7 More Ways to Stop Impulse Spending

Impulse spending reflects a lack of control.  Who isn’t guilty of forking over a wad of cash for the latest and greatest object of desire?  Yet, if you’re like most women, you probably have a growing closet full of forgotten castaways otherwise known as your impulse buys.  Here are seven more ways to stop impulse spending and save your hard earned cash.  (Check out the original batch of tips here.)

Track what you spend: Previously I wrote about the importance of a budget, and this tip goes hand in hand with creating a budget.  Track what you spend.  I have a little notebook where I write down everything I spend.  Others use good ole excel, or there are free websites like mint.com that track your purchases electronically.  Most people don’t realize that $20 for a shirt there and $45 for a skirt here can add up to some serious bucks.  If you don’t know how much you’re wasting on impulse buys, it’s hard to stop.

Have an accountability partner: It’s easier to keep your finances in check when you have someone who keeps you on track.  Case in point: Grace of Money Smart Fashion and her Super Saving Fiance.  Find someone who shares your desire to curb impulse spending, and keep each other accountable.  An outsider perspective can be extremely helpful.  For example, I’ll see a cute dress and I can’t help but feel like I need that dress.  Yet, my sister will point out that I have a similar dress that I bought a month ago.

Avoid shopping with spendthrifts: As much as you need an accountability buddy, stay away from prodigal spenders when shopping.  It’s that much easier to succumb to impulse buying when Bonnie has already spent $500.

Use the 30-day rule: One of my favorite personal finance bloggers JD Roth of Get Rich Slowly talks about the 30-day rule to control impulse spending.  If you have the urge to buy an item, literally stop yourself.  Put the item back, and leave the store.  At home, write down the date, name of the item, and price.  Give yourself 30-days to evaluate whether you really want this item.  The intense feeling of want usually wanes after 30 days, but if at the end of your self-imposed restrictive period, you still want the item, consider buying it.

Shopping is not a hobby: Really.  Shopping isn’t, or shouldn’t be, a hobby.  Too many women shop as a hobby, but shopping without purpose means you’re placing yourself in temptation city.  Instead of finding your therapeutic relief in disposing cash, find another avenue.  Hit the local library.  Go for a run.  Volunteer.  Oh, and window shopping isn’t a hobby either. 

Unsubscribe to e-mail lists: If you’re prone to compulsive buying, unsubscribe from e-mail lists from retailers.  When your email is constantly bombarded with pictures of the latest trends, it’s easy to get sucked in.  Also, the language used in promoting sales makes it seem like you’re saving money, but really, you’re just spending less.

Think in terms of your hourly wage: Back in college, I had one of those terrible jobs at the alumni office.  I made $8 an hour calling (more like begging) alumni for donations.  I hated the job, but it was one of the best paid jobs on campus.  With the money I earned, I started thinking of purchases in terms of my hourly wage and the work behind it.  For example, a trendy dress I’d wear once or twice may only cost $25 before taxes. $25 sounds innocuous, but that was four hours of calling alumni.  Was the dress worth 4 hours of work?  Usually the asnwer was a resounding no.