How do you avoid the lure of the Zappos box!? (By: Magnify.net – CC BY 2.0)The combination of a steady income, no huge financial responsibilities other than rent, and the ease of online shopping has meant that I have been spending money (and acquiring things) more quickly than I would like to.
I know I won’t put myself into debt over it, but I’d like to curtail the spending so that I can save for big things like travel or a future mortgage.
Plus the shipping, all the boxes, and just having stuff I don’t really need feels kind of wasteful.
I know a good solution is not to browse in the first place (even if all the shoes do look pretty…). So I’m wondering what strategies Homies might have when it comes to resisting impulse purchases either online or in a store. -Jackie
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Comments on How do you curb impulse spending?
I’ve found that just wishlisting or pinning stuff I want is almost as satisfying as buying it, when we’re talking about something I don’t need anyway. My big weakness is books, so I also like to browse Amazon and then make a list of things to try and get from the library’s interlibrary loan system. The danger comes when I realize that the book I want isn’t available through ILL ;-P Unfortunately I have a penchant for expensive, nichey books.
The other thing I’ve found that seems to help is copping an attitude about spending money. Let yourself feel superior for passing up a purchase. Pat yourself on the back about it to an excessive degree. Read blogs that focus on saving and budgeting and cheapskating. If you have a regular income and can measure exactly what you save every month, do that, and revel in your accomplishments. (Just, you know, keep the “I’m amazing for not spending money” attitude to yourself or you’ll drive everyone else nuts. But it does help!!)
Secret one-lowmanship! That actually sounds like it could work. I set up an automatic deposit to save up for a big trip this summer, and I think I’ll enjoy watching the savings pile up.
Watching the number get bigger does start to feel as satisfying as shopping… though it also makes you feel like laughing maniacally and diving into a room full of coins. But I think it’s a fair trade.
Yay! Question asker here. I just saw this now and am really excited to read all the responses. Before I get to that, though, I have to say that I am wowed by how you guys found the perfect picture for this post (as you always do)!
We live on cash, and keep our cards at home (with the exception of the emergency credit card that is wrapped in elastic bands so we realllllly have to take the time to think before using it). A cash diet means there is very little wiggle room for “fun money”-groceries, bus tickets, toddler expenses and church collection come first. We also have different money pots at home for small savings goals (new computer, travel, etc) in addition to our regular savings deposits (house fund and RESP). It feels really good to put a twenty in the travel fund as opposed to blowing it on a restaurant meal.
Another suggestion if you are in a serious relationship: get a joint account for the major shared expenses. This has forced my husband and I to be more accountable (lunch out is a huge thing, second hand shopping is another). We now have monthly meetings to go through our bank and credit card statements, and guess what? We’re spending less and saving more! Be accountable to someone, even if it is just to yourself. Go through statements with a highliter-what is actually essential? What is fluff? How much are you spending vs saving?
Yeah all the places I order from online know my info, heh. Plus my income comes through Paypal which makes it waaaay too easy to spend.
I used to have my card number memorized, then my bank reissued it and now I don’t — which is actually a REALLY good thing.
Something new I’m trying: a piece of masking tape over the card number. The goal is to spend less money online (where I need to type in my card number). Instead, if I want something I want to research to find a local store that carries it — which means, ugh, effort to research plus effort to go to the store to pick it up.
This is partially to combat impulse spending, but also to spend less overall to save up for something I want: a trip to hike the Inca Trail.
I have this problem. I love online shopping, and if at the end of the month, I can afford to pay off my credit card it’s all good right? Wrong.
I have direct deposit for my paychecks, so twice a month I have set up an auto transfer on the days that I get paid. About 40% of my paycheck goes into saving each month. Half of the savings goes into the emergency fund and half goes into the fun times fund. I don’t ever see the money, and I get used to living within the 60% on a month basis of paying off my credit card.
The emergency fund has pretty strict (self-inflicted) rules of reasons to withdraw money. Including replacing the hot water heater, repairing the room, new tires for the car, plus a hunk of money in case my husband or I lose our jobs.
I also set goals for the fun times fund. It’s for big fun purchases like a new tv or video game console, a trip to Peru, or a really expensive dinner. So I feel like I’m stealing from my future happiness if I take out money for something like that awesome salt and pepper shaker or whatever.
I leave myself enough wiggle room after expenses that I’m able to still shop a little bit with the 60% that isn’t going into savings. After all, I’m working hard for the money and I deserve the occasional piece of jewelry or useless things that I just want.
Another weird thing that could help, that I just realized–sometimes I just find it fun to be impulsive. If I want an outlet for that, the perfect place to go is the library. It’s free, I can go and take as many books as I want off the shelves, I get to walk out with a huge stack of things (or even read them all right there, which you can’t do on Amazon or in book stores), they won’t take up permanent space in my home, and I just return everything when I’m done.
Use caution if you’re bad about returning books on time, though.
Hey lightbulb!
I just realized I “shop” for library books in the same way I shop for clothes.
Sometimes I binge shopaholic-style and download fifteen books (I use kindle). And sometimes I research online until I find a great book I’ll love.
(Also, with the kindle, books are automatically returned so there’s no late fees. But if you disconnect wifi you can keep the books until you connect again)
Free shopping!
Same! It’s awesome. My local library is also set up so that you can check out, return, renew, and reserve books without having to interact with another human (once you have your card). It’s pretty ridiculous.
I just went yesterday to pick up one book and somehow walked out with three. But it’s okay, because…free!
I have to identify my triggers. For me, I am more likely to make impulse buys when exteremly tired or ebay. I’m horrible about ebay, all those $2-3 necklaces add up. I have to agree with adding things to the buy later lists. Usually they end up just sitting there until they are finally delisted, every so often I go back and buy something though.
If it is in a store, I can usually talk myself out of items. I’ve gotten really good at talking myself out of purchases. I usually carry something around and have an inner conversation with myself on why I don’t need the item.
I’ve always been pretty frugal, here is what works for me. First, I like to pretend that I don’t have any disposable income. It helps in all sorts of circumstances, especially if you are shopping with other people or have friends that like to go out to eat lot. I can just use it as a fall back and say “Sorry, I can’t afford to do that.” Having a savings account also helps because you cannot just simply use your debit card for purchases because the money isn’t in that account. Stashing a percentage of your paycheck in savings is a really good idea anyways and it is absolutely amazing how fast that adds up. I also like thinking about plans for retirement (I’m 27) and thinking about the things I would rather be doing with that extra money when I’m retired and have the time, as opposed to splurge buying an awesome pair of shoes now. As far as actually making purchases goes, I limit my online browsing to things I actually need or really strongly would like to have. I will typically browse and revisit two or three times over the course of a few months and read all the product reviews, just to be sure it is something I really actually want and it is of good quality. I also tend to make lists if there are any items that I just can’t justify buying because they are frivolous and I really don’t need them (ie – kitchen aid ice cream maker attachment). This way, I have a handy dandy list ready with items for an Xmas or birthday wish list. If I’m in the store shopping for something, and I just can’t muster the will-power to say no at the time, I will buy the item and then see if I feel guilty about it once I get home. If I’m feeling guilty, the item gets returned. Lastly, if it is something that is just ‘meant to be’ you’ll run into the item again in the future, plus the item will be super marked down because it will be old by then 🙂 I’ve scored a great dress and pair of shoes by pure chance this way. I loved them enough to buy them at full price, but I said no at the time and ended up running into the same items for 80% off over a year later!
