by Khalif Ikmal 

You’re on your way to your neighbourhood grocery store with a shopping list in hand. An hour later, you end up with a trunk full of things with a bunch of stuff you didn’t even think existed, let alone getting. Well, guess what? You are not alone in this, my friend! 

If you always find yourself in this position of coming back from the store with more things than you originally wanted, fear not. Here are two tips that you can follow, starting today! (that is, only if you are really serious about stopping your impulsive spending addiction) 

If something is over RM50, give yourself 50 minutes before you purchase said item. Creating some distance between that impulse and the purchase can work wonders! By giving yourself time to mull it over, the chances of you actually clicking the ‘purchase button’ decreases, big time. Suddenly, what seemed like a must-have item becomes a more informed decision. And hey, if after all that pondering you still feel the urge to buy, then maybe it’s meant to be. You’re no longer driven by spontaneity; but rather by necessity.  

If you don’t have time to think about it then and there, add it to your cart first. It might sound counterintuitive but trust me on this. Check back tomorrow, and you might just wonder why on earth it was in there in the first place! Deleting it from your cart is way easier than dealing with buyer’s remorse. This little rule adds just enough friction to help you make a sensible decision and keep your wallet happy. 

Another tip that I personally find useful is to set up a separate spending account. Being able to clearly differentiate between your spending and savings  and investment (if you’re into finance) budgets can help create a clearer picture of your cash flow and where your money is going. Often, we don’t realise that we are dipping into our savings amount, so having these separate accounts is key to preventing the unintentional depletion of our savings. 

 The first step is to set a spending budget based on your monthly expenses. Transfer this amount (no more and no less – this is very important!) into a separate bank account. Now, for the whole month, make sure you only withdraw and transfer money with solely this account. Every transaction, every swipe, it all has to go through there. Think of it like your financial coach, cheering you on to spend smart and stay on track. Suddenly, the ability, the power to impulsively spend becomes fictitious!