Curb Impulse Spending With 'Slow Shopping'

If you struggle to curb impulse spending, you know how hard it is to snap out of your emotional response to a product. You know how it feels when the excitement over a purchase, revealing that it wasn't truly needed or wanted in the first place. What you need is a more conscious relationship with consumption, so you can be more aware of your spending habits and triggers. One of the easiest ways to break this impulse-spending cycle is with "slow shopping."

Slow shopping is a mindful approach to consumption that encourages consumers to take their time when making purchasing decisions. Think of it as a cooling-off period. It's a deliberate counterpoint to the fast-paced, immediate-gratification culture often associated with modern shopping-especially online.

What is slow shopping?

The core principle of slow shopping is introducing a delay between the desire to purchase and the act of buying. This can range from a few hours to several days or even weeks-depending on the item's cost and importance.

During this deliberate delay, you thoroughly consider the potential purchase. Think: researching the product, comparing prices, and reflecting on its necessity and value. By creating distance between the initial impulse and the purchase, slow shopping allows emotions to settle, leading to more rational decision-making. It's a useful mindset to help you prioritize your wants versus your needs, hopefully saving money along the way.

How to practice slow shopping

By implementing slow shopping techniques, you can transform your relationship with spending, moving from reactive to proactive purchasing behaviors. This not only helps in reducing impulse buys but also in fostering a more intentional and satisfying approach to consumption overall.

Use the 24-hour (or more) rule

Before making a purchase, especially online, add items to your cart and wait at least 24 hours before completing the transaction. This cooling-off period allows you to reassess whether you truly need or want the item.

For more expensive items, consider implementing a longer waiting period-perhaps a week or a month. This extended time frame can help you avoid costly impulse buys.

Create a wishlist

Instead of buying immediately, create and maintain a wishlist, adding the desired items to the list when the urge to buy strikes. Revisit this list periodically to determine if these wants have become genuine needs or if your interest has waned.

Research thoroughly

Take time to compare prices, read reviews, and investigate alternatives. This not only helps you find the best deal but also ensures you're getting a quality product that meets your needs.

Budget for wants, and track prices

Allocate a specific amount in your budget for non-essential purchases. This allows for some flexibility while maintaining overall financial discipline. Then, use price tracking tools when you're shopping online. This way, you can monitor price changes and make purchases when an item reaches your desired price point.

Practice mindful browsing

When shopping in person, walk through without buying anything on your first visit. This helps you become more aware of your shopping environment and reduces impulsive decisions.

Whether you're in person or online, practice leaving stores or closing browser tabs without making a purchase. This builds the discipline needed for effective slow shopping.

Reflect on potential purchases

Take a beat to truly reflect. Ask yourself questions like: "Do I really need this?" "Will I use it often?" "Does it align with my values and goals?"

When evaluating a purchase, think about its longevity and usefulness over time. This perspective can help justify higher upfront costs for quality items that last longer.

The bottom line

Remember, the goal of slow shopping is not to eliminate spending entirely, but to make more thoughtful and financially sound decisions. Only you can determine what is truly valuable in your life. Personally, I've intentionally budgeted for my daily iced coffee habit. For you, it might mean indulging in a fancy dinner once a month, or perhaps cutting back on dining out in order to splurge on a vacation in a few months. Allow yourself to indulge, especially if these indulgences improve your overall relationship with your money.

When you feel confident that you're spending only on things you love and not wasting money on things you don't love, you will make much better big financial decisions.