I know this isn’t something that you normally associate with “impulse spending” so this might appear off-topic but I’m going to bring it up anyway.
Going out to eat is the worst impulse spending I do. I could live with too much yarn and too many Kindle books. I could accept the extra eye shadow and lipstick that will never get used up. I could even cope with those Zappos shoes that [gulp] didn’t get returned. I could deal with all of that if I could curtail the restaurants visits.
Left to my own devices I will go out to eat 5-7 times a week. The only thing that stops me from making it 10-12 times a week is that I actually do love to cook. When I’m trying to control it, it’s still 2-3 times a week. To complicate matters, I have to travel for business and when I return I’m in total “go out to eat mode” and it takes me several weeks to, uh, reset my expectations.
The theme of my New Year’s resolutions this year is “realistic expectations” so with that in mind I’m trying to come up some modest plans to deal with this. For example, I don’t think I can stick to once/week but how about 2x/week? Also, knowing that returning from business trip is a problem, I’m going to try to freeze some homemade food ahead of time. This one is more of a challenge because my schedule is usually very full before I leave. I might have to make allowances for the first week back.
What about you, Homies? Do you have any coping mechanisms to share?
PS: I know to some of you this is going to sound like a very high-hat problem and I agree so please don’t feel obliged to point this out to me.
I try hard to stock things that are easy/simple to prepare for those days that there is no way I want to cook. I also try to make bigger portions so I will have leftovers for lunch. And then the budget thing. Our budget is relatively tight so we budget a limited amount a month for eating out. This helps. A lot! If I know what my budget is, I’m way less tempted to just run out to grab… or to just order…. etc. I try to buy treats to cook/eat too. If I’m looking forward to eating something I spent money on, I’m less likely to just go out instead.
Freezing meals helps. So does freezing parts of meals. Even if it’s just prepped taco beef or cut up veggies, that can make it way easier.
And make a list of meals you want to make. I suck at weekly meal planning, but having pre-generated ideas helps a ton.
Making meals with the intent to have “quick” meals later in the week is a really good thing to reduce impulse eating out!
Another thing that I find helpful is stocking up on things like TV dinners and frozen pizzas, because there’s definitely those nights you don’t want to cook!
But if you’re going out to eat to “get out of the house” or “be social” you should look into other ways you can satisfy that need. I signed up for a gym, do my work at a local cafe instead of at home, and I volunteer with kids – all things that get me out of the house and being more social in a relaxing setting.
These are some good suggestions because I confess a lot of it is social. I can have food sitting in the frig and blow right by it as I rush out the door to go to a restaurant.
That’s usually why I end up drinking in a bar rather than drinking better & cheaper beer at home. Finding something else that fills that need has really helped me pare down my spending.
Perhaps you can start small by going for coffee instead of dinner, or opting for an activity like a concert or going for a walk in the park. You’ll get the same social benefit, and maybe you’ll feel more fulfilled by a memorable activity rather than just food.
Totally hear ya. My grocery store has some pre-made meals that we pop in the fridge or freezer. There’s also a meal delivery service in town that we order from occasionally to put some food in our freezer. Our problem is we have relativly more money than time (we work too much and our toddlers need to go to bed too early). Having something yummy (and relatively more healthy) in the fridge or freezer helps cut down on the number of pizza, Indian and Thai food deliveries to our house.
THIS is my & my husband’s problem with over-spending. We love the instant gratification of eating out; it’s delicious, easy, fast, excuse to get out of the house, I don’t like cooking, less dishes to clean, OH MAN it’s wonderful to eat out. Problem is, when I look at our online statement and see just how much we spent on food I feel so ashamed & sad that that could’ve gone toward something we could’ve enjoyed for more than the time it takes to gobble it up. I’m making some effort, but it’s difficult to break this habit and it will take time. I *try* to make a meal plan, etc. It would help if my husband would eat more than 3 ingredients (I’m exaggerating, of course, but not by a whole lot LOL), and it would help if I enjoyed cooking. Still trying to figure out how to get our spending on food in check.
I think about how I would react if Husband looked over my shoulder and saw me spending X money. Would I feel guilty because it’s an unessential purchase? Then I don’t buy it. If I know it’s an unessential purchase and I’m still justifying buying it, then I think about how I would feel if Husband bought it without consulting me first. Would I get mad that he spent that money? If so, then I don’t buy it. If I’m still justifying it, then I ask myself if I can afford to spend the same amount again on something for him. After all, it’s hardly fair to buy toys for me without buying toys for him. If I can’t afford to double my purchase, then I don’t buy it. If the purchase is an essential, something I’ve been planning for, or a gift for someone else, then I usually make the purchase.
This is why, even with small purchases, we tend to ask permission from one another first. No surprises or shocks with where the money went, then, and less of a chance of our account accidentally being overdrawn.
I am in charge of balancing the checkbook (I’m more of a numbers person than my husband) and paying bills, so I tend to have a better idea of what we have in our account day to day. Rarely do I do much of any shopping for myself, but when I do, I still check that he’s okay with me buying things, not because he’s likely to say “no” but more-so as a courtesy. Same when buying gifts for our family or friends. Yeah, with a joint account it’s harder to make gifts to one another a surprise (if nothing else, I might know that he spent X amount at Y store), but I think it’s better to be completely aware of what is being spent–and not being surprised to see the name of any stores popping up on our bank statements–than to have a panic or misunderstanding later.
We also usually develop a weekly grocery budget according to how much we need and what we can afford, and work from there. Groceries are an area where we sometimes splurge a little, depending on the product. They’re little splurges, and if we had to cut them out completely, we could, but if we’re going to impulse spend anywhere, I would rather have it be on something small like a special treat or a nice jam or something than a larger impulse purchase we won’t end up really needing or using and that takes up tons of space.
I am trying to be better, especially with a husband who is a student and my income being the general household income.
A budget helps. Mint.com is what I use but I do see some people freak out over that so even if you collect receipts and use a spreadsheet, or use envelopes with actual money, it helps. Also, look back. See what you have been spending money on. Seriously. Add up all the money you have been spending and see where it really is going.
As for items, I try hard to do things like make lists. And then hold off. Do comparison shopping. What is the best deal? And with a budget, then you start having to prioritize. If you only have $50 for flex money by the time you pay the bills, put X away into savings, go to a movie, buy some coffee, have takeout… well, then do you really want those shoes if you then can’t buy anything else? I also have tried to think of some bigger ticket items. If I spend this now, I can’t put it toward that. I do still impulse buy sometimes, but it’s less.
I tend not to go into my problem stores too much. I also try to pin things or use wishlists to keep track. I also try to share gift requests because you never know when someone might want to get you a gift. And then you don’t want to have just bought it.
Mostly, I’m in this situation out of necessity but it’s opened my eyes somewhat about saving up, not just for later in life (because retirement predictions are SCARY), but also for now.
Yes to all of this! I have a spreadsheet with our monthly expenses (rent, the utilities, all of our different student loans, our car loan, car insurance, etc) arranged according to when they are due in the month, along with their amount (whenever they’re a set amount, anyway).
