This Savvy Hack Allows You To Make Impulse Purchases While Increasing Your Savings
Written by
Gabrielle Olya
Edited by
Amber Barkley
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Giving into every impulse purchase can derail your financial health, but not making any fun purchases can leave you feeling deprived and less motivated to stay on track with other money goals. Fortunately, there is a happy medium that allows you to buy (some of) what you want while also ensuring you save money, too.
TikTok user Sierra, who goes by @averagesisi on the platform, shared her savvy hack for being “financially mindful” when making discretionary purchases.
Start With a List
Every month, Sierra makes a list of every impulse purchase she wants to make, instead of actually buying the item right then and there. The list includes each item she wants, along with the date she wanted to make the purchase and the item’s cost — her “impulse avoidance” list. The sample list she shared included items like a patio set for $119.99 and Crest White Strips for $38.53.
“If your list gets long like mine, you’re not going to shame yourself, right, because we live in an age where we’re constantly being sold to,” she said. “That is not your fault, but it is your responsibility to make sure you keep yourself on track for your financial goals.”
Tally Up the Total
At the end of the month, Sierra adds up the total cost of all the impulse purchases she wanted to make.
“This month alone — and the month is not over — I almost impulse bought $750 worth of stuff,” she said.
Take Action To Spend and Save Wisely
After totaling up the cost of all the items on your “impulse avoidance” list, divide that number in half, Sierra said.
“Half is going to go into savings, [and] half I’m going to do whatever I want with,” she said. “Half is important, because you’re honoring your commitment to save and then also rewarding yourself for that, and that is where the dopamine hit comes from. Now, with that half you’re keeping, this is the time to go through your list and see, after you’ve sat on it for a little bit, if there’s anything you actually do want.”
Other Tips for Cutting Down on Impulse Purchases
Sierra’s “impulse avoidance” list is a genius way to cut down on impulse spending, but if you need a few more tricks up your sleeve, try some of these tips:
- Remove saved credit card info from sites you frequently shop online.
- Delete shopping apps from your phone.
- Use “buy online, pick up in-store” options to avoid impulse purchases when shopping in person.
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