Shop Smart, Save Big: Tame Your Impulse Buys!
During 2020’s COVID quarantine, when the outside world was largely shut down, there was an uptick in hashtags like #TikTokMadeMeBuyIt which speaks to the thrill of unplanned purchases, a.k.a. impulse shopping. It is estimated that 40% of all money spent on e-commerce is attributed to impulse purchases, which equates to $231 per month per American.
If you struggle to understand where all your hard-earned money goes, you may succumb to impulse shopping more than you’re aware. Below are easy-to-implement strategies that can set you up for immediate success in curbing those impulses.
Tip #1: Implement a waiting period
Put the item in your cart, wait 24-48 hours, then if you still want it after that amount of time, purchase it. You’re likely to a) no longer desire the item or b) receive a digital coupon from the vendor towards the item.
Tip #2: Consider cancelling Amazon Prime
Hear me out… Amazon makes our busy lives easier. I get it. But did you know purchases still qualify for free shipping without a Prime membership? There is usually a minimum purchase amount ($35) and you’ll wait longer to receive your order but you’ll avoid paying the $14.99/mo. Or $139/yr. membership fees. And you’ll probably buy less over the long haul because of the built-in delayed gratification.
Tip #3: Disconnect payment info from websites
Removing saved payment information from online stores adds friction to the purchasing process and also inherently reduces fraud risk.
Tip #4: Unsubscribe & block
Advertisers spend billions annually on developing marketing emails and targeted online ads designed to entice us to open our wallets. Try unsubscribing from these emails and blocking tempting online ads – even if only temporarily. See if it makes a positive difference for your bank account.
If you’ve worked with me, we’ve gone deeper and discussed the subconscious reasons for why we impulse shop. Website scrolling is usually done from a place of boredom or out of wanting to be entertained. Awareness is the first step to promoting long-lasting behavioral change.