Even though they go out at various times of the month, since most bills are on automatic payment I go ahead and deduct them at the beginning of the month, so we spend the month mostly focused on what we have left for groceries, any remaining bills (not on bill-pay or due at the beginning of the month), and any other incidentals. This works due to when my husband and I are paid during the month and wouldn’t work for everyone, but I find it a lot easier to budget if I know I only have a certain amount left for groceries and other needs. Plus, absolute worst-case, if something does get mixed up along the way, there is some wiggle room in having already deducted certain costs that may not go out for another week or two.
I totally went on a cash-only system. My person and I had our “budget summit” and we calculated out each person’s monthly expendables…and I take mine out in CASH. once it’s gone, it’s gone. It’s been about a month and a half and I have a MUCH higher conscientiousness about what, when, and how I purchase, as well as how much money is going in and out.
I avoid impulse buys by always calculating the number of hours/days/weeks I had to work, accounting for taxes and the like deducted from my paycheck, in order to purchase that particular item. When you factor the time you sacrificed at your job to buy that item, even a $20 item becomes less appealing. Do I really want to work over an hour for an inexpensive bead necklace? To be honest, not really.
I also have a rule that if I can make an item, I am not allowed to buy it from a retailer. This extends to things like knitwear, Christmas ornaments, specialty soaps and even dining out. It challenges me to make use not only of the resources I have monetarily speaking, but creatively. Buying something is a process of consumption, where making something is a process of creation, so it’s just an all-around better option.
-walk out of the store without buying and if the item is still on my mind for a while (like days) then I go back and buy it (I realize this is a high self-control technique and not for everyone)
-sometimes just the length of the checkout line is enough deterrent (do i really want to spend 30 min in line for this item?)
-not having a car, if I have to carry it back home I really weigh the item’s necessity
-putting my purse/credit card far away from my computer. I also never save my credit card info to online shops so that i can’t do the one click shopping. This way I am more intentional about buying.
There are so many comments here! I’m not going to read through all of them, so I assume this may be said all ready, but oh well.
What helped me a lot is giving myself an allowance. I settled on $100 a week. Every Sunday, I go to an ATM and take out $100. The only purchases I’m allowed to make on my debit or credit cards are for grocery shopping, gas or bills. If I’m at work and forgot to pack a lunch? I have to dip in to my $100 for that. If I want to buy a new video game, better have been saving, cause otherwise that only leaves me $40 for the entire rest of the week. Go see a movie? I’ll bring my own snacks, otherwise it’ll cost about a quarter of my week’s allowance. It helped me a LOT, especially if I do really well for a few weeks, then suddenly I’ll check my wallet and still have $80 or $90 on a Saturday, and I’ll get to treat myself to something fun! Since 24 hours later I’ll get another $100.
I’ll definitely echo what others have said. Pay yourself first, or as I’ve heard it said even better – consider any money you spend now as borrowing from your future self. Automating savings definitely helps here.
To help curb my impulse buys, I’ve unsubscribed from deal emails from certain websites. The putting things in your online cart and then leaving it for a few hours works too (though sometimes the retailer will send you an extra coupon to get you to buy!). Also, depending on the item, it can be very useful to think of how much time had to spend working to afford the item(s). Converted to my perception of the value of my time, a lot of things just don’t seem as worth it anymore!
I started to unsubscribe from deal/sale emails, but then I realized that I got quite a few coupon codes that were email only. Rather than unsubscribing from all the sites, I set up email filters to move them all to a folder where I don’t see them unless I choose to. If I happen to be intending to shop a site, I’d check the folder for deals before I chose to shop. This has been really helpful on sites that are running deals all the time. Rather than being tempted to shop every time they’re running a deal, I can choose to shop them then wait for a deal to come along.
1. I transfer the money that is budgeted for savings into my savings account right away, and the money for household bills and property taxes into the joint accounts.
2. I divide the money that’s left after that and my other reasonably fixed expenses (car payment, etc.) into a weekly general spending allotment.
3. I start every week with that amount in cash in my wallet. I only spend cash, except for gas, which is figured into the fixed expenses up to my monthly average. If I buy something online, or spend more on gas over the month than I’ve budgeted for, I take that amount of cash out of my wallet and put it in an envelope for the next week. Since that means I’ll have to take less cash out of the ATM to get the right starting amount for the next week, I’ll have it in my checking account to pay my credit card off each month.
4. I do my shopping near the end of the week. If I don’t have enough cash, things that can be postponed go on the list for the next week, and any leftover cash is saved towards them. If I’m able to complete the whole list, then any leftover cash does not roll over. I start with the normal amount, and the difference sits in my checking account. I allow myself to spend “off-budget” from that money in checking in limited circumstances, like if I need to buy somebody a Christmas present and have run out of time to do it in normal spending, or if I’m traveling and need it to pay for something I wouldn’t normally have the opportunity to buy at home.
I’m not into clothes or shoes, so I have a one-in, one-out policy on those things that minimizes stuff as well as preventing unnecessary spending. I don’t just have to want a shirt, I have to want it more than I want one shirt I already have.
What I’m most likely to spend on is books and DVDs, since I find those things much harder to substitute one for another and I know I’ll get a lot of use out of them. So I have detailed rules for those:
1. Only buy books in paperback (or ebook after the price has dropped following the paperback release), unless it’s one of those situations where they are releasing book after book in a series in hardcover but don’t seem to have any plans to release them in paperback until the whole thing is out.
2. Only buy books I think it is highly likely I will want to read multiple times or keep as references, like cookbooks. If I’m not sure of that, read it from the library.
3. Only buy books I haven’t read. If I decide after reading one that I will want to own it, I add it to my wishlist and hope somebody else buys it for me.
1. Only buy DVDs of movies I *have* seen. I never thought about the contradiction between this and the book rule before. I suppose it’s because DVDs are typically more expensive than books and it is harder to predict quality. I have a pretty good idea about a book if I know the author’s work, but with a movie we’ve got tons of actors, the writer, the director, and I probably want to see it because I know one of them is good but any of the rest of them could have screwed it up. If I’ve never seen it, I get it from the library.
2. I only buy DVDs as they come out. If it’s already out, I add it to my wishlist.
I place orders on any new books or DVDs coming out that I want on the fifteenth of the month and the last day of the month. If I go a full month without buying any books or DVDs, and I have the money in that week’s budget, I’ll buy myself one thing on my wishlist. Usually the cheapest item currently there unless there’s a reason to pick something else.
I’m glad I’m not the only one who has rules for books (mine are different than yours though), and those are my main ‘non-essential’ purchases. I don’t like clothes, shoes or makeup and given that we have now entered what I’m calling “homeowners’ cycle of hell” (one thing breaks, you plan to repair/replace it, then something else croaks) we just don’t have the money to spend on extras.
My book rules:
1. Must be in hardcover and must have its dust jacket in condition (of course this only applies to books that were released in hardcover)(books are the things that I ‘collect’, and I will be able to display soon [once the house stops falling apart, we are going to build-in bookcases for me])
2. All current fiction books must cost less than $8 (with the exception of one author), this means I am usually waiting for markdowns and hunting for used books.
3. All current fiction books must be part of the series that I am currently collecting. No stand-alones (exception of the same author above) and no new series until I have gotten caught up to the current novel in all of my other series.
