Save Money by Thinking Ahead

Tips for Spending Smart: Don't Make Impulse Buys

Jul 6, 2007 Kara Williams

If you are able to think ahead and plan your purchases instead of buying things on impulse, you can keep a lot more money in your pocketbook.

On Sunday, you’ve got $50 in your wallet on, and by Wednesday, it’s gone. Where did it go?

Chances are, you spent it on quick dashes to the grocery store or the department store, last-minute gifts, or other such expenses that just seemingly appear out of the blue.

A little planning and foresight can help you reel in some haphazard spending. Here are a few ways to turn extravagant spending habits into thrifty ones. Follow these, and you'll find yourself sticking to the family budget:

MOVIE RENTALS

Extravagant: That movie you rented last weekend is still sitting on the kitchen counter—to the tune of $1/day late fees.

Thrifty: Join Netflix or Blockbuster and rent movies by mail with no late fees.

GROCERY SHOPPING

Extravagant: You run to the store for milk, butter and cereal, and end up with a cartload of snack food items and other things you don’t really need.

Thrifty: Go grocery shopping once a week with your list in hand—and stick to the list. Plan your meals for the week, so you’re buying only what you need. Stock up on items on sale, so you won’t run out of items, eliminating last-minute trips to the grocery store.

COFFEE FIX

Extravagant: You need an afternoon “pick me up” and always turn to a hazelnut latte from the neighborhood coffee shop.

Thrifty: Just say no to treats from the barista. Get used to grocery-store flavored cream, or switch to orange juice to get your afternoon “lift” with something besides caffeine. Better yet, take a walk around the block to get the blood moving to your brain.

BESTSELLING BOOKS

Extravagant: You’re dying to read the latest bestseller at the pool next week, so you buy it on impulse for full price at the bookstore.

Thrifty: Borrow the book from the library. Check with your local library to see if you can place holds on books online from the comfort of your home.

BIRTHDAY GIFTS

Extravagant: You forgot about the four-year-old’s birthday party on Saturday, so you run to the boutique toy store for an expensive gift.

Thrifty: At the beginning of the year, anticipate which kids’ birthday parties your children will be invited to. Stock up on gifts on sale to have them on hand. This works for party hostesses, baby showers and teachers, too.

CLOTHING

Extravagant: Your daughter is outgrowing summer clothes already and it’s only July, so you order the “cutest dress ever” from an online retailer.

Thrifty: Organize a clothing swap with friends: everyone brings bags of kids’ clothes to your house, you display them all in the living room, and have fun picking and choosing from the array. This technique for moms’ clothes, too; grown-ups-only clothing swaps are especially entertaining when everyone brings a bottle of wine and appetizers to share. Make it a thrifty potluck, by suggesting everyone find a bottle of vino for $10 or less!

For more cost-cutting tips, check out this article on how to save on household expenses.

The copyright of the article Save Money by Thinking Ahead in Family Finances is owned by Kara Williams. Permission to republish Save Money by Thinking Ahead in print or online must be granted by the author in writing.

Think before you spend