Budgeting is often "touted" as the antidote for impulse buying but how come so many people who budget still end up buying things they didn't plan to buy? Since we are all tempted from time to time to buy things we might not need, I'd like to know how you guys resist the temptations. Any tips to share?
For me the only way I resist impulse buying us by not having the money in my account in the first place. I tend to keep all my money in a savings account and just transfer over money as and when I need to pay bills and rent. That way it makes it easier for me to budget aswell. It stops me impulse buying because it adds an extra step in between me seeing something and buying it, it's not just a case of paying for it, first I have to contact the bank, transfer the money over, wait for it to clear, and then I can buy it, so most of the time I end up not bothering.
I usually don't have impulses for buying stuff I don't need because my money is really hard to earn, so I save it and I spend it on things me or my family really need.
Most budgets, even using budgeting software, is reactive rather than proactive. At the end of the month you look at your spending and see whether or not it matched the budget you set for yourself. I use YNAB (You Need A Budget) which is a software version of the envelope system. As your income hits your bank account you allot it to different categories, and before you make a purchase you check your app to make sure you have enough allotted to make the purchase and if you don't have the money then you don't get to spend it.
The best way is to avoid being exposed to the temptation as much as you can. Don't go to shops or websites at all. If you need to go make a list and go directly to and from the area you need (if you don't know where that is, ask a staff member rather than just wandering around). When you need to go but do not plan to buy, do not take your wallet.
The way I avoid impulse spending is to stay away from stores and shopping sites online. I make a list of the things I absolutely need to buy and keep reminding myself in the store to stick with it. If I need a reminder, I will write down the cost of a bill I am trying to pay off on my shopping list so I will have a visual reminder not to spend more money than I intended.
Same here. I get paid once a month, my bills are paid, I have a few bucks for myself, then what ever art works I can sell or side work I can find I am that much more "in the money."
I am really bad with impulse buys, honestly. I just have to repeatedly tell myself no. Amazon Prime has not helped with my impulse buying, either.
For me the best way to counteract the impulse of buying useless crap is to not have extra money laying around. Take your saving or extra money and put it somewhere that will be very difficult to access it. Keep it in a special back account where you can't access it over the internet or with a debit card. The harder it is to get to, the least likely you will touch it.