4. Classics and non-fiction are exceptions to the above, but there are so few on this list (and I’m very particular about the format that I want them in so these usually don’t cause problems)
The biggest way to curb my impulse spending is to always have some largish purchase to save for and ask “is this object worth enough to me to delay purchasing: a new dishwasher, a new laptop, my bookcases, redo the freaking pink room.” Usually the large purchase (especially the remodel of the pink room) wins.
One thing I find really helpful is to purge your e-mails. By this I mean every time you get an e-mail from a store reminding you of a sale or new things in just unsubscribe. I found without being reminded of things to be bought I haven’t bought as much. Particularly without getting the daily deal e-mails!
I have found the biggest help in not impulse spending is budgeting but to make this any use at all you have to do a painfully honest review of what you spend.
A few years ago I was completing a Masters part-time whilst temping pretty much full-time. I struggle hugely with maths which has always made budgeting a total nightmare but the lack of regular income was confusing me even more and I was stressed, utterly bewildered and broke. My partner made me write down everything I spent in a little book I carried everywhere. I had to keep receipts and write them up later as I can’t remember numbers and even so stuff got missed. I absolutely hated it. I did this for about 3 months (with very bad grace) to make it representative and then my partner analysed it. She’s a scientist….
It was totally eye opening and not a little embarassing, I had no idea previously what I was spending at all. We worked out what the average monthly spend needed to be for my bills, rent etc. It truly bought home to me how at that time there really was not anything much to spare (but there was enough for what I needed) and while the desire to buy myself stuff was there it was plainly obvious that it was utterly self-destructive to do so.
I am basically taking responsibility for myself now financially whereas before I was so confused by it all I just spent in denial and often to comfort. Now I actually understand how much (or little) I have and exactly where it needs to go, the impulse to buy just withers and it takes me a long time to say yes I need this thing it’s ok this month to get it – I don’t have a credit card (just a debit card) so I really have to have the money. My income has got better since those dark days but it was great training, for the first time in my entire life I have savings now, built up by depositing tiny but amazingly satisfying amounts most months.
rules:
1. non essentials must be paid for in cash. any change smaller than $20 bills goes into the savings, which (will soon) go into the 401K contributions.
2. window shop for big big ticket items. i window shop for real estate. kinda hard to accidentally purchase a house, and all the while it reminds me to keep stashing the small bills.
3. definitely use the wishlist feature online.
4. automatic transfers so you’re “stuck” living on a small budget. my savings accounts also are named for their goals and amounts, so i remember each time i see them why they have money and i don’t.
5. cleaning, then announcing that i’ve just un-acquired X number of things! sometimes the big un-shopping trip to donate piles of stuff or the giving away on freecycle gives the same good feeling as the acquisition of stuff — because someone else got stuff and i got clean space!
That’s a good point that you can “name” savings accounts and set up sub-accounts for goal-oriented spending. I used this feature, myself, years back when I was saving up for a really big Spring Break trip. I’ve used it on and off since then depending on my budget needs.
This was a tip i actually hadn’t considered before. I have a savings account that gets $100 a month, but it isn’t *designated* for anything, just a slush fund when i need extra cash. I can easily change the ‘nick name’ on it, so i just did that. Makes it seem less ‘for anything.’
Thanks!
“window shop for big big ticket items. i window shop for real estate. kinda hard to accidentally purchase a house, and all the while it reminds me to keep stashing the small bills.”
What a fantastic idea! If I look at homegoods websites, I’m more likely to drop $20 than if I were looking at a real estate website. That will solve the “I’m bored so I’m online shopping” wallet-leak.
A lot of what I’d also suggest were already mentioned, like using Mint. Great tool to really see your complete financial picture.
Also, this post: http://offbeathome.com/2012/07/how-to-budget-save-and-still-have-a-life CHANGED MY LIFE. My “savings” account used to average around a $12 balance because I’d dip into it so dang often, and now, with different mini-accounts for very specific goals, I feel so reluctant to tap into those for splurges.
I also took the credit cards I am currently paying off, put them into a plastic zip-lock baggie filled with water, and tossed them in the freezer. I also cleared the saved CC info out of my Amazon and takeout ordering accounts so I wouldn’t be tempted. I did keep out one emergency card in case I need quick access.
I took a different tactic and removed myself from impulse shopping situation. I started by unsubscribing to all shopping and store emails. I stopped browsing Zappos and Banana Republic.com. I found when I wasn’t looking at things to buy, I didn’t start to think about buying them. Then I took it another step and stopped putting myself in places where I could make impulse buys. I still went to the grocery store but I stopped going to the mall ‘just to look around’ or ‘wandering around’ that street with all the high end store. When I did have a legitimate need I went shopping with an item and a budget in mind.
On top of all my other many many strategies, I think this is really the most helpful. I just don’t visit the sites. I delete the emails without looking at them, I just don’t even type zappos into the browser, I look away when I pass Anthropologie on the street. If you never see what’s advertised, it’s really easy not to want it!
This isn’t perfect– If I see a brand I like in the subject line of an email, I sometimes end up looking, and I then often end up buying. And after I skipped Anthropologie the other day, I did PLENTY of damage at Jcrew, the next store. But I still have curbed my impulse spending from twice a month to once every two or three months (but it’s progress!)
If you use Firefox, try leechblocking shopping sites. And even if you can’t do that, once you cut shopping sites out of your routine, you kind of forget about them, honestly.
It’s not perfect, but it starts to make a difference!
I have found the camera on my phone to be the best tool for keeping me from spending foolishly in the store. I take a photo of the thing I want and then, if I REALLY want it or need it, I’ll remember where I saw it and how much it cost. Usually, I find that I didn’t need it. As for online shopping – Wish Lists. Let it sit there for a little while, and if you still think you want it or need it, then buy it. But usually, I find I don’t really want it or need it. These are also useful for when you are broke, as I am now. I can go window shopping with my phone and my wishlists and get the same warm feeling as if I had actually bought something without ever having to break out my wallet. I think this is a swell idea and everyone should try it!
Take your credit card, put it in a tupperware half full of water, and stick the whole thing in the freezer. That way you HAVE to wait if you want to buy anything with it, and the cooling off period is often more than enough. 🙂
Most of my impulse spending revolves around my wardrobe, so I’m gearing up to do this: http://theproject333.com/getting-started/ and hoping it will lead a more permanent long term solution than the “no buy” period. It’s like the difference between going on a diet, or just changing your habits to eat less, better food forever.
i get …antsy… i guess is the right word, sometimes, if i havent shopped in a little while. and im actually quite good about spending my money, but i do all the grocery shopping ect, so if i havent gone out and done something for a few days i do get really antsy. and then ill just be like “eh, lets go shopping! for anything! food, clothes, randomness!” but what it really boils down to is that im bored.
how much time do you spend shopping and buying stuff every week? what if you volunteered that time instead? i started volunteering last year because i was just bored too much, and being bored wasnt even bad for my money, like i said im good about spending, but being bored is still not good! so, even if you were to curb your impulse spending with a magic wand, what might you replace that time with? would you need some other “crutch” to get whatever you get out of shopping?
volunteer instead of shop. its much more fun anyway, to be totally honest.
