Is impulse shopping taking over your life and the ability to save? The convenience of online shopping has made impulse purchases more accessible than ever before. It’s human to want to ‘treat yo self’ occasionally, but if you do it too often, it can become a costly habit.
Impulse purchases account for 40% of e-commerce purchases, with women more likely to do it. If you feel like online shopping is becoming a problem in your life, here are some effective strategies that can help you cut down on unnecessary expenses and start saving your money.
1. Practice intentional browsing
Recognize what triggers your shopping habits. Is it stress, pure boredom, or the instant gratification of a new package coming to your home? Understanding your emotions and habits online is the first step. If you’re mindlessly browsing in your free time, consider finding alternative activities and hobbies.
Want more healthy habits? Check out our post 5 Simple Ways To Stay Healthy While Working From Home
2. Stick to a budget to save money
Create a monthly budget for yourself, and most importantly, stick with it. Seeing where your money goes each month will make you more conscious about your spending habits. Within your budget, give yourself allocation for miscellaneous spending like clothes, home decor, or anything you enjoy shopping for online. For example, if you budget $150/month on miscellaneous spending, practice self-discipline and don’t go over that.
3. Delay your purchases
One way to be more mindful of your spending is to wait 72 hours before purchasing online. When you give yourself a cooling-off period, your initial desire to buy the item can fade, and you may decide you don’t need it after all. If you’re still thinking about it after that period is up, and it’s within your budget, then t
4. Avoid trends and fast fashion
Trends are constantly changing, and although fast fashion may seem inexpensive initially, the clothes’ low-quality fabrics and short lifespan are terrible for the environment and your wallet. Since you’ll need to replace your clothes more often, you’ll spend more in the long run. It’s a better investment to focus on building a wardrobe of high-quality, timeless pieces that will last.
5. Unfollow social media influencers
We all have our favorite influencers that we wish we could swap lives with. Their aesthetically curated outfits and homes are aspirational. Influencer marketing or user-generated content (UGC) is a new-age strategy many companies have adopted to push their products to the masses. Next time you see your favorite influencer doing a clothing haul, and they have a discount code for you, know they’re getting paid to promote in hopes you’ll make a purchase.
6. Unsubscribe from promotional emails
If you’ve opted into emails from your favorite brands, it’s probably time to sweep your inbox and unsubscribe. These promotional emails are designed to catch your attention and lure you back to their site. Often, the emails promote sales or nudge you back to your abandoned shopping cart. We’ve all fallen victim to this ploy more than we’d like to admit.
7. Use price comparison tools and plugins
Use price comparison websites or browser extensions like Honey or Rakuten that help you find the best deals and discounts. Compare prices across different online stores to ensure you’re getting the most value for your money.
8. Avoid saving payment information
We all love convenience. But having your credit card information held on online accounts and websites can do more harm than good. It’s time to remove them. Requiring the entry of your payment details for the purchase creates an extra step that may make you reconsider your decision.
9. Do not fall for ‘Buy Now, Pay Later.’
In today’s consumer-driven world, the ‘Buy Now, Pay Later’ trend has gained popularity, with many online stores offering the flexibility of payments. With the ability to make purchases without paying the total upfront, losing track of your spending and accumulating unnecessary debt is manageable. Companies like Affirm or Klarna create a false sense of affordability. The payments plans can come with high-interest rates, or if you miss one, it can negatively impact your credit score
10. Set a goal and seek accountability
Share your goals with a friend or family member who can help keep you accountable. Consider joining online communities or support groups focused on financial management and overcoming impulse shopping. Engaging with like-minded individuals can provide valuable encouragement and advice.
Overcoming an impulse shopping habit takes time and effort. If you’re self-aware that you have a problem, you’re already progressing in the right direction. By learning to be more mindful of your time online and implementing these strategies, you can develop healthier online shopping habits that will save you money.
Do you have any additional tricks to avoid overspending and save money online? Let us know in the comments below.
