by Raven Lebeau

Created on: May 18, 2009

For most people, impulse spending amounts to an occasional lapse in judgment that costs a few dollars. For some, however, impulse purchases become a habit, wreaking financial ruin. Regardless of whether you are an occasional impulse spender or a clinical shop-a-holic, here are a few strategies for avoiding the impulse purchases that eat into your savings:

1. Set a budget.

Some people enjoy being spontaneous when shopping, and there is nothing wrong with that, as long as you shop within your means. If you are the kind of person who likes to visit the mall, having no idea what, if anything, you intend to buy, be sure to set a dollar limit before you go. If you feel you may be tempted to exceed your budget, then leave your credit and debit cards at home and bring only a set amount of cash.

2. Shop with a buddy.

It's a lot harder to make a frivolous purchase when you have to discuss it with someone else. Find a friend or family member with good critical thinking skills and ask that person to tag along on your next shopping excursion. Your friend can ask questions like, "Where will you put that?" and, "Didn't you just buy one like that?" and hence restrain you from any unnecessary spending.

3. Shop online.

According to a recent article on Time.com, researchers have discovered a link between having held an item and wanting to buy it. The experiment involved allowing some volunteers to touch an item (either a slinky or a coffee mug) while instructing others not to touch the item. The volunteers who were allowed to touch the items showed a greater desire to own the items and indicated that they would be willing to pay more for them.

The bottom line? Getting to touch and "try" products will increase your desire to purchase them, whether or not you need those items. By shopping online, you remove the sensory experience. Online shoppers are therefore more likely to make rational decisions.

4. Make lists.

Whether grocery shopping or Christmas shopping, making a list before you go to the store can help you avoid unnecessary purchases. When you know what items you need, you can quickly find those items instead of wandering around in the store, looking at things you may be tempted to buy.

5. Be leery of sales tactics.

"One day only" sales, special offers, and in store coupons are all intended to increase your sense of urgency and get you to make purchases without thinking carefully. The idea is that you won't want to pass up an opportunity to "save" and so you will be more likely to buy an item.

Remember, a discount only saves you money if it is a discount on something you were already planning to buy at a higher price. If you were not going to buy a particular item, then buying it at any price will decrease your savings. Before you compare a sale-priced item to its original price, be sure to ask yourself whether or not this was something you were honestly planning to buy.

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