Cut Impulse Spending to Save Money

At one time or another we are all guilty of impulse spending. We go to the grocery store or discount store to pick up one or two items and end up buying nine. On average, people buy six more items than intended when shopping. Stores depend upon us doing this in order to make money. That is why they place impulse items on end caps and at cash registers. That is why you see the big red sale sign over the big display just as you enter the store. While we can't stop stores from enticing us to buy items we don't need, we can learn not to give in to these marketing strategies.

Think about all the items you've purchased on impulse or because it was on sale and how much you've spent on items you really didn't need. These are the items you generally find at the back of your closet or in the box marked rummage sale. These can add up to hundreds, even thousands of dollars in wasted money over a year's time. This is money you could have saved or used to pay off credit card debt. You work hard for your money so you deserve to have some at the end of each week instead of giving it up to stores for items you really don't need. You can do this by teaching yourself to get out of the habit of impulse buying and into the habit of careful spending.

Marketing Tricks Stores Use

All stores use certain marketing tricks to get you to spend more money than you intend to. Discount and grocery stores generally display their week's specials in the front of the store as you enter so you have to walk past the sale items. While this sounds like they are catering to you the truth is they know most consumers cannot resist a good sale. Even if you don't need four boxes of instant mashed potatoes you may feel the urge to buy them because it is such a good price. Another trick that grocery stores like to use is placing all the necessary items, like bread and milk, in the back of the store. This way you have to walk through the entire store in order to get the one or two items you really need. This is intended for you to fill your basket before getting to your destination.

The word "sale" is the biggest marketing tool of all. People see this word over a display and gravitate toward the items. It may not even be an item you wanted but the sale banner and display is very enticing.

Merchandise displays are also ways that stores get you to spend money. Even if an item isn't on sale people tend to be drawn to large, colorful displays with banners exclaiming a "low" price for the item. The item may be regular price but it is hard to resist the fact that it is a low regular price. With the many ways that stores use to persuade people to spend their money it is easy to see why people waste so much money on impulse spending.

How to Control the Spending

By using a few tricks of your own you can control your impulse spending and save money. First of all you should be aware of just how much money you spend on impulse shopping. Go through receipts from the past few days and compare what you needed to buy with what you really purchased. Scrutinize what you were shopping for compared to what you ended up buying. This will be a big wake-up call for those who don't even know they are impulse buying. Most people will find wasteful spending in their everyday habits. Once you determine how much you are overspending on impulse buying you are ready to start implementing a new way of shopping that will help you control your impulse spending.

Always shop with a list - Whether you are grocery shopping or picking up a few items at a discount store or drug store make up a list of items you absolutely need. Once in the store stick to your list and only purchase the items on it. Ignore sale items, new products or bargain bins. If you didn't need it enough to put it on your list then you shouldn't buy it.

Give yourself a spending limit - As you make out your shopping list also place a limit on what you will spend on this shopping trip and stick to your limit. Limiting the amount you are willing to spend will help you say no to any impulse items.

Sale is a four-letter word - Let this be your mantra while you are shopping. Unless you needed the sale item to begin with don't feed off their marketing tricks by buying an item just because it is a good deal. Saving ten dollars on a twenty dollar item that you didn't need to begin with isn't a bargain - it just means you spent ten dollars on something you didn't need.

Think carefully before you buy - If you do run into an item on sale that you have wanted to buy think twice before buying it. Is this something you really need and will use? Is it any better of a buy just because it's on sale? Saving money on an item is great as long as you really need it, so think twice before deciding to purchase it.

Compare prices before buying - Most stores place the most expensive brands at eye level and the less expensive ones below. Compare the prices before choosing the first item you see. You may be surprised at the difference in price from one brand to another.

Pay yourself for good behavior - As you shop keep a running tab on the prices of items you wanted but said no to and total that up at the end. This is money you probably would have spent before you began cutting your impulse spending. Put that amount away in savings or use it to pay down debt as your reward. After a few months you will be surprised at how much you have saved or paid off.

Controlling your impulse spending takes time and self-control but once you see how much money you save it will no longer seem like a sacrifice, but instead like a way of rewarding yourself for making good choices.