Blog Highlights
-
Learn: Understand what slow shopping is and receive new tactics that'll curb on-the-whim spending temptations.
-
Budgeting: Discover how sticking to a budget can keep you in control of impulse spending.
-
Survival: Unlock simple strategies that create mindful and healthy spending habits.
What is Slow Shopping and How Can it Help Curb Impulse Buys?
Impulse buys are a sure way to wreck a budget – and fast! When you take the time to think about your purchases and then deny the urge to buy it, this is called slow shopping. It's a mindful approach to rethinking your shopping/money-spending decisions. Delaying the instant gratification impulse buys offer allows you to make smarter spending choices that better align with your goals. Whether that includes saving money, finding an alternative option, or deciding against the purchase entirely, slow shopping gives you time to sort it all out!
7 Ways Slow Shopping Creates Healthy Spending Habits
1. Avoids Impulse Purchases
Slow shopping involves pausing on a purchase until after you've had some time to think it through entirely. This not only helps reduce the emotional and spur-of-the-moment buys, that may not be justified or affordable, but it retrains your mind to think about spending habits differently.
Helpful Tip: Follow the 24-hour rule for small purchases – like clothes, shoes, and home decor. This means, holding off for one day so you can determine if this buy fits your financial goals. For bigger purchases, allow yourself 72 hours to fully consider the purchase. Larger purchases cost more – so it's wise to give yourself more time to ensure you're making a sound financial decision.
2. Enhances Budget Awareness
If staying on budget is your goal, taking the time to slow down and analyze your spending to ensure you can comfortably afford the purchase is a smart choice. Being aware of your budget allows you to better understand your spending habits, helps you avoid unnecessary expenditures, and sets predetermined limits on different expense categories. If you haven't done so already, try our 3 Practical Budget Templates that Work. Remember that it's only a good buy if it works within your budget!
Helpful Tip: If you're tempted to order out - take a few moments to consider whether this one time spend makes the best use of your dollars. You may find it cheaper to buy the ingredients and make the meal at home instead. You'll save money and may even have some leftovers to enjoy the next day!
3. Encourages Price Comparison
In addition to allowing yourself time to consider the purchase, slow shopping also gives you time to find the best deal possible – so be sure to check both online and in-store prices. Sometimes online prices beats in-store and vice versa – but you won't know unless you check. Getting the best price possible will make you feel empowered because you'll know you're getting the most out of every dollar.
4. Reduces Buyer’s Remorse
Thoughtful purchases versus impulse buys allow you to really think about the purchase before you commit to buying it. What might seem like a great thing now might not be so good once you get it home! This is a great way to avoid buyer’s remorse and any post spending regrets.
Helpful Tip: Before committing to a purchase, consider whether the purchase is the best use of your money. Ask yourself if this is a need or want – and whether it can wait and be saved up for to buy later on.
5. Creates Room for Alternatives
When you practice slow shopping and pause before making a purchase, it can open your mind to exploring different options and alternatives that you may not have considered. There may be a better deal to be had, a nicer product, or you may even realize that you don't actually need the item at all. Slow shopping allows time for you to move past an emotional impulse and consider other other options more rationally. This conscious "cooling-off" period enables more thoughtful and informed financial decisions.
6. Helps Capitalize on Discounts
Waiting for the item you want to go on sale is a savvy money move. It does take patience and restraint, but the financial reward of saving money will be worth it! Take the time to find discounts and sales, use promo codes or rewards that could save you money. This still allows you to buy the item within your budget and is a huge benefit of slow shopping! If you're making a large purchase consider waiting until major holiday sales like Memorial Day, Black Friday, and even post-holiday mark downs. Slow shopping teaches you to look for the real deals and combine different saving strategies.
7. Strengthens Decision-Making Skills
Practicing slow shopping on a regular basis helps build financial discipline over time. Building cognitive skills needed to make sound choices will help you throughout your lifetime and offers big rewards, so the sooner you learn, practice, and appreciate slow shopping, the sooner you'll reap the benefits.
Helpful Tip: For more practical ways about reframing financial habits, check out this read – Reimagine Your Savings: 4 Unconventional Ways to Reframe Your Financial Habits.
Slow Shopping is the Key to Smarter Spending
No matter your age or financial status, adopting the practice of slow shopping is a smart way to create healthier spending habits and curb impulse buys. While it may be a difficult habit to break at first, practice and consistency will lead you to a financial savvy routine that's second nature.
Using slow shopping as a helpful budgeting technique teaches you good money moves while changing negative spending behaviors. For more reads about budget, mindful spending, and saving, check out our Dollars & Sense blog.
