How to Avoid Impulsive Spending

We’ve all made impulsive decisions in our lives, and sometimes, those decisions include buying something on the fly that you weren’t initially planning on buying. Sometimes those impulsive purchases are small and won’t make an impact on your budget, but there are other times when such decisions can make a serious dent in your bank account. 

These impulsive buys are often driven by emotion and not by logic, so if you find yourself about to drop cash on something expensive that you may not need, consider these habits that may break your impulsive spending patterns:

Make shopping lists before you visit the store. 

This mostly applies to when you go grocery shopping, but impulsive buys can happen anywhere. Create a shopping list that is within the parameters of your budget and stick with it while shopping. If you’ve been in the habit of adding items to your cart that aren’t on your list, make it a goal to stick to items only on your shopping list. 

Avoid paying for convenient services. 

In an era that is extremely online, consumers can now order an entire meal to be delivered to their doorstep with just a few taps on their smartphone. Apps like DoorDash and UberEats are highly convenient, especially if you live in a more populated area, but they also don’t come cheap – restaurants and retailers often drive up prices on delivery apps to make money, and tips are built into your order. These impulsive purchases can add up and do serious damage to your budget.

Track your spending. 

With Polam’s mobile banking app and CardValet, it’s easier than ever to monitor what you spend and track how much you’ve been spending. You can also create a personal ledger and write out your weekly purchases and add them up at the end of each week. Viewing your spending in real time can help you cut back on frivolous purchases. 

Use cash at the register. 

When you make purchases with your Polam VISA debit or credit card, it’s simple – just a swipe or tap and you’re all set. We don’t actually see the funds leaving our account. However, when you pay with cash, it’s a lot easier to see how much you’re spending at any given moment.