It’s so easy to go out to buy just a few things and wind up with more than you meant to get. In a world where spending has been rendered almost completely effortless with a simple tap, it’s not hard to see that it feeds impulsive spending habits.
Do you find yourself making spur of the moment purchases or buying things because they’re on sale? Are you a sucker for the dollar section at Target or hitting up the drive-through for some fries and a Dr. Pepper? I know I’m not the only one who’s done these things.
For a long time, I had trouble sticking to my list when I went to the store or saying no to stopping at Taco Bell on the way home even though I knew I had food in my fridge. It took not just discipline and patience to stop, but also constant reminders of how these spending habits were holding me back from the life I want.
If you want to have financial security and you’re currently struggling, you absolutely need to cut out the frivolous, impulsive spending. The money you throw away on McNuggets and random sh*t from Amazon could be going to paying off debt, building an emergency fund, or even investing.
It’s time to take back control of your money and cut out the impulsive spending habits for good. But how? Here are 5 things you can try in order to kick your bad spending habits to the curb.
Cut Out Impulsive Spending Habits Slowly
It can seem really daunting to change your entire lifestyle at once. If you constantly eat out and spend without a care in the world, it can be hard to change overnight. These seemingly small expenses really add up and are keeping you from getting ahead. You may not even realize how much money you’re spending on nothing until you stop.
Limit yourself slowly and phase these bad spending habits out. When I first started getting really serious about paying off my debt, I was hesitant to cut back, especially on eating out. It took me ages to actually make progress, but I’ve cut back significantly. I’ve gone from spending almost $1000 per month on eating out to only $100 now.
This is a snapshot of all the money I spent on food back in October 2021. 😳 Just one month!
Now this snapshot is what I spent last month! The difference is insane.
Get On a Budget
Probably the #1 best thing you can do to manage your impulsive spending habits is to get on a budget. Having a place for all of your money to go each month makes it harder to spend in unnecessary spots. A good budget will allow you to direct your money to the proper expense so you don’t end up with nothing in your bank account or not enough to pay rent because you overspent on bullsh*t.
I love my budget because of how much it has helped me organize and gain control over my finances. Even though I’m focusing on getting my debt paid off and building my savings, I still give myself a little bit of money to spend on things like having fun and eating out. But I always make sure to stay within that budgeted amount. If you’re just getting started on your budgeting journey, check out The Beginner’s Guide to Budgeting.
Cut Up Your Credit Cards
Credit cards give impulsive spenders access to spend money they may not even have, perpetuating a cycle of going into debt for ridiculous bullsh*t. Like I mentioned earlier, it’s way too easy to swipe or tap a card and not even think about the purchase; that’s a problem for future you. Well, my job is to help future you out by telling present you to cut your credit cards up immediately.
If you’re struggling to manage impulsive spending habits, credit cards are not your friends. Likely, you’re probably not even a credit card person at. In that case, it’s best to rely on debit cards and cash to pay for things (but only budgeted things). If you’re not sure if you’re a credit card person or not, click here.
Have a No Spend Month
I’ve seen these all over TikTok and YouTube, but to be honest, I’ve never done a proper no spend month. I love the idea and it’s pretty much the opposite of my first tip, cut out small habits slowly. A no spend month is an immediate no bullsh*t month.
If you’re not familiar, a no spend month means you don’t spend money on anything except the absolute necessities. You only buy things like groceries, gas, toilet paper, etc. This means no Slurpees, no clothes from the thrift store, no being influenced to buy something off the TikTok shop. I’m thinking of trying this soon. I’ll let you know how it goes…
Set Financial Goals
If you don’t know what you’re working towards, it’s going to be difficult to sacrifice now for something in the way far off future. Having goals gives you something to look forward to and keeps you motivated to make progress. Reaching those goals will give you something to show for all of your hard work and sacrifice.
These financial goals could be anything from buying a house to paying off your debt to giving a better life to your kids. Personally, the biggest goal I’m working towards is becoming debt free and that’s lighting a fire in me to align my actions with my desired outcome.
Keys to Managing Impulsive Spending Habits
Ultimately, it comes down to eliminating the instant gratification we’re so used to in everyday life. The opposite of impulse is control, and it’s our own personal responsibility to take control over our finances so we can create the life we want to have.
Delaying satisfaction and making smart financial decisions that align with your goals is the only way you’ll see progress and get those impulsive spending habits under control. I know it’s difficult, especially when you see other people enjoying things you wish you had, but in all honesty, they’re probably just as broke, if not broker, than you are. Make better financial decisions instead, so you can actually enjoy the life you want later on.