frivolously at one point or another. It’s good to recognize this and perhaps set aside money in your budget for discretionary purchases. However, on a day-to-day basis, it’s important to remain vigilant about spending habits and be aware of when those purchase impulses are likely to hit. The following are some tips to help you stay on track.1

  • Plan meals for the week, including what nights it would be most convenient for your schedule to dine out or pick up takeout. Break out your favorite slow cooker recipe and freeze the leftovers so you always have a meal on hand. Maintain a garden to grow fresh herbs and produce.
  • Don’t buy more than you plan to eat — with no more than one additional meal of leftovers. Too often, we think a large dish will last us all week, but we forget that we’ll get tired of eating it. Be realistic, and don’t waste money on food you may end up throwing away.
  • Don’t fool yourself into thinking that an impulse purchase is a reward. If you’re working toward a goal, budget a treat for yourself once you achieve it. That’s a reward. If you find something you suddenly can’t live without, don’t dream up some reason why you deserve to buy it. That’s a justification.
  • Don’t wait until you’re living well within your means to start saving and/or investing in a retirement account. Saving a little today can yield far better results than waiting to save more, years down the road — for some people that day never comes. Just tighten the belt a little more and start saving today. You may even feel good enough about the move that you don’t miss the money in your daily budget.
  • Don’t engage in “retail therapy” to make yourself feel better. A brisk walk in nature can yield the same results at far less cost.
  • Review your bank and credit card statements. Check to make sure you don’t have any incorrect charges, fraudulent purchases or penalty fees. In today’s environment of computer hacking, these things are far more common and can happen to anyone.
  • Don’t try to keep up with the Joneses. Establish your own goals and don’t let friends’ and neighbors’ new purchases distract you. When you try to keep up with others, you’re less likely to meet your own goals.

1 Nancy L. Anderson. June 22, 2016. “10 Expensive Habits You Can, And Should, Break Today.” Accessed Dec. 7, 2017.

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