Here's a simple tip from the same study to help you avoid impulse buys when you shop online: When you're searching for an item you know you want to buy on an e-commerce site, don't search by category (e.g., "electronics") instead, search for the specific item (e.g., "DVD player"). According to a study by the research and consulting firm User Interface Engineering, impulse purchases account for almost 40 percent of all the money spent on e-commerce sites. That's bad for not only your wallet but also your waistline, too.Īvoid the Web of Temptation: Shopping over the Internet has taken impulse buying to a whole new level. A study showed that people who use charge cards at fast-food restaurants spend on average 50 percent more than people who pay with cash. Pay Cash: Numerous studies have shown that when people pay in cash rather than using a credit card, they tend to spend less, in part because psychologically it's harder for us to part with cold hard cash. Learn from your mistakes and carry the list with you as a painful reminder whenever you go shopping. Use the "audit" to pull together a list of items you bought on an impulse and later regretted. Make a "What the Heck Was I Thinking?" List: Check out this article on doing a once-a-year " What the heck was I thinking?" audit of your discretionary spending. Plus, later versions are likely to have fewer bugs and better capabilities. Most new technology generally decreases in price after it is initially released and demand increases. Only Fools Rush In: Particularly when it comes to buying the latest high-tech gadgets, you're smart to remember the lyrics to that popular Elvis Presley tune and hold off on rushing out to the store. (By the way, 41 pounds is the average amount of junk mail every American adult receives every year!)Ĭlean Something: "Whenever one of my kids wants to buy something new, I tell them to first go and clean something they already own." That's the advice of one of my Miser Advisers, who says that when you take the time to spruce up something you already own - a pair of shoes, an old fishing rod, that bicycle in the garage, even your car - you develop a new appreciation for all the stuff you already have. The nonprofit organization can help you get your name off junk mailing lists. Almost by definition, items purchased as a result of receiving junk mail are impulse purchases, since the advertisements arrive unsolicited, not as a result of us asking for them. In an informal experiment I've been conducting with my cheapskate friends, most people who try this say that more than half of the time they never go back to buy the item after the weeklong cooling-off period, and even when they do return to the store with the intention of buying it, when they see the item again they often decide they no longer want it.Įdit Your Junk Mail: There's a good reason why we all get so much junk mail every day: namely, because so many people buy things as a result of receiving it. ![]() Here are 12 ways to take control of your spending and limited impulse purchases:įollow a Mandatory Waiting Period: In addition to the Golden Rule - always make a shopping list before you head out to the store and stick to it - try establishing a "mandatory waiting period." Wait at least a week after you see an item in the store. But even at regular grocery stores, nearly 60 percent of all purchases are unplanned, impulse purchases, according to a joint study by faculty at the University of California and the University of Wisconsin. As Clive discovered, when shopping at so-called big-box stores, you run the added risk of supersizing your impulse purchases. Of course, Clive isn't the only person to buy something he hadn't planned on, only to regret it later.
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