10 Tips to Curb Impulse Spending

Posted: 02 Sep 2010 04:30 AM PDT

Impulse buying is something we've all done. Maybe it was a glossy magazine in the checkout line or a pair of shoes being offered at a price you "couldn't pass up". These small, irrelevant items that find their way into your shopping cart can add up quickly. Although impulse buying has dealt a fatal blow to many a household budget, the good news is yours doesn't have to be next. Arming yourself with a few tips before you go out shopping can ensure you resist the urge to make these trivial (and costly) purchases for good.

1. Track spending trends.

At the beginning of the month, start a log. Write down everything you spend for a full month. At the end of that month, review your trends to see how much you spent impulsively. The results may startle you enough to kick start your anti-impulse buying campaign.

2. Make a list.

Know what you need before shopping. This cuts down on time spent browsing, which is most often when the impulse to buy strikes.

3. Use coupons.

If you do need to purchase an item, seek out a coupon first. These days, you can find a coupon for almost any product, from any retailer online. Gone are the days of coupon clipping. For example, if you're looking for Macy's coupons, then simply go to your preferred search engine and type that in. You'll get pages full of website that publish coupons and deals.

4. Learn to separate "needs" from "wants".

Make every attempt to justify your purchases based on a need instead of a want. Just because you want that leather jacket you saw on sale at the mall doesn't mean you need it – especially with four others hanging in your closet.

5. Shop alone.

Friends, spouses and children can all be a hindrance on a budget-conscious shopper's mission. The urge to splurge gets stronger around certain influences – such as shopaholic friends and crying children.

6. Eat before going shopping.

It sounds silly, but a lot of impulse shopping happens when people grocery shop on an empty stomach. Every thing is tempting, making shoppers more likely to buy pricier things than they would normally buy to satisfy a food craving.

7. Avoid temptation.

Some impulse buyers have a particular weakness. It might be cosmetics, clothing, DVDs or even books. Avoid these items. Don't even shop at the same stores. Change your shopping routine completely to get out of this rut.

8. Develop a mantra.

Remind yourself that every impulsive purchase you resist is $X toward a vacation or other special treat, $X more dollars in your savings account or $X less dollars in debt.

9. Shop sales smartly.

Some people wait all year for Black Friday when it's possible to get the same kind of deals online. Cyber Monday is a holiday introduced a few years ago that allows online retailers to get in on the Black Friday madness. It's also easier to comparison shop online as some merchants' normal prices are considerably higher than others.

10. Sleep on it.

If you find something that you think you truly cannot live without – sleep on it. Return to the store the next day. If the urge is still there and still as strong, you might consider making the purchase. If not, recite your mantra from #8 and give yourself a pat on the back.

What tips do you have to curb impulse spending?

Helen Fang is an avid deal hunter and works for a Dealio.com, a comparison shopping, online coupons and daily deals website. Helen never pays retail and you shouldn't either. Get fresh coupons daily by following Dealio on Twitter.

Dollar Matters: Family Finance Edition

Posted: 01 Sep 2010 09:02 AM PDT

We’re very excited at Financial Highway to start introducing a new feature for Mondays and Wednesdays. We’re calling it Dollar Matters. Hopefully, it will provide you with some helpful information, all from recent blog posts from personal finance writers.

For this edition, we are looking at matters related to your family finances. With the kids heading back to school, it seems only natural to turn our thoughts to what is happening when it comes to your family’s money situation:

How to Support a Family on a Single Income

John at Moolanomy looks at how you can support a family on a single income. With interest in moving toward simplicity, and trying to have one parent stay home, this look at strategies for single income families is timely and helpful.

How To Get A Spouse To Start Budgeting

Craig at Bible Money Matters considers how you can convince your spouse that budgeting is a good idea. Being on the same page with money matters is an important part of putting together a marriage that is financial strong.

Downsizing With Kids

Sonja at Wise Bread offers a look at how you can downsize your lifestyle when you have kids. The recession has prompted a move toward simplicity and smaller living. But you need to get your kids in on the action as well.

Do Your Kids Have Too Many Toys?

Frugal Dad addresses a similar issue, and asks you whether or not it is time to limit the toys your kids have. But you can’t just stop at limiting your kids’ toys, he insists. Make sure that Mom and Dad are setting a good example by downsizing as well.

How to Budget for a Special-Needs Child

Does your child have special needs? Go Banking Rates offers a helpful guide that can help you create a budget to cover more immediate expenses, as well as make a plan for the future — ensuring that your special child is always cared for.

It’s a Habit with Sammy Rabbit Review — Teaching Kids About Money Done Right

Jesse at PF Firewall provides a helpful review of a fun program designed to teach children about money. Go through the program with your kids, and watch as they learn how to make better money decisions.

Life Insurance Blog