Anything that says change, can cause stress and takes effort. In order to keep your energy flowing while minimising stress, focus on the change you can make for yourself that is within your control. When you know you need to make changes to spending behaviours, the first step is to identify triggers that deplete your energy and personal resources and cause impulse shopping. Each time you head out the door, remind yourself of your tempo.
Mood
Emotions and moods often deplete your energy resources acting as triggers to impulse shopping. Some moods can colour any price tag with rose coloured stickers, and irrespective of price make it look like a great deal. Start to identify moods that affect shopping and spending behaviour: distracted, tired, hungry, sad, happy and find ways to avoid going to the shops during those periods that will cause impulse spending.
Occasion
Do you impulse buy for specific occasions like traditions and holidays? Does shopping with a specific friend lead to unplanned spending? Everybody spends over Christmas, etc. however, for these times that you must spend, you should have a specific budget set aside for irregular and seasonal expenses. In this regard, it is safer to keep your money safe from yourself by investing in stocks & shares ISA where you do not have the actual money but an investment instead.
Place
Do you have a weakness for a specific store? Are arts and crafts stores your favourite or do you love home improvement stores? Are there specific cities that trigger your impulse shopping? Identify these and try to avoid them by limiting the opportunity to venture to these stores or cities. If you must go, limit yourself by keeping your cards at home and taking just enough cash.
Environment
Are there specific environments that cause you to spend more or you feel obliged to spend simply because you are there? For example, malls, home shows, crafts fairs, away on business, etc. in these instances too, save yourself from yourself by making sure your credit card cannot be used or your money is safe in stocks, etc. and untouchable.
Time of day
When you have more energy, you will enjoy shopping much more. On the other hand, when you have a lot of energy you are much less stressed, and this enables you to think clearly and make wiser decisions thus limiting the chances to buy on impulse.
Clever ways to tie up your funds
- You might control your tempo, but a little additional help to tie up your money would go a long way.
- Set up your account that you cannot make withdrawals online or electronic banking, if you are forced to go to an ATM you will spend less.
- Do not keep your credit cards with you, lock them in a safety deposit box.
- Lower the limits on your overdraft and withdrawal limits on ATM cards.
- Move savings to an account or financial institution that you cannot access.
- Set up two accounts that separate savings from routine transactions and day to day expenses.