Most people want enough money saved to have peace of mind and financial freedom but succumb to impulse buys that deplete their savings.
And often, unplanned purchases wreak havoc on our well-intended plans for long-term financial security and retirement. Many people with impulse-buying issues have money and are doing well… for now.
Summary: Wealth Inside and Out® Podcast – “