Impulse buying is a thorn in all our sides. It is the cause of us digging into our savings, or not having any money left at the end of the month. We fall slave to those siren song sales in the mall, online shopping bargains or new gadgets that hit the market. 

It’s a case of want and not need.

The fact is, we work hard for our money and should spoil ourselves, but how do we prevent overspending?

Simple, budget for it. 

Add impulse buying into your monthly budget. This might seem like something you do only for teenagers, but it will keep your spending in check.

• Look at your impulse buys over the last few months and see how much you have spent.
• Also look at what you are spending your money on. This will help you understand what items you binge shop e.g. is it clothing, gadgets, gourmet food, hobby supplies or possibly sporting goods?
• Allocate a reasonable impulse budget to yourself. Keep in mind not to let this affect your savings. It should preferably come out of your disposable income.
• This allows you to control your impulse spending and not break the bank.
• Transfer this money into a separate savings pocket or card for these occasions or keep the cash in your wallet.
• Leave your credit card at home to avoid overspending unless it is for emergencies or planned spending.
• Be realistic about this budget. It is pointless allocating a huge amount that will eat into savings. The idea is to curb your spending. 
• If your binge shop for more than your allowance e.g. an electronic item costs £100 and your budget is £80, remember that next month you will have to deduct the extra £20 spent from your allowance leaving you with a £60 budget. Also, if you don’t spend it all, you can carry it over to the following month. 

You will be amazed at how much you could save monthly by scheduling your impulse spending into the budget. If you need guidance, chat to your deVere adviser. csvhelp@devere-group.com

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.