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I’ve found that just wishlisting or pinning stuff I want is almost as satisfying as buying it, when we’re talking about something I don’t need anyway. My big weakness is books, so I also like to browse Amazon and then make a list of things to try and get from the library’s interlibrary loan system. The danger comes when I realize that the book I want isn’t available through ILL ;-P Unfortunately I have a penchant for expensive, nichey books.
The other thing I’ve found that seems to help is copping an attitude about spending money. Let yourself feel superior for passing up a purchase. Pat yourself on the back about it to an excessive degree. Read blogs that focus on saving and budgeting and cheapskating. If you have a regular income and can measure exactly what you save every month, do that, and revel in your accomplishments. (Just, you know, keep the “I’m amazing for not spending money” attitude to yourself or you’ll drive everyone else nuts. But it does help!!)
Secret one-lowmanship! That actually sounds like it could work. I set up an automatic deposit to save up for a big trip this summer, and I think I’ll enjoy watching the savings pile up.
Watching the number get bigger does start to feel as satisfying as shopping… though it also makes you feel like laughing maniacally and diving into a room full of coins. But I think it’s a fair trade.
Yay! Question asker here. I just saw this now and am really excited to read all the responses. Before I get to that, though, I have to say that I am wowed by how you guys found the perfect picture for this post (as you always do)!
We live on cash, and keep our cards at home (with the exception of the emergency credit card that is wrapped in elastic bands so we realllllly have to take the time to think before using it). A cash diet means there is very little wiggle room for “fun money”-groceries, bus tickets, toddler expenses and church collection come first. We also have different money pots at home for small savings goals (new computer, travel, etc) in addition to our regular savings deposits (house fund and RESP). It feels really good to put a twenty in the travel fund as opposed to blowing it on a restaurant meal.
Another suggestion if you are in a serious relationship: get a joint account for the major shared expenses. This has forced my husband and I to be more accountable (lunch out is a huge thing, second hand shopping is another). We now have monthly meetings to go through our bank and credit card statements, and guess what? We’re spending less and saving more! Be accountable to someone, even if it is just to yourself. Go through statements with a highliter-what is actually essential? What is fluff? How much are you spending vs saving?
I love the physical barrier to using your credit card! Safe spending!
Same here! The first thing I did when I finished reading about this was band my cards.
It only works until you’ve memorized your card number, though!
Yup. Same problem.
Yeah all the places I order from online know my info, heh. Plus my income comes through Paypal which makes it waaaay too easy to spend.
I used to have my card number memorized, then my bank reissued it and now I don’t — which is actually a REALLY good thing.
Something new I’m trying: a piece of masking tape over the card number. The goal is to spend less money online (where I need to type in my card number). Instead, if I want something I want to research to find a local store that carries it — which means, ugh, effort to research plus effort to go to the store to pick it up.
This is partially to combat impulse spending, but also to spend less overall to save up for something I want: a trip to hike the Inca Trail.
I have this problem. I love online shopping, and if at the end of the month, I can afford to pay off my credit card it’s all good right? Wrong.
I have direct deposit for my paychecks, so twice a month I have set up an auto transfer on the days that I get paid. About 40% of my paycheck goes into saving each month. Half of the savings goes into the emergency fund and half goes into the fun times fund. I don’t ever see the money, and I get used to living within the 60% on a month basis of paying off my credit card.
The emergency fund has pretty strict (self-inflicted) rules of reasons to withdraw money. Including replacing the hot water heater, repairing the room, new tires for the car, plus a hunk of money in case my husband or I lose our jobs.
I also set goals for the fun times fund. It’s for big fun purchases like a new tv or video game console, a trip to Peru, or a really expensive dinner. So I feel like I’m stealing from my future happiness if I take out money for something like that awesome salt and pepper shaker or whatever.
I leave myself enough wiggle room after expenses that I’m able to still shop a little bit with the 60% that isn’t going into savings. After all, I’m working hard for the money and I deserve the occasional piece of jewelry or useless things that I just want.
Another weird thing that could help, that I just realized–sometimes I just find it fun to be impulsive. If I want an outlet for that, the perfect place to go is the library. It’s free, I can go and take as many books as I want off the shelves, I get to walk out with a huge stack of things (or even read them all right there, which you can’t do on Amazon or in book stores), they won’t take up permanent space in my home, and I just return everything when I’m done.
Use caution if you’re bad about returning books on time, though.
Hey lightbulb!
I just realized I “shop” for library books in the same way I shop for clothes.
Sometimes I binge shopaholic-style and download fifteen books (I use kindle). And sometimes I research online until I find a great book I’ll love.
(Also, with the kindle, books are automatically returned so there’s no late fees. But if you disconnect wifi you can keep the books until you connect again)
Free shopping!
“Use caution if you’re bad about returning books on time, though.”
Set up your library account with your e-mail address. Mine sends me a notice four days before an item is due, along with a link to renew online.
Same! It’s awesome. My local library is also set up so that you can check out, return, renew, and reserve books without having to interact with another human (once you have your card). It’s pretty ridiculous.
I just went yesterday to pick up one book and somehow walked out with three. But it’s okay, because…free!
I have to identify my triggers. For me, I am more likely to make impulse buys when exteremly tired or ebay. I’m horrible about ebay, all those $2-3 necklaces add up. I have to agree with adding things to the buy later lists. Usually they end up just sitting there until they are finally delisted, every so often I go back and buy something though.
If it is in a store, I can usually talk myself out of items. I’ve gotten really good at talking myself out of purchases. I usually carry something around and have an inner conversation with myself on why I don’t need the item.
I’ve always been pretty frugal, here is what works for me. First, I like to pretend that I don’t have any disposable income. It helps in all sorts of circumstances, especially if you are shopping with other people or have friends that like to go out to eat lot. I can just use it as a fall back and say “Sorry, I can’t afford to do that.” Having a savings account also helps because you cannot just simply use your debit card for purchases because the money isn’t in that account. Stashing a percentage of your paycheck in savings is a really good idea anyways and it is absolutely amazing how fast that adds up. I also like thinking about plans for retirement (I’m 27) and thinking about the things I would rather be doing with that extra money when I’m retired and have the time, as opposed to splurge buying an awesome pair of shoes now. As far as actually making purchases goes, I limit my online browsing to things I actually need or really strongly would like to have. I will typically browse and revisit two or three times over the course of a few months and read all the product reviews, just to be sure it is something I really actually want and it is of good quality. I also tend to make lists if there are any items that I just can’t justify buying because they are frivolous and I really don’t need them (ie – kitchen aid ice cream maker attachment). This way, I have a handy dandy list ready with items for an Xmas or birthday wish list. If I’m in the store shopping for something, and I just can’t muster the will-power to say no at the time, I will buy the item and then see if I feel guilty about it once I get home. If I’m feeling guilty, the item gets returned. Lastly, if it is something that is just ‘meant to be’ you’ll run into the item again in the future, plus the item will be super marked down because it will be old by then 🙂 I’ve scored a great dress and pair of shoes by pure chance this way. I loved them enough to buy them at full price, but I said no at the time and ended up running into the same items for 80% off over a year later!
I know this isn’t something that you normally associate with “impulse spending” so this might appear off-topic but I’m going to bring it up anyway.
