photo credit: markhillary

Malls and shopping centers are alluring this time of year because they boast three things:  bright lights, beautiful merchandise, and bargains!  But the best sale in the world won’t do you any good if you blow your budget.  Impulse spending is something all of us are probably guilty of, but everyone can take steps to stop it.  Here are my top five tips for curbing the temptation:

1. Shop Online — The benefit of shopping from you computer is that you’re able to buy from your own pre-written (and pre-budgeted) shopping list, with little interference from others.  It’s also easier to comparison shop when you’re on the Internet.  Places like Amazon and EBay let you read reviews and see prices from competing stores with just a few mouse clicks.

2. Talk Yourself Out of It — Personal finance guru Mary Hunt believes in the power of self-talk to control spending.  On her web site, Hunt writes that when she’s tempted to buy something she didn’t plan for, she’ll ask herself questions, such as “If this weren’t on sale, would I still buy it?”  She’d also remind herself that she doesn’t have to make any purchases to prove anything to anyone, or try to impress them.  The same advice holds true for you and me.  Chances are, no one else will care whether you buy that impulsive item or not.
3. Remember Your Savings – Not in a bad way, but in a satisfied way.  If you deposit money into a savings account on a regular basis, think about how much you’ve been able to save.  Whether the amount is exactly where you want it, or it’s making its way there, you’ve done something worthwhile.  The  impulse purchase you’re holding in your hands might take your savings into another direction, so it may be better to say “not now” for that item.  Sometimes a quick review of your savings goal is all the motivation you need to put a product back on the shelf.

4. Use Cash – This is an old method, but it works.  In his book Personal Finance for Dummies, author Eric Tyson suggests shopping with limited cash and no credit cards, especially if you’ll be with someone who brings out the “big spender” in you.  There’s something about those dollar bills that make you want to hold onto them a bit longer.  Using cash can be the perfect antidote to impulsive shopping.

5. Keep Your Tags and Receipts – If you do buy something, keep the tags and receipts, and try not to use the product for at least a day, if possible.  That way, if you do get buyer’s remorse, you may be able to return the product and get your money back.  It’s certainly much harder to make a second trip back to the store, but it is an option.

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