Impulse buying is defined as “an unplanned or spontaneous purchase”. Retailers in particular try to take advantage of our weakness for impulse purchases. Take a look to your left and right the next time you are in line at the grocery store. Candy, chocolate, gum, magazines, and soft drinks will most likely be staring back, tempting you to spend an extra dollar or two to satisfy a craving that wasn’t there a minute before.

Credit cards make it all too easy to make these unplanned or spontaneous purchases. You don’t have any cash on you, but you simply must have that 2-pound milk chocolate super bar, fancy new electronic gadget, or even a new car or truck. So what do you do? You pull out a credit card and tell yourself “No problem, I’ll pay this off later.” Not only are you setting yourself up to pay much more than the sticker price on the item due to credit card interest, but additional impulse purchases will only compound the problem and leave you deeper and deeper in debt each time.

But there are a few strategies you can use to reduce the amount of impulse purchases placed on your credit cards. Here’s how:

1. Make a List: Before heading off to the store, develop a clear list of everything you need to get. While at the store, stick to your list.
2. Stay Focused: Try to avoid distractions while shopping for items on your list or standing in line at the checkout counter. Research has shown that distraction is the leading cause of impulse buying.
3. Think About It: Prior to actually buying the impulse item. Hold it in your hand and think about it for 10 seconds. If you cannot come up with 3 reasons why you need it within that timeframe, put it back – you don’t need it. 

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