Impulse buying is essentially mindless buying. In other words, it’s buying something without a clearly defined need or want. Probably most people do it to some extent and in most cases, no real (financial) harm is done. For others, however, impulse buying can do serious harm to their finances. With that in mind, here are some tips to stop it.
Impulse buying vs avoidable buying
Impulse buying is essentially driven by emotions. Avoidable buying has a practical basis. It’s just an inefficient way of fulfilling a practical need.
For example, “treating yourself” to items you desire in the moment is usually impulse buying. Purchasing convenience items to compensate for poor organisation is avoidable buying.
Both can put a dent in your finances. In general, however, impulse buying is likely to be the more challenging issue to fix. This is because it is prompted by emotional triggers whereas avoidable buying is generally down to poor time-management.
Understanding impulse buying
A person’s emotional state is reflected in their hormonal balance. In particular, high levels of cortisol are associated with negative emotions. By contrast, high levels of dopamine are associated with positive emotions. In fact, cortisol is often referred to as “the stress hormone” and dopamine as “the happy hormone”.
Impulse buying can trigger a hit of dopamine that immediately makes a person feel happier. The effect of this is most obvious when a person is in a negative emotional state (i.e. has high cortisol levels). This is why people are most at risk of impulse shopping when they are feeling down.
Understanding the psychological basis of impulse shopping can be very useful when it comes to putting a stop to it.
Strategies to combat impulse buying
If you are really struggling with impulse buying, then you may need to seek professional help for addiction. If, however, you simply have a minor problem with resisting temptation, there are plenty of strategies you can use to address it. These may not all work for you, you will just need to try out different options and see what does and doesn’t.
Give the options you choose a fair chance before evaluating their effectiveness. If in doubt, however, remember to seek help.
Avoid putting yourself in temptation’s way
If you know you have an issue with impulse shopping, then do as much as you can to avoid putting yourself in situations where that impulse may be triggered. For example, in the real world, try to avoid going near shops when you’re in a low mood. If that’s not practical, go with a list and stick to it.
Resisting online shopping may be harder. Many devices will, however, allow you to set up different profiles for different users. You can use this functionality to create a profile for yourself with restricted access to websites/apps that might tempt you.
Learn about temptation tactics
Retailers may not publicly admit this but many of them actively use tactics designed to convert browsers into purchasers. These are used both online and in the real world. There is plenty of information about these tactics in both written and video form. Be aware that knowing about these tactics does not completely eliminate their effectiveness. It can, however, make you much less vulnerable to them.
Find other ways to get a buzz
There are lots of ways to trigger the production of dopamine. One way that can be used in most situations is massage. Massage also increases the production of serotonin. This is a relaxing hormone. Most people can learn basic self-massage, e.g. of the hands or the head. There are also massage devices you can buy.
Define your financial goals in terms of your senses
Whatever your financial goals are, define or describe them in terms of your senses. For example, if you’re saving for retirement, describe your perfect retirement. Think about what it looks, sounds, feels, tastes and smells like. Then, when you’re tempted to impulse buy, focus on your goal and remind yourself of how much you’ll enjoy it.
Give yourself an impulse purchase allowance
Set aside a budget for impulse purchases. For extra safety, consider putting this on a prepaid debit card or even keeping it in cash. Tell yourself that you can spend this and only this. Then, every time you’re tempted, ask yourself if it’s really worth your allowance.
