Dear Dorothy,
I have a really bad habit that I can’t seem to shake off—impulsive spending. Every time I see something online or walk past a store, I feel an overwhelming urge to buy it, even if I don’t need it. I’m constantly telling myself I’ll stop, but then something else catches my eye. It’s starting to affect my finances, and I’m worried about the long-term consequences. How can I control this? I really want to be more responsible with my money, but I feel like I’m stuck in this cycle.
Sincerely,
Janet
Dear Janet,
Thank you for opening up about this. Impulsive spending is a common struggle, and it’s great that you’re recognising it and seeking help to break the habit.
The first thing to understand is that spending impulsively often stems from emotional triggers. Whether it’s stress, boredom, or the desire to feel a quick sense of happiness, it’s important to recognise what’s driving you to make unnecessary purchases. Here are a few strategies that could help:
- Create a budget: Having a clear, written budget can help you understand exactly where your money is going. Set limits on discretionary spending, and make sure to prioritise essentials like rent, bills, and savings.
- Introduce a ‘Cooling-Off’ period: Whenever you feel the urge to buy something impulsively, give yourself a 24-hour window to think about whether it’s truly necessary. This delay often helps you realise that the purchase isn’t as urgent as it seems in the moment.
- Unsubscribe from temptations: Online shopping is one of the biggest triggers for impulsive spending, thanks to targeted ads and sales emails. Unsubscribe from store mailing lists and remove shopping apps from your phone to reduce temptation.
- Switch your focus: Find healthier ways to deal with the emotions that drive impulsive spending. Whether it’s journaling, exercising, or picking up a hobby, channel your energy into something that doesn’t drain your wallet.
- Cash-only challenge: For a set period, try using cash instead of your card. When you physically see the money leaving your hand, it can make you think twice before buying something unnecessary.
Finally, remember to be kind to yourself. Financial habits are tough to break, but with consistent effort and awareness, you can gain control of your spending. Celebrate small victories along the way and keep your end goals in mind.
Wishing you success on your journey to financial freedom.
Warmly,
Dorothy