Impulse Purchase

Impulse purchase summary:

• An impulse purchase is anything you add to the cart that you didn't actually plan to buy when you started shopping.

• Impulse purchases can throw off your budget and make it harder to save money.

• You can help avoid impulse purchases by using cash when shopping in person and by not storing payment information in your online shopping accounts.

Impulse Purchase Definition and Meaning

An impulse purchase is something you decide to buy on the spur of the moment, such as a last-minute unplanned purchase you make in the checkout line at the store. Impulse purchases are things you probably don't need but decide to buy anyway. You often don't think too hard about whether you should buy them. often with little to no thought or consideration about whether you should make the purchase.

What Causes Impulse Buying?

Why we impulse buy is simple: Buying stuff feels good. 

Impulse purchases are often things we think will make us happy, even if that feeling is only temporary. Studies have shown people often make impulse purchases when they have a strong emotional desire to satisfy some need immediately. Sometimes there’s an external pressure that triggers the impulse

We're more likely to make impulse purchases in person, but online shopping can also spark unplanned purchases. Alcohol and other drugs can reduce your impulse control and make you more inclined to make an impulse purchase.

How to Avoid making Impulse Purchases

An occasional impulse purchase is fine, but habitual unplanned buying could lead to credit card debt or make it harder to save money. 

Try some of our tips if you find it hard to resist impulse purchases:

• Shop with a list. This works best if you don't deviate from that list.

• Delete shopping apps and cancel shopping subscriptions. Avoid social media or shopping apps that trigger you to impulse buy. Cancel your Amazon Prime account or shopping subscriptions that make it too easy to make impulse purchases.

• Don't store payment details in your online shopping accounts. Storing your credit card details in your online shopping accounts makes it way too easy to make a purchase. Delete this data. The walk to your wallet can be just long enough to make you consider whether the purchase is really a good idea.

• Cancel email shopping subscriptions. Hit the unsubscribe button so you don’t get daily or weekly temptations urging you to spend money.

• Pay with cash when you go to the store. You can't make impulse purchases if you don't have the money to make them. Stick to a list and bring just enough cash to cover those necessities.

It's also a good idea to build a little fun money into your budget. The occasional small impulse buy can be harmless so long as you have a cushion in your budget to cover the expense.