The Dangers of Impulse Shopping - Refresh Financial

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The Dangers of Impulse Shopping

The average Canadian spends $310 on impulse purchases. How do you know if you are one of these people? Well, if you are not tracking your purchases, odds are you don’t know. Impulse shopping can lead to racking up your credit card debt and acquiring loads of unwanted and unneeded items in your house.

If you are trying to save money, pay off your credit card or just keep a better reign on spending, there are a few tried and true ways to accomplish this.

1. Make lists! Every week, make a list of all the things that you need to buy that week. This includes groceries, but also clothes, shoes, entertainment, gifts. Think ahead about what you need and write them down. Then, when you are in a store, do not buy ANYTHING that is not on that list. If you decide you absolutely must have it, write it down on your list for next week. The extra time will allow you to think about if it is necessary or not.

2. Avoid the trouble stores! If you have a weakness for shoes, and they are not on your list for that week, don’t go in them! The more you tempt yourself or see sale items and convince yourself it’s a good idea, the easier it is to break your commitment.

3. Track your purchases! Whether you carry around a notebook or keep a list in your phone, record every single thing that you purchase. From $240 on groceries to $3 on a coffee, make sure you write it down. At the end of the week, tally up everything to see how much you have spent. This way, you will have a better idea of how close to your budget you are remaining.

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