Have you ever bought something you had to have in the moment, but then regret it later? Most of us have been there! In fact, research shows that 88.6% of Americans make impulse buys, spending an average of $81.75 per shopping session.
Many times, impulse buying is driven by strong emotions such as stress, boredom, or even happiness. While retail therapy might temporarily boost your mood, it can also lead to overspending, debt and money stress. On the flip side, being mindful with your money can help you save more, get ahead of debt and enjoy greater financial peace of mind!
If you'd like to be more intentional about spending and managing your money, try some of these tips:
1. Make time for weekly money meetingsThe first step in mindful money management is to make your personal finances a priority. Be intentional about scheduling a certain time and day of the week to focus on reviewing your budget, spending habits and goals. Maybe it's “Money Mondays" or “Savings Sundays." Play some tunes and grab your favorite snacks – soon, your money meetings will be something you look forward to! To make budgeting even easier, check out WPCU's free online Money Management tool, available through Mobile and Online Banking. You can use Money Management to build a custom budget, track and organize your spending and identify opportunities to adjust. 2. Spend with purposeThe best way to combat impulse buying is to be purposeful with your purchases. This means taking the time to plan out your spending and see where each expense fits into your budget. A good rule of thumb is to wait at least 24 hours before buying anything above a certain amount. After sleeping on it, you may realize you don't want or need that item after all! 3. Reflect on your emotions The next time you feel the urge to make an impulse purchase, take a deep breath and reflect on your current emotions. Are you feeling upset, lonely or left out? If so, consider another way to lift your mood without spending money, such as calling a friend or family member. Are you feeling happy or celebratory? Instead of splurging on a big purchase, you could reward yourself by having an at-home spa night or baking a homemade treat. Identifying the emotions that make you want to spend can help you curb impulse buys before they put a dent in your budget.
1. Make time for weekly money meetings
The first step in mindful money management is to make your personal finances a priority. Be intentional about scheduling a certain time and day of the week to focus on reviewing your budget, spending habits and goals. Maybe it's “Money Mondays" or “Savings Sundays." Play some tunes and grab your favorite snacks – soon, your money meetings will be something you look forward to!
To make budgeting even easier, check out WPCU's free online Money Management tool, available through Mobile and Online Banking. You can use Money Management to build a custom budget, track and organize your spending and identify opportunities to adjust.
2. Spend with purpose
The best way to combat impulse buying is to be purposeful with your purchases. This means taking the time to plan out your spending and see where each expense fits into your budget. A good rule of thumb is to wait at least 24 hours before buying anything above a certain amount. After sleeping on it, you may realize you don't want or need that item after all!
3. Reflect on your emotions
The next time you feel the urge to make an impulse purchase, take a deep breath and reflect on your current emotions. Are you feeling upset, lonely or left out? If so, consider another way to lift your mood without spending money, such as calling a friend or family member. Are you feeling happy or celebratory? Instead of splurging on a big purchase, you could reward yourself by having an at-home spa night or baking a homemade treat. Identifying the emotions that make you want to spend can help you curb impulse buys before they put a dent in your budget.
Make Spending Wisely a Way of Life!
Changing your spending habits isn't something that happens overnight, but it's well worth the time, patience and dedication. Wise spending and mindful money management are important steps in the journey to financial flexibility and freedom!
Ready for more tips, tools and resources on spending wisely? Wright-Patt Credit Union (WPCU) is here to help! Check out our online Education Center for budgeting worksheets, brochures, interactive learning modules and more.