Impulse buying—basically, when you give into those sneaky ugh, I probably don’t need this but…why not? urges—can quietly chip away at your wallet, especially when money’s already tight. And with all this talk of a possible recession? Well, it makes sense if you want to be extra mindful about your spending right now.
Resisting the impulse to spontaneously splurge can seem like a punishment, but it doesn’t have to be. No one’s saying you can never partake in some impromptu retail therapy—in fact, doing so “can release a bunch of feel-good hormones like dopamine,” Lindsay Bryan-Podvin, LMSW, CFT, a certified financial therapist and author of The Financial Anxiety Solution, tells SELF. However, “if random shopping sprees are regularly impacting your ability to pay your bills or you’re using it as a coping mechanism, that’s when it becomes a problem.”
Instead, think of pausing before you buy as a way to ensure your money’s going toward things that add long-term value to your life—whether that’s building your savings for a rainy day, covering essentials without stress, or treating yourself to an item you’ll actually enjoy (unlike those overpriced shoes you’ll wear once and forget about).
Of course, impulse spending is by definition “unplanned and emotionally driven,” as Bryan-Podvin points out, so it’s tempting to immediately cave. That’s where these expert-approved financial strategies can help quiet those spur-of-the-moment urges. (Or, at the very least, make it easier to decide if a purchase is one you truly want…or something you’ll end up regretting later.)
1. Give it 24 hours—or better yet, the end of the week.
When you’re bored, stressed, or randomly inspired by a flash sale, something as silly as a trendy phone accessory or vintage (yet overpriced) coffeemaker can suddenly become “must haves.” According to Traci Williams, PsyD, CFT, Atlanta-based clinical psychologist and certified financial therapist, impulse buying typically involves a split-second decision. “You see something you think you want, you immediately buy it, then you later realize maybe it wasn’t worth what you paid for or you didn’t actually want it,” Dr. Williams tells SELF. That’s why every expert we spoke with recommends waiting at least 24 hours before finalizing any purchase.
A similar strategy is making a running “wish list” of things you’re considering, whether it’s a new chic toaster to replace your ugly one, a retro guitar on Craigslist, or a $300 red light therapy mask. Then, at the end of the week (or during the next big sales event), review each item to see what still sparks that excitement and what you’ve already lost interest in.
With both approaches, the sense of urgency will often fade after you sleep on it or go about your day. “And that period of time is the difference between making an impulsive decision and an informed one,” Dr. Williams says. And what does an informed purchase look like? Well…
2. Run through the TAPER acronym.
According to Megan McCoy, PhD, LMFT, CFT, assistant professor of personal financial planning at Kansas State University, a few quick questions can help you figure out if spending your hard-earned money on your latest whim is truly worth it. The next time you’re hit with an irresistible impulse, she recommends going through the following list of questions:
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