Impulse buying—or when you surrender to those sneaky 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 constant flash or end-of-year sales happening amid a shaky economy, it’s as good a time as any to be extra mindful about your spending.
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 Solutiontells SELF—and that’s exactly what makes the habit so invigorating. However, “if random shopping sprees are regularly impacting your ability to pay your bills or you’re using it as a coping mechanism,” Bryan-Podvin says, “that’s when it becomes a problem.”
Because impulse spending is by definition “unplanned and emotionally driven,” as Bryan-Podvin points out, it’s tempting to immediately cave to whatever you have your eyes on. That’s where these expert-approved hacks come in—to help and quiet those spur-of-the-moment urges.
1. Give it 24 hours—or better yet, until the end of the week.
When you’re bored, stressed, or randomly inspired by a flash sale, something like a trendy phone accessory or vintage (yet overpriced) coffeemaker can suddenly become a “must-have.” According to Traci Williams, PsyD, CFT, an 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,” she tells SELF. That’s why every expert we spoke with recommends waiting at least 24 hours before going through with 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, the following list of questions can help you figure out if spending your hard-earned money on your latest whim is worth it.
