What's the last thing you bought? Although it may seem like second nature these days to add something to your shopping cart, impulse spending goes beyond that singular purchase. One additional item or treat can quickly snowball into an impulse spending habit that's hard to break. We've collected five tips on how to curb impulse spending habits and set yourself up for financial success.

The Psychology of Impulse Spending

Believe it or not, everyone experiences emotions tied to money, and the most common sentiments are shame, anger, and anxiety. Taking any opportunity to work on your emotional relationship with your finances is essential. There's no need to feel ashamed of where you're at. Focus on where you're going and the steps you'll take to reach your goals. Watch out for the warning signs below to keep impulse shopping at bay.

• Emotional Triggers: Stress, boredom, or sadness can cause people to spend money to boost their mood temporarily.
• Social Influence: Seeing others purchase items to keep up with trends contributes to impulse spending.
• Reward Seeking: It's easy to begin craving the instant gratification of purchasing. Shopping can release dopamine, which is associated with feelings of pleasure and reward.

Why Breaking Impulse Spending Habits Is Necessary

Breaking impulse spending habits goes a long way toward financial stability. Spending most of your money on items or services on a whim limits your ability to purchase needed items and prevents you from saving or investing in your future. Furthermore, impulse spending can cause debt to pile up, potentially affecting your credit score and buying power. Lastly, breaking impulse spending habits is a step toward mindful consumption, helping you think critically and carefully before purchasing.

5 Steps to Break Impulse Spending Habits

No matter where you are on your financial journey, there is always time to change your spending habits. Small changes in your habits can add up; here are some quick tips to break your impulse spending habits.

1. Create a Budget: Budgets don't have to be complicated. Analyze your spending, set clear goals, and conduct regular check-ins to make adjustments if needed.
2. Use the 24-Hour Rule: Set and stick to a waiting period before splurging on non-essential items. Use this time to consider whether you need the item.
3. Unsubscribe from Marketing Emails: Many people can find themselves on many promotional email lists. Signing up for emails from your favorite stores to get alerts and discounts is common. Prevent temptation by unsubscribing from promotional emails.
4. Limit Credit Card Use: Impulse shopping habits can go hand-in-hand with credit card usage, especially if excessive spending goes beyond your bank balance. Try using your debit card or cash on everyday purchases so you only spend the funds available to you.
5. Avoid Shopping When Emotional: Use your knowledge of the psychology of impulse shopping habits discussed above to minimize emotional shopping temptations.

Breaking impulse spending habits can be challenging, but it's more than doable with the right approach. By paying attention to what triggers your spending, sticking to a budget, and being more intentional with your purchases, you'll feel more in control of your finances. Use our five tips to start your journey and create balance in your spending.