Going out to eat is the worst impulse spending I do. I could live with too much yarn and too many Kindle books. I could accept the extra eye shadow and lipstick that will never get used up. I could even cope with those Zappos shoes that [gulp] didn’t get returned. I could deal with all of that if I could curtail the restaurants visits.
Left to my own devices I will go out to eat 5-7 times a week. The only thing that stops me from making it 10-12 times a week is that I actually do love to cook. When I’m trying to control it, it’s still 2-3 times a week. To complicate matters, I have to travel for business and when I return I’m in total “go out to eat mode” and it takes me several weeks to, uh, reset my expectations.
The theme of my New Year’s resolutions this year is “realistic expectations” so with that in mind I’m trying to come up some modest plans to deal with this. For example, I don’t think I can stick to once/week but how about 2x/week? Also, knowing that returning from business trip is a problem, I’m going to try to freeze some homemade food ahead of time. This one is more of a challenge because my schedule is usually very full before I leave. I might have to make allowances for the first week back.
What about you, Homies? Do you have any coping mechanisms to share?
PS: I know to some of you this is going to sound like a very high-hat problem and I agree so please don’t feel obliged to point this out to me.
Oh, I would happily eat out more if I could!
I try hard to stock things that are easy/simple to prepare for those days that there is no way I want to cook. I also try to make bigger portions so I will have leftovers for lunch. And then the budget thing. Our budget is relatively tight so we budget a limited amount a month for eating out. This helps. A lot! If I know what my budget is, I’m way less tempted to just run out to grab… or to just order…. etc. I try to buy treats to cook/eat too. If I’m looking forward to eating something I spent money on, I’m less likely to just go out instead.
Freezing meals helps. So does freezing parts of meals. Even if it’s just prepped taco beef or cut up veggies, that can make it way easier.
And make a list of meals you want to make. I suck at weekly meal planning, but having pre-generated ideas helps a ton.
” I try to buy treats to cook/eat too”
This is a good tip. I almost never make treats for myself but maybe a few would keep me interested in staying home.
Making meals with the intent to have “quick” meals later in the week is a really good thing to reduce impulse eating out!
Another thing that I find helpful is stocking up on things like TV dinners and frozen pizzas, because there’s definitely those nights you don’t want to cook!
But if you’re going out to eat to “get out of the house” or “be social” you should look into other ways you can satisfy that need. I signed up for a gym, do my work at a local cafe instead of at home, and I volunteer with kids – all things that get me out of the house and being more social in a relaxing setting.
These are some good suggestions because I confess a lot of it is social. I can have food sitting in the frig and blow right by it as I rush out the door to go to a restaurant.
That’s usually why I end up drinking in a bar rather than drinking better & cheaper beer at home. Finding something else that fills that need has really helped me pare down my spending.
Perhaps you can start small by going for coffee instead of dinner, or opting for an activity like a concert or going for a walk in the park. You’ll get the same social benefit, and maybe you’ll feel more fulfilled by a memorable activity rather than just food.
Totally hear ya. My grocery store has some pre-made meals that we pop in the fridge or freezer. There’s also a meal delivery service in town that we order from occasionally to put some food in our freezer. Our problem is we have relativly more money than time (we work too much and our toddlers need to go to bed too early). Having something yummy (and relatively more healthy) in the fridge or freezer helps cut down on the number of pizza, Indian and Thai food deliveries to our house.
THIS is my & my husband’s problem with over-spending. We love the instant gratification of eating out; it’s delicious, easy, fast, excuse to get out of the house, I don’t like cooking, less dishes to clean, OH MAN it’s wonderful to eat out. Problem is, when I look at our online statement and see just how much we spent on food I feel so ashamed & sad that that could’ve gone toward something we could’ve enjoyed for more than the time it takes to gobble it up. I’m making some effort, but it’s difficult to break this habit and it will take time. I *try* to make a meal plan, etc. It would help if my husband would eat more than 3 ingredients (I’m exaggerating, of course, but not by a whole lot LOL), and it would help if I enjoyed cooking. Still trying to figure out how to get our spending on food in check.
I think about how I would react if Husband looked over my shoulder and saw me spending X money. Would I feel guilty because it’s an unessential purchase? Then I don’t buy it. If I know it’s an unessential purchase and I’m still justifying buying it, then I think about how I would feel if Husband bought it without consulting me first. Would I get mad that he spent that money? If so, then I don’t buy it. If I’m still justifying it, then I ask myself if I can afford to spend the same amount again on something for him. After all, it’s hardly fair to buy toys for me without buying toys for him. If I can’t afford to double my purchase, then I don’t buy it. If the purchase is an essential, something I’ve been planning for, or a gift for someone else, then I usually make the purchase.
This is why, even with small purchases, we tend to ask permission from one another first. No surprises or shocks with where the money went, then, and less of a chance of our account accidentally being overdrawn.
I am in charge of balancing the checkbook (I’m more of a numbers person than my husband) and paying bills, so I tend to have a better idea of what we have in our account day to day. Rarely do I do much of any shopping for myself, but when I do, I still check that he’s okay with me buying things, not because he’s likely to say “no” but more-so as a courtesy. Same when buying gifts for our family or friends. Yeah, with a joint account it’s harder to make gifts to one another a surprise (if nothing else, I might know that he spent X amount at Y store), but I think it’s better to be completely aware of what is being spent–and not being surprised to see the name of any stores popping up on our bank statements–than to have a panic or misunderstanding later.
We also usually develop a weekly grocery budget according to how much we need and what we can afford, and work from there. Groceries are an area where we sometimes splurge a little, depending on the product. They’re little splurges, and if we had to cut them out completely, we could, but if we’re going to impulse spend anywhere, I would rather have it be on something small like a special treat or a nice jam or something than a larger impulse purchase we won’t end up really needing or using and that takes up tons of space.
I am trying to be better, especially with a husband who is a student and my income being the general household income.
A budget helps. Mint.com is what I use but I do see some people freak out over that so even if you collect receipts and use a spreadsheet, or use envelopes with actual money, it helps. Also, look back. See what you have been spending money on. Seriously. Add up all the money you have been spending and see where it really is going.
As for items, I try hard to do things like make lists. And then hold off. Do comparison shopping. What is the best deal? And with a budget, then you start having to prioritize. If you only have $50 for flex money by the time you pay the bills, put X away into savings, go to a movie, buy some coffee, have takeout… well, then do you really want those shoes if you then can’t buy anything else? I also have tried to think of some bigger ticket items. If I spend this now, I can’t put it toward that. I do still impulse buy sometimes, but it’s less.
I tend not to go into my problem stores too much. I also try to pin things or use wishlists to keep track. I also try to share gift requests because you never know when someone might want to get you a gift. And then you don’t want to have just bought it.
Mostly, I’m in this situation out of necessity but it’s opened my eyes somewhat about saving up, not just for later in life (because retirement predictions are SCARY), but also for now.
Yes to all of this! I have a spreadsheet with our monthly expenses (rent, the utilities, all of our different student loans, our car loan, car insurance, etc) arranged according to when they are due in the month, along with their amount (whenever they’re a set amount, anyway).
