How to Stop Impulse Buying: Consider the Consequences • Everyday Cheapskate

If I had a quarter for every impulsive purchase I’ve made, I’d need a bigger piggy bank! Seriously, my financial faux pas have been remarkable in both quantity and sheer audacity. I’ve made some real doozies. Let me share a few lessons learned that can help you avoid my impulse buying mistakes.

The Cost of Impulse Buying

Case in point: take my above-ground swimming pool. The a la carte price was bad enough. Then, adding everything required but not included took it from barely reasonable to absolutely ridiculous.

First, there was the heater and filter. Then, a cover, chemicals, and test kit. Of course, we needed search and rescue equipment (this pool was basically a small lake) and a few necessary pool toys. Oh, and let’s not forget the cherry on top—the cost of eventually getting rid of the albatross. Spoiler alert: There’s not a booming secondhand market for slightly-used, headache-inducing pools the size of Nebraska.

If I’d had the courage to consider the consequences of such a significant purchase before deciding to buy, we could have avoided a five-year industrial-strength headache and saved one huge pile of dough.

Why You Should Consider Consequences Before Buying

I’ve since learned how important it is to keep a simple self-test handy. A checklist clears away impulsivity and invites good sense to prevail.

This process has a strict rule: No feelings allowed. That means no “I feel happy,” “I feel guilty,” or “I feel like I need this pool because it’s on sale!” None of that nonsense. This is about cold, hard facts. Feelings are sneaky—they change with the weather, and when it comes to making sound financial decisions, they’re about as reliable as a chocolate teapot.

Here’s how to stop impulse buying before it starts. Ask yourself:

1. Do I Really Need It?

Ask: Do I actually need this item? If the honest answer is no and you do not have oodles of discretionary income, case closed. That’s your cue to walk away. You’ve just saved yourself from a foolish purchase.

2. Can I Afford It?

You cannot afford it if you have to go into debt to make the purchase. Forget it. Stay grounded and keep your financial goals in sight.

3. Do I already have something that will do just as well?

Before making a purchase, evaluate what you already own. You might be surprised to find that you have an item that serves the same purpose, making that new purchase redundant. An honest assessment of everything you already have could quickly produce an affirmative answer to this question—end of discussion.

4. Can I Wait for a Better Deal?

It’s funny how we demand patience from our kids but rarely from ourselves. Waiting might make that so-called “need” vanish into thin air.

5. Have I Done My Research?

Taking the time to compare prices can pay off. Researching multiple stores or online platforms can not only give you breathing room but also help you find the best price for your desired item. Time is a valuable ingredient when making wise decisions.

6. Am I Willing to Wait?

A false sense of urgency brought on by overwhelming desire—or a sale—can radically skew your otherwise good sense. Simply escaping the situation for a few days is a remarkable way of clearing your mind. If the purchase is right for you today, it will still be right a few days from now.

7. What Happens If I Don’t Buy It?

Make a list of what will happen if you don’t make the transaction. If it’s paying the rent you’re questioning, that’s simple. The consequence is eviction. You must proceed. But if it’s for another pair of shoes, a faster computer, season tickets to the symphony, or a new puppy, the consequences might be much less dire.

8. What Happens If I Do Buy It?

Here’s where the rubber meets the road. What will be the exact consequences of going through with this transaction? Don’t cheat on yourself. Don’t accept “I don’t know” as an answer. If you don’t know the full cost, you are not ready to buy.

MORE: Saving Money for Big-Ticket Items (with Free Savings Goal Calculator)

Learning from Past Mistakes

Learning how to stop impulse buying is a valuable skill that can save you from financial ruin. By considering these essential questions before making a purchase, you can make more informed decisions that protect your wallet and promote long-term financial health.

So, you think my pool purchase was a financial disaster? Ha! That was a mere drop in the bucket compared to the impulsive acquisitions I’ve almost gone through with since then. Trust me on this. And no one is more relieved than I—except maybe my husband—that I’ve learned to think before I splurge; that I’ve learned to first consider the consequences.

MORE: How to Stop Living Paycheck to Paycheck So You Can Start Saving

Question: Ever made a dumb financial decision you lived to regret later? Stop laughing, and tell us about it in the comments below!

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Please keep your comments positive, encouraging, helpful, brief,
and on-topic in keeping with EC Commenting Guidelines

Ruth Coverdale says:

January 30, 2025 at 7:50 pm

Lately I’ve been noticing that the more possessions we have, the more work we have to do! I’m looking to cut down on work. Not make more.

Eileen J Corrado says:

November 5, 2024 at 5:15 am

As respects impulse buying, I have a system for online shopping. I place the items in “MY CART” and leave them at least overnight. I have found many times on my return visit to the cart, I don’t care to purchase it.

Sharon Ditton says:

August 29, 2024 at 6:08 am

This is not about a foolish purchase, of which I’ve made many, but about a piece of advice I believe your grandson spoke a while back. It was “Just because I love it doesn’t mean I have to own it”. That piece of sage advice has saved me hundreds! Looks like the apple doesn’t fall far from the tree!

Mary Hunt says:
August 29, 2024 at 1:10 pm

Oh, I can’t wait to show Eli your comment. He will love it (and so do I). Would you believe that child is now DRIVING?! I know, I can’t believe it either. But its true, and a mighty fine Student Driver he is.

Mary Ann says:

August 28, 2024 at 7:19 pm

I just want to thank you for all your knowledge and wisdom in trying to help everyone save $. I am trying to do better but how can I get ahead when I’m already so far behind?

Mary Hunt says:
August 29, 2024 at 1:57 pm

Changing habits and mindsets can take time so have patience with yourself. Keep moving forward even if it means taking lots of small steps. You can do it!

How to Stop Impulse Buying: Consider the Consequences Before You Purchase

The Cost of Impulse Buying