Skip the Impulse Buy: Here’s What That Money Would Make in a Savings Account
Written by
Jamie Stone
Edited by
Zuri Anderson
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We all do it. You grabbed a $6 coffee, added a $55 candle to our cart, or splurged on a $100 “treat-yourself” haul. While these impulse buys feel good in the moment, they could be costing you way more than you think, especially when you consider what that money could earn just sitting in a savings account.
With high-yield savings accounts offering 4% to 5% APY right now, skipping even a few unplanned purchases a month can add up to real money over time. Let’s break down how much your impulse spending could earn if you saved it instead.
The Average Impulse Buy Habit: $314 per Month
According to a 2022 survey by Slickdeals, the average American spends around $314 per month on impulse purchases; things like snacks, clothes, beauty products, or home goods bought without planning ahead. That’s $3,768 a year.
Now let’s look at what that could do in a savings account.
If You Saved It in a Regular Savings Account (0.45% APY)
Most traditional bank savings accounts still offer low interest, around 0.45% APY.
If you deposited $3,768 in a regular savings account and didn’t touch it, you’d earn about $17 in interest after one year. Not bad, but not great either.
If You Saved It in a High-Yield Savings Account (4.5% APY)
Now let’s say you put that same $3,768 into a high-yield savings account (which currently offer 4% to 5% APY, depending on the bank).
At 4.5% APY, you’d earn approximately $170 in interest in just one year.
That’s basically a free grocery trip, a holiday gift, or a car insurance payment, just for letting your money sit.
What About Skipping Smaller Impulse Buys?
You don’t have to overhaul your entire lifestyle to see results. Here’s what skipping just a few common impulse buys could earn you in interest (at 4.5% APY):
- $5 latte three times a week: $60 a month, $720 a year, $32.40 in interest
- $100 weekend “treat”: $100 a month, $1,200 a year, $54 in interest
Impulse buys aren’t evil, but they can quietly eat away at your long-term financial goals. By pausing before you hit “buy now” and redirecting just a portion of that money into a high-yield savings account, you could be building a buffer, funding a future trip, or hitting your emergency fund goal faster. Remember: skipping the splurge doesn’t mean saying no forever, it just means saying yes to something bigger later.
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