Curb Impulse Spending: 3 Tricks

This week in AM New York, I discuss three simple ways to curb impulse spending – from that $5 bottle of Kombucha to the discounted tango lessons from Groupon. Impulse buys feel great, at least for a little bit…so how to control the urge?

Mind Your List.

Sticking to a strict shopping list is one of the best ways to stay on budget and avoid buying the unnecessary.  Why? It mainly has to do with the fact that when we limit ourselves to a list, we narrow our options. We stay sharply focused on what we need, rather than what we want. In fact, behavioral studies show that when face endless options, we get confused and make irrational – and regrettable – decisions. Think: kid in a candy store.

Stay Hydrated.

Believe it or not, the need "to go" can actually help you save money. Researchers in The Netherlands have discovered that bladder control helps delay gratification. In their study published earlier this year, they found that those who drank either 50 ml or 700 ml of water – and waited 45 minutes – were more likely to curb impulse choices. And with the current heat wave, this shouldn't be too hard a task!

Take a Breather.

The salesperson says you look "amazing" in those jeans and they're 30% off! But, instead of ringing them up right away, try this: take a 5-minute walk around the block, bring down your adrenaline and think about the purchase in a more objective environment. Ask yourself: Can I afford it? What else can I do with the money? What's the trade-off? You may discover that you don't care for the jeans or they're not really worth it.