Itʼs those extra groceries you put into the trolley after being tempted at the checkout. Or that dress you purchased on a whim. We've all succumbed to impulse buying and it can seem pretty harmless. But with research indicating that the average Australian spends up to $44 a week on impulse buys (or more than $2200 a year), itʼs safe to say itʼs putting a dent in our savings. So we asked CommBank personal finance expert Jess Irvine for her tips on resisting temptation and developing healthier habits.
Study your patterns
Have you noticed yourself impulse buying when youʼre stressed? Bored? Emotional? Shopping delivers a dopamine hit that instantly lifts our mood (they donʼt call it retail therapy for nothing). “But those initial positive feelings can soon give way to feelings of guilt or regret,” says Irvine. Next time those feelings creep in, try swapping shopping for something that soothes or uplifts you—go for a walk, call a friend for a chat or just make a cup of tea.
Return items if you change your mind
So you were impulsive. We’ve all been there. What’s important is your next step. “See if you can return your item for a refund,” says Irvine. “If not, items can be sold on online marketplaces, helping you recoup some money.” And remember not to beat yourself up. Regret won’t change the past but it can drain your energy for better decisions ahead. Instead, take action by setting a small financial goal or reminding yourself that one mistake doesn’t define you.
Shop with a plan
This may sound familiar—you pop into a store (or start scrolling online) for one thing and end up with a cart full of extras. That’s why a little planning goes a long way. Write a list of essentials and stick to it. Even if something you love is on sale, if it’s not on the list, it doesn’t make the cut. A budget comes in handy here. It can help you map out your must-haves while keeping impulse buys in check. But life doesn’t have to be totally austere. Build some “fun money” into the budget so you get the joy of a treat without the regret of an unplanned splurge.
Don’t lose sight of the big picture
“The basis of good financial fitness is to spend less than we earn and save and invest our money to look after our future selves,” says Irvine. Whether you’re saving for a home deposit or trying to pay off debts, keeping your long-term goals in mind can help shift your perspective—rather than “missing out” on that impulse purchase, you’re actually putting your money towards something more meaningful.
Get across your spending
For anyone who’s felt like their money just disappears, take control by tracking where it’s going. “This is the best way to see how those impulse purchases are adding up,” says Irvine. Money Plan in the CommBank app can give you insight into how much you’re spending each week, fortnight or month, plus the categories you’re spending most on. “You can then reflect on whether you’re getting true value and enjoyment out of your purchases.”
