Can’t Stop Impulse Shopping?!? Use the 24 Hour Rule
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How Waiting 24 Hours Can Curb Impulse Shopping?
Impulse shopping is buying something without planning, and in most cases, you’re making the purchase outside of your budget. This is common behavior among shoppers, and just about everyone has been guilty of this.
But even though it’s a common occurrence, impulse shopping wrecks a lot of budgets and keeps many people in debt.
According to a 2022 impulse spending survey conducted by Slickdeals, “about 3 in 4 participants admitted that most of their purchases tend to be spontaneous….and the average person spends about $314 per month on impulse purchases.” That’s nearly $4,000 a year!!!
Among the things commonly purchased on impulse, the top items included:
- clothing
- food
- household items
- shoes
- technology
- books
- takeout
- toys
- coffee
- spa services
The good news is that you can control or limit impulse buying. Helpful strategies include making a budget and sticking with it, shopping with a list, avoiding retail stores when you’re emotional, and even shopping alone. Likewise, you can use the 24 hour rule.
Before any impulse buy – which is unplanned – agree to postpone the purchase for at least 24 hours. This gives you time to “sleep on the purchase.” During this period you can review your budget (to make sure you can actually afford the purchase), and you can also assess whether you really need the item.
Sometimes, too, the urge to purchase an item disappears once we leave the store. In my experience, after 24 hours I’m no longer thinking about the item. This rule not only curbs impulse buying, you’re also less likely to have buyer’s remorse.
If you’re also trying to increase your savings account, another method is the 24 hour rule with a twist. Basically, you’ll deposit the money you “would have spent” on an impulse purchase into a high-yield savings account. One option is CIT Bank’s Savings Builder account which grows your money at a faster rate compared to a traditional savings account.
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