Ways to avoid impulse buying

Each time you spend money on something, you should know the limit. The same principle applies to shopping as well. Most people fall in the debt trap because they cannot resist themselves and control their shopping expenses. It requires a lot of patience and determination to deaddict yourselves from impulsive shopping. You might even require assistance of close friend or family member to control in your behaviour. Let’s look at ways to control impulse buying: Pay in cash Don’t use your credit card for shopping; pay in cash. Using a credit card means you don't have a limit over how much you will be spending at any given time and hence it is always better to not carry the credit card. When you pay in cash, the tendency to spend impulsively falls greatly. Fix monthly limit Make a mental note that you will only be spending a certain amount in the month. Stick to that limit as much as possible and keep reminding yourself about it every time you feel like shopping. If you cross this limit, get yourself to pay a penalty like investing in a certain bond or fixed deposit. Make a listYou should step out to shop only after making a list of things which you need to buy. Don’t make unnecessary additions to your list — for example, only if your laptop is really beyond repair, should you choose to buy a new one. Stick to the things that need replacement and not the ones you would like to spend on. Avoid hobbies Some celebrities have expensive hobbies like collecting watches, handbags or designer shoes. Avoid adapting to any of these habits because they will prove to be a loss in the long run. You must indulge only to the extent your financial position comfortably allows you to do so. Take a friend Take a friend or a relative along while you are shopping who can maturely handle when you feel like over indulging yourself. Your irrational behaviour may be at bay if there is somebody with you. Don’t get tempted Don’t keep your eye open for discount sales and offers every time you step out. A discount sale must be opted for only if you see value in it, or if you are going to get some benefits out of it. For example, if you need new clothes and if you get a good dress at 50 per cent of the cost, then you can go ahead and purchase it. However, if you simply want to add clothes to your collection, then it doesn't make sense to buy it even if you get it at a discount. 30-day rule If you absolutely need something expensive, keep a 30-day gap between buying other expensive things. This gives you time to think whether it is a need or a want. You may even give up on buying if finally you come to a conclusion that it is a want and not a need. If not a month, try to give a break of at least a fortnight before going shopping again. Don’t vent Some people tend to use shopping as an excuse for feeling low. They vent their frustration out and feel better by going to shopping often. Keep reminding yourself that the mall is not a place to hang out or is not a place you go to when your mood is not good. The habit of impulse buying can only be controlled if you don’t let your mind be influenced by such things. Control your urges It works in different ways for different people. Some people are tempted by watching shopping channels on TV, so you can avoid that for starters. Leave your purse at home or go to window shopping after they have closed down. You could also not go to malls at all or go to roadside shops that will help you fight your urge of buying expensive things. Thanks to credit cards and other facilities where you can delay payments, impulse buying is very much possible. Impulse buying can damage your financial position before you even realise it is happening. Acting responsibly can go a long way in improving your finances. The writer is the CEO of BankBazaar.com