This Is the No. 1 Habit Keeping You Broke
Written by
Ellie Diamond
Edited by
Molly Sullivan
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You’re having a tough day or maybe you’re celebrating a big win. You’re browsing Amazon or wandering Target, and you see something you really want. You get it as a little treat — and then the regret sets in. You can’t afford this.
Emotionally driven impulse shopping is more common than many people think. In a survey of 2,000 U.S. consumers, 63% admitted that emotions influenced their purchasing decisions. Of those:
- 74% said emotional shopping made them overspend.
- 44% said emotional overspending has hurt their financial health.
- 69% regret their emotional spending.
Sound familiar? Here are seven tips to help you curb impulse spending and take back control.
Create a Budget
If you’ve resisted budgeting because you struggle to afford things, you’re not alone. Budgets can be intimidating, but they actually give you more control over your money. They show you where you could cut back or find a cheaper option. Did you know that switching car insurance policies can save you a median of $461 per year? That’s an extra $40 you can allocate to groceries — or a controlled impulse buying allowance.
Plan for Impulse Spending
Quitting impulse shopping cold turkey is frustrating at best and a recipe for failure at worst. Set yourself up for success by allowing yourself a certain amount of “fun money,” even if it’s a small amount.
You can be as specific as you want. Start by setting a dollar value limit — for example, $50 per month for “miscellaneous purposes.” If you need more structure, limit yourself to spending on a specific category, such as books or clothing.
Commit To a Waiting Period
Whenever you feel the urge to buy, make yourself wait for at least 24 hours. Use that time to think about two things:
- Will you use it? This question is how you determine whether you genuinely want something or are simply shopping emotionally.
- Can you afford it? If you can’t pay cash — or the equivalent, like a debit card — then it’s a no.
A waiting period helps you answer these questions honestly. It also gives you a bit of distance so it’s easier to walk away if you decide against it.
Think Hours, Not Cost
It’s easier to justify an impulse purchase when it’s “only $50” or “a good deal.” Flip the script by calculating how much time you’ll have to spend working to pay for it. For example, if you make $20 an hour, that $50 purchase is 2 1/2 hours of your life.
Track Spending in Real Time
When you’re accountable to yourself in real time, it’s harder to justify emotional spending. Commit to tracking every purchase for at least a month using a system that feels sustainable.
One option is to use a budgeting app that lets you plan your budget and track spending in the same place. Look for options like EveryDollar or Monefy that let you manually enter purchases.
Keep the Tags On
Regret can be one of the most painful aspects of impulse spending. Give yourself an “out” by saving all receipts and keeping the tags on your purchases for at least a day. Then, if you realize you’ve spent too much, you can return the item.
Shop With Cash
If your budget is particularly tight, leave your credit and debit cards at home. Disable your Apple Pay and delete your Venmo. Make a list of everything you need to buy that week, then withdraw exactly that amount of cash from the ATM. You can’t impulse spend if the money isn’t there.
The key is to find strategies that work for you and be consistent.
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