How to stop online impulse spending
Technology has made it so easy for us to get what we want, when we want it, no matter whether or not we can afford it.
Impulse buy opportunities online are rampant - appearing in our newsfeeds, through emails, and on practically every website we visit.
But in order to stay on track financially, one must eliminate those urges to impulsively buy things online.
Here are eight ways to stop those online impulse buys.
1. Draft your online budget
Like most financially successful people know, your budget should already give you a figure for pleasure spending. Once all of your financial obligations are met, some money that is left over can be earmarked for things you want to buy. As part of that figure, you can give yourself an allowance for online spending. This can help you to keep spending in check and resist the constant deals and steals being thrown in your face.
2. Delete stored credit card info
Delete any saved financial information from online retailers where you've previously made purchases. Future online purchases won't be so convenient - you'll have to fetch your credit card and enter the information every time - but inefficiency is the point. You will have introduced a subtle brake on your impulse to buy.
3. Pay via a single account
Establish a new account through PayPal or other online wallet service. The money you earmark for online spending can be deposited into this account, and the only money you can spend online must come from this one account.
4. Buy gift cards instead
If setting up a new account is not possible, consider putting a few bucks to the side each week to be used for gift cards designated for online purchases. Gift cards are a good way to control the spending you have to do and prevent you from going overboard.
For example, you can buy yourself Amazon gift cards and deposit the credits into your account, only allowing yourself to buy things if you have enough credits.
5. Don't give out your email address at shops
At first it may have seemed peculiar for a shop assistant to ask you for your email address, but now it's a pretty common way for stores to get their marketing information directly from you.
You can say no when asked for your email account. This will prevent the stores from filling up your inbox with sales information and pitches you don't need to read.
6. Unsubscribe from promo emails
If you've already signed yourself up for those retail email lists, go to the very bottom of the email solicitation you have received and click the "Unsubscribe" link to be removed from the mailing list.
This will not only help cut down on junk mail, but it can also help keep your spending in check.
7. Understand how quickly things add up
People often overspend on impulse buys because they don't realise exactly what constitutes an impulse buy. Even though the apps for your phone or your favorite songs only cost 99 cents, the little things will add up quick.
Impulse buys and overspending can be done on anything you buy, not just the items with the big price tags. Review your past credit card bills to see how much and how often you splurged on "just one more song" or "just one more Candy Crush life." You may be surprised.
8. Read a good book instead
If you tend to spend hours just surfing the net, you may need to find other ways to occupy your time. It can be all too easy to get wrapped up in the online world that you forget about doing other things you enjoy more that cost you far least than online shopping.