Curb Impulse Purchases to Save Money

If the household budget is stretched, cutting costs without added hardship can be difficult. Consider curbing impulse purchases as a path to finding more dollars. You could save over $5,000 a year by decreasing this behavior. Impulse purchasing is the tendency to engage repeatedly in spontaneous, on-the-spot purchases without consideration of the potential consequences. Sixty-four percent of us do it. The risk of an impulse purchase begins as soon as you enter a store, not when you see the item of interest. Most impulse purchases are groceries, not clothing.

Try these tips:

1. Shop with a buddy.
2. Use cash.
3. Gain control and insight from two studies:
   • www.ncbi.nlm.nih.gov/pmc [search "eyes wide shopped"]
   • www.slickdeals.net/corp/impulse-spending.html

Keith Stein | 7/23/2020

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