Did you know that more than a third (37%) of adults in the UK have at some point regretted buying something impulsively or shopping online? That means that a huge amount of us have struggled and lost in the battle to not impulse shop, and have ended up spending money when we haven’t needed to.
Concerningly, all this impulse buying can have a negative effect on your mental health. It happens when your impulse buys become more and more frequent, turning into an addiction which can lead to you taking on more and more debt to fund your shopping sprees, which in turn can cause massive money-related stress. Worryingly, 1 in 10 of us has admitted to buying impulsively excessively, to the point of addiction.
So what can you do to break the money wasting cycle? Here are some ways that you can reduce your desire to splash the cash:
Go to sleep on time!
Barclays has found that the peak time for online browsing and purchases is ‘between 10pm and midnight’. Some companies have capitalized on this too, by sending emails during these times which include special offers, which tempt you into spending. Instead of going to bed and messing around on one of your iDevices, put it away, far from your bed, and maybe watch some t.v, or read, then go to sleep. If you can’t easily browse then you can’t easily spend!
Don’t rely on returns
Researchers have found that three-quarters of people who admitted to making an online shopping mistake didn’t return their purchase, but this is not all that surprising. Purchases are definitely easier to buy than to return; you have to deal with packaging, return postage costs and all the hassle of actually getting the package to post. When you are buying something, make sure you are fully prepared to take on the responsibility of returning it, especially if you can’t afford to swallow the cost of the mistake!
Spend in person
Try to do all your shopping in store rather than online. Using a Monese card is a great option as you get instant updates as and when you spend, so there’s no need to lose track of your money. You can also track your money in the app via our handy spend graph – it’s a great visual way to see when your money peaks and troughs! Spending cash is also a great idea as the money feels more ‘real’. You can use your Monese car in ATM’s globally, so there’s no need to ever be cashless! Get your Monese account now!