Even though they go out at various times of the month, since most bills are on automatic payment I go ahead and deduct them at the beginning of the month, so we spend the month mostly focused on what we have left for groceries, any remaining bills (not on bill-pay or due at the beginning of the month), and any other incidentals. This works due to when my husband and I are paid during the month and wouldn’t work for everyone, but I find it a lot easier to budget if I know I only have a certain amount left for groceries and other needs. Plus, absolute worst-case, if something does get mixed up along the way, there is some wiggle room in having already deducted certain costs that may not go out for another week or two.
I totally went on a cash-only system. My person and I had our “budget summit” and we calculated out each person’s monthly expendables…and I take mine out in CASH. once it’s gone, it’s gone. It’s been about a month and a half and I have a MUCH higher conscientiousness about what, when, and how I purchase, as well as how much money is going in and out.
I avoid impulse buys by always calculating the number of hours/days/weeks I had to work, accounting for taxes and the like deducted from my paycheck, in order to purchase that particular item. When you factor the time you sacrificed at your job to buy that item, even a $20 item becomes less appealing. Do I really want to work over an hour for an inexpensive bead necklace? To be honest, not really.
I also have a rule that if I can make an item, I am not allowed to buy it from a retailer. This extends to things like knitwear, Christmas ornaments, specialty soaps and even dining out. It challenges me to make use not only of the resources I have monetarily speaking, but creatively. Buying something is a process of consumption, where making something is a process of creation, so it’s just an all-around better option.
I do the same thing: I think about how long I worked for the $ it would take to purchase this item. It helps, even if only a little. 😉
My best strategies for curbing spending are
-walk out of the store without buying and if the item is still on my mind for a while (like days) then I go back and buy it (I realize this is a high self-control technique and not for everyone)
-sometimes just the length of the checkout line is enough deterrent (do i really want to spend 30 min in line for this item?)
-not having a car, if I have to carry it back home I really weigh the item’s necessity
-putting my purse/credit card far away from my computer. I also never save my credit card info to online shops so that i can’t do the one click shopping. This way I am more intentional about buying.
There are so many comments here! I’m not going to read through all of them, so I assume this may be said all ready, but oh well.
What helped me a lot is giving myself an allowance. I settled on $100 a week. Every Sunday, I go to an ATM and take out $100. The only purchases I’m allowed to make on my debit or credit cards are for grocery shopping, gas or bills. If I’m at work and forgot to pack a lunch? I have to dip in to my $100 for that. If I want to buy a new video game, better have been saving, cause otherwise that only leaves me $40 for the entire rest of the week. Go see a movie? I’ll bring my own snacks, otherwise it’ll cost about a quarter of my week’s allowance. It helped me a LOT, especially if I do really well for a few weeks, then suddenly I’ll check my wallet and still have $80 or $90 on a Saturday, and I’ll get to treat myself to something fun! Since 24 hours later I’ll get another $100.
Lots of great advice here!
I’ll definitely echo what others have said. Pay yourself first, or as I’ve heard it said even better – consider any money you spend now as borrowing from your future self. Automating savings definitely helps here.
To help curb my impulse buys, I’ve unsubscribed from deal emails from certain websites. The putting things in your online cart and then leaving it for a few hours works too (though sometimes the retailer will send you an extra coupon to get you to buy!). Also, depending on the item, it can be very useful to think of how much time had to spend working to afford the item(s). Converted to my perception of the value of my time, a lot of things just don’t seem as worth it anymore!
I started to unsubscribe from deal/sale emails, but then I realized that I got quite a few coupon codes that were email only. Rather than unsubscribing from all the sites, I set up email filters to move them all to a folder where I don’t see them unless I choose to. If I happen to be intending to shop a site, I’d check the folder for deals before I chose to shop. This has been really helpful on sites that are running deals all the time. Rather than being tempted to shop every time they’re running a deal, I can choose to shop them then wait for a deal to come along.
1. I transfer the money that is budgeted for savings into my savings account right away, and the money for household bills and property taxes into the joint accounts.
2. I divide the money that’s left after that and my other reasonably fixed expenses (car payment, etc.) into a weekly general spending allotment.
3. I start every week with that amount in cash in my wallet. I only spend cash, except for gas, which is figured into the fixed expenses up to my monthly average. If I buy something online, or spend more on gas over the month than I’ve budgeted for, I take that amount of cash out of my wallet and put it in an envelope for the next week. Since that means I’ll have to take less cash out of the ATM to get the right starting amount for the next week, I’ll have it in my checking account to pay my credit card off each month.
4. I do my shopping near the end of the week. If I don’t have enough cash, things that can be postponed go on the list for the next week, and any leftover cash is saved towards them. If I’m able to complete the whole list, then any leftover cash does not roll over. I start with the normal amount, and the difference sits in my checking account. I allow myself to spend “off-budget” from that money in checking in limited circumstances, like if I need to buy somebody a Christmas present and have run out of time to do it in normal spending, or if I’m traveling and need it to pay for something I wouldn’t normally have the opportunity to buy at home.
I’m not into clothes or shoes, so I have a one-in, one-out policy on those things that minimizes stuff as well as preventing unnecessary spending. I don’t just have to want a shirt, I have to want it more than I want one shirt I already have.
What I’m most likely to spend on is books and DVDs, since I find those things much harder to substitute one for another and I know I’ll get a lot of use out of them. So I have detailed rules for those:
1. Only buy books in paperback (or ebook after the price has dropped following the paperback release), unless it’s one of those situations where they are releasing book after book in a series in hardcover but don’t seem to have any plans to release them in paperback until the whole thing is out.
2. Only buy books I think it is highly likely I will want to read multiple times or keep as references, like cookbooks. If I’m not sure of that, read it from the library.
3. Only buy books I haven’t read. If I decide after reading one that I will want to own it, I add it to my wishlist and hope somebody else buys it for me.
1. Only buy DVDs of movies I *have* seen. I never thought about the contradiction between this and the book rule before. I suppose it’s because DVDs are typically more expensive than books and it is harder to predict quality. I have a pretty good idea about a book if I know the author’s work, but with a movie we’ve got tons of actors, the writer, the director, and I probably want to see it because I know one of them is good but any of the rest of them could have screwed it up. If I’ve never seen it, I get it from the library.
2. I only buy DVDs as they come out. If it’s already out, I add it to my wishlist.
I place orders on any new books or DVDs coming out that I want on the fifteenth of the month and the last day of the month. If I go a full month without buying any books or DVDs, and I have the money in that week’s budget, I’ll buy myself one thing on my wishlist. Usually the cheapest item currently there unless there’s a reason to pick something else.
I’m glad I’m not the only one who has rules for books (mine are different than yours though), and those are my main ‘non-essential’ purchases. I don’t like clothes, shoes or makeup and given that we have now entered what I’m calling “homeowners’ cycle of hell” (one thing breaks, you plan to repair/replace it, then something else croaks) we just don’t have the money to spend on extras.
My book rules:
1. Must be in hardcover and must have its dust jacket in condition (of course this only applies to books that were released in hardcover)(books are the things that I ‘collect’, and I will be able to display soon [once the house stops falling apart, we are going to build-in bookcases for me])
2. All current fiction books must cost less than $8 (with the exception of one author), this means I am usually waiting for markdowns and hunting for used books.
3. All current fiction books must be part of the series that I am currently collecting. No stand-alones (exception of the same author above) and no new series until I have gotten caught up to the current novel in all of my other series.
4. Classics and non-fiction are exceptions to the above, but there are so few on this list (and I’m very particular about the format that I want them in so these usually don’t cause problems)
The biggest way to curb my impulse spending is to always have some largish purchase to save for and ask “is this object worth enough to me to delay purchasing: a new dishwasher, a new laptop, my bookcases, redo the freaking pink room.” Usually the large purchase (especially the remodel of the pink room) wins.
One thing I find really helpful is to purge your e-mails. By this I mean every time you get an e-mail from a store reminding you of a sale or new things in just unsubscribe. I found without being reminded of things to be bought I haven’t bought as much. Particularly without getting the daily deal e-mails!
I have found the biggest help in not impulse spending is budgeting but to make this any use at all you have to do a painfully honest review of what you spend.
A few years ago I was completing a Masters part-time whilst temping pretty much full-time. I struggle hugely with maths which has always made budgeting a total nightmare but the lack of regular income was confusing me even more and I was stressed, utterly bewildered and broke. My partner made me write down everything I spent in a little book I carried everywhere. I had to keep receipts and write them up later as I can’t remember numbers and even so stuff got missed. I absolutely hated it. I did this for about 3 months (with very bad grace) to make it representative and then my partner analysed it. She’s a scientist….
It was totally eye opening and not a little embarassing, I had no idea previously what I was spending at all. We worked out what the average monthly spend needed to be for my bills, rent etc. It truly bought home to me how at that time there really was not anything much to spare (but there was enough for what I needed) and while the desire to buy myself stuff was there it was plainly obvious that it was utterly self-destructive to do so.
I am basically taking responsibility for myself now financially whereas before I was so confused by it all I just spent in denial and often to comfort. Now I actually understand how much (or little) I have and exactly where it needs to go, the impulse to buy just withers and it takes me a long time to say yes I need this thing it’s ok this month to get it – I don’t have a credit card (just a debit card) so I really have to have the money. My income has got better since those dark days but it was great training, for the first time in my entire life I have savings now, built up by depositing tiny but amazingly satisfying amounts most months.
rules:
1. non essentials must be paid for in cash. any change smaller than $20 bills goes into the savings, which (will soon) go into the 401K contributions.
2. window shop for big big ticket items. i window shop for real estate. kinda hard to accidentally purchase a house, and all the while it reminds me to keep stashing the small bills.
3. definitely use the wishlist feature online.
4. automatic transfers so you’re “stuck” living on a small budget. my savings accounts also are named for their goals and amounts, so i remember each time i see them why they have money and i don’t.
5. cleaning, then announcing that i’ve just un-acquired X number of things! sometimes the big un-shopping trip to donate piles of stuff or the giving away on freecycle gives the same good feeling as the acquisition of stuff — because someone else got stuff and i got clean space!
That’s a good point that you can “name” savings accounts and set up sub-accounts for goal-oriented spending. I used this feature, myself, years back when I was saving up for a really big Spring Break trip. I’ve used it on and off since then depending on my budget needs.
This was a tip i actually hadn’t considered before. I have a savings account that gets $100 a month, but it isn’t *designated* for anything, just a slush fund when i need extra cash. I can easily change the ‘nick name’ on it, so i just did that. Makes it seem less ‘for anything.’
Thanks!
“window shop for big big ticket items. i window shop for real estate. kinda hard to accidentally purchase a house, and all the while it reminds me to keep stashing the small bills.”
What a fantastic idea! If I look at homegoods websites, I’m more likely to drop $20 than if I were looking at a real estate website. That will solve the “I’m bored so I’m online shopping” wallet-leak.
A lot of what I’d also suggest were already mentioned, like using Mint. Great tool to really see your complete financial picture.
Also, this post: http://offbeathome.com/2012/07/how-to-budget-save-and-still-have-a-life CHANGED MY LIFE. My “savings” account used to average around a $12 balance because I’d dip into it so dang often, and now, with different mini-accounts for very specific goals, I feel so reluctant to tap into those for splurges.
I also took the credit cards I am currently paying off, put them into a plastic zip-lock baggie filled with water, and tossed them in the freezer. I also cleared the saved CC info out of my Amazon and takeout ordering accounts so I wouldn’t be tempted. I did keep out one emergency card in case I need quick access.
I took a different tactic and removed myself from impulse shopping situation. I started by unsubscribing to all shopping and store emails. I stopped browsing Zappos and Banana Republic.com. I found when I wasn’t looking at things to buy, I didn’t start to think about buying them. Then I took it another step and stopped putting myself in places where I could make impulse buys. I still went to the grocery store but I stopped going to the mall ‘just to look around’ or ‘wandering around’ that street with all the high end store. When I did have a legitimate need I went shopping with an item and a budget in mind.
This!
On top of all my other many many strategies, I think this is really the most helpful. I just don’t visit the sites. I delete the emails without looking at them, I just don’t even type zappos into the browser, I look away when I pass Anthropologie on the street. If you never see what’s advertised, it’s really easy not to want it!
This isn’t perfect– If I see a brand I like in the subject line of an email, I sometimes end up looking, and I then often end up buying. And after I skipped Anthropologie the other day, I did PLENTY of damage at Jcrew, the next store. But I still have curbed my impulse spending from twice a month to once every two or three months (but it’s progress!)
If you use Firefox, try leechblocking shopping sites. And even if you can’t do that, once you cut shopping sites out of your routine, you kind of forget about them, honestly.
It’s not perfect, but it starts to make a difference!
I have found the camera on my phone to be the best tool for keeping me from spending foolishly in the store. I take a photo of the thing I want and then, if I REALLY want it or need it, I’ll remember where I saw it and how much it cost. Usually, I find that I didn’t need it. As for online shopping – Wish Lists. Let it sit there for a little while, and if you still think you want it or need it, then buy it. But usually, I find I don’t really want it or need it. These are also useful for when you are broke, as I am now. I can go window shopping with my phone and my wishlists and get the same warm feeling as if I had actually bought something without ever having to break out my wallet. I think this is a swell idea and everyone should try it!
Take your credit card, put it in a tupperware half full of water, and stick the whole thing in the freezer. That way you HAVE to wait if you want to buy anything with it, and the cooling off period is often more than enough. 🙂
Most of my impulse spending revolves around my wardrobe, so I’m gearing up to do this: http://theproject333.com/getting-started/ and hoping it will lead a more permanent long term solution than the “no buy” period. It’s like the difference between going on a diet, or just changing your habits to eat less, better food forever.
i get …antsy… i guess is the right word, sometimes, if i havent shopped in a little while. and im actually quite good about spending my money, but i do all the grocery shopping ect, so if i havent gone out and done something for a few days i do get really antsy. and then ill just be like “eh, lets go shopping! for anything! food, clothes, randomness!” but what it really boils down to is that im bored.
how much time do you spend shopping and buying stuff every week? what if you volunteered that time instead? i started volunteering last year because i was just bored too much, and being bored wasnt even bad for my money, like i said im good about spending, but being bored is still not good! so, even if you were to curb your impulse spending with a magic wand, what might you replace that time with? would you need some other “crutch” to get whatever you get out of shopping?
volunteer instead of shop. its much more fun anyway, to be totally honest.