Impulse spending is costing us thousands. Here's how to cut back
What can often follow is an overwhelming feeling of failure and guilt, that can crush your spirits. That $200 hole in the monthly household budget will be felt somewhere down the line. Most likely at the supermarket when you're trying to purchase the essentials.
There might be a cost-of-living crisis, but Australians still spend $47 billion a year on impulse purchases costing people thousands of dollars a year. Young Australians are the biggest culprits with Gen Z spending $74 a week on impulse purchases, compared to just $9 a week by Baby Boomers, according to Finder.
So why do we do it?
If you're swamped with deadlines and balancing the pressures of raising a family, you probably tell yourself that you deserve a little something for all your hard work. Avid social media scrollers may see an ad from a favourite brand, tempting you to make a purchase, knowing it will give you a quick dopamine hit.
It's even easier to buy into the consumer culture knowing that purchased items could be on our doorstep within mere hours, depending on where you live.
Distract yourself with a walk, call a friend or head to the kitchen and do some meal prep for tomorrow instead.
But acting on the urge to feel good in the moment is usually short-lived. Instead, consider the long-term benefits and rewards you will experience by resisting short-lived spending temptations, financial therapist Jane Monica-Jones says.
Monica-Jones, who offers therapy to people with bad financial habits, says there are ways to overcome an addiction to instant gratification.
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