How to keep impulse buys at bay

Nowadays, it’s harder than ever to avoid splurging on impulse buys. In fact, 56% of parents say the most difficult financial lesson to teach kids is avoiding impulse purchases and overspending. And in our digital age, it’s no wonder why — a world’s worth of products and services are right at our fingertips, and no matter if it’s Amazon, Walmart, or TikTok Shop, it seems like someone is constantly advertising products that are tailored to our interests. While these platforms can help you find useful products for your day-to-day life, they can also get you to overspend by buying things you don’t need if you’re not careful. Below, read three quick tips from our experts on how to keep from spending too much on a whim.

1. Give it time

Impulse purchases are heavily influenced by the moods and emotions we’re experiencing when faced with a purchasing decision. A common acronym can help remind you to “H.A.L.T.” if you’re hungry, angry, lonely, or tired. These four physical and emotional states can lower your defenses without you even realizing, so if you recognize you’re experiencing one or more of them, it’s best to step away and re-evaluate the purchase the next day. With a clearer mind, you may find that you would’ve regretted making that purchase, and you’ll be thanking your past self for your prudence.

2. Know your weaknesses online

Sometimes, certain digital platforms know us a little too well, and they can pinpoint exactly what time of night you’ll be craving that late-night burrito or what time of year you’ll be looking to add some new clothing items to your closet. If you’re aware of when and where you typically seek out certain items, you’ll become aware of when you’re susceptible to an impulse buy. Then, it becomes much easier to distinguish between something you need and something you just want in the moment.

3. Make a basic budget to stick to

Setting up a budget for yourself may sound like a lot of work and planning. However, it’s easier than you may think, and it’ll actually save you time and effort in the long run if you stick with it. Plus, if you’d like to save room for a little spontaneity in your purchasing, you can set aside a little “fun money” within your budget. The main benefit to a budget is having a way to keep track of your spending and measure it — that way, money is being accounted for instead of just flying out the door. To get started, take a look at some of the basics of budgeting.

Bonus tip: Utilize UBT’s financial resources

At UBT, we provide a wealth of resources that can help you stay on top of your finances, plus accounts that make sense for your goals. Click here to see more tips from our experts on managing your money, and click here to view some of the accounts we offer.