As someone who is easily drawn into the retail therapy spell, I often struggle with deciding whether a purchase is a need or just a trend. So many times, I’ve fallen into the allure of new clothes or accessories, only to splurge on something I later regret. As I’ve matured, I’ve started focusing on making smarter financial decisions, and along the way, I’ve picked up a few tips and tricks to combat impulse purchases.
But first, what is the difference between “must-have” and “just want”? Often, these “Just-want” purchases fill you with that initial excitement, but are often later forgotten about and never used again. Whereas “must-haves” are purchases that are timeless, versatile, and continue to last you through multiple seasons. For example, that leather trench coat you pull out every fall is a must-have. That bow t-shirt you wore for two weeks and never touched again (speaking from personal experience)? Definitely a just-want.
My favorite trick is the “Waiting Game”. This trick is especially useful when it comes to bigger purchases. Depending on the price range, I will sit on it for days or weeks, and see if I still want it. Oftentimes, I will forget about the item altogether, but in those rare cases where the item has never left my mind and I am continuously thinking about it (how I will use it or style it), then I know it’s time to make the purchase. Online, this might mean leaving something in my cart for a while. In stores, I’ll often walk away, but if I find myself thinking about the item hours or even days later, that’s when I go back to get it.Â
When it comes to impulse shopping, clothes are my biggest weakness. If you’re like me, it helps to ask yourself a few questions before buying: “Will I actually wear this?” “Does it go with what I already own?” and “Can I make more than one outfit with it?” I tend to avoid those one-off items that you will wear once and never touch again because, think about it, is that really a good return on your investment? Also, thinking in terms of cost-per-wear also helps me. A $50 basic you wear three times in a week is a far better investment than a $30 top you only wear once.Â
With that being said, sometimes the waiting game may not always work. Sometimes you are having a bad day, and you need some retail therapy. That’s ok, you should be able to treat yourself every once in a while, but you don’t need to go overboard. Think of it like grocery shopping: you wouldn’t go starving, so don’t go on a full shopping spree when you’re upset. Instead, treat yourself to smaller purchases. My favorite thing to do is go to a new cafe and get a pastry or an iced chai. It always immediately brings up my mood, and it doesn’t hurt the bank account.Â
However, I am not perfect, and sometimes I still fall victim to impulse purchases, like every time I see the Sonny Angels at Union Square. And that’s ok, impulse buying is going to happen, but the goal is to limit it so you aren’t filled with constant regret over bad purchases. It is important to just keep yourself aware when you are shopping, asking yourself a couple of questions before you purchase, playing the waiting game, or even consulting a friend (maybe not an impulse buyer like me) are all ways that can keep you from making a purchase mistake. At the end of the day, treating yourself is fun, but thoughtful purchases feel even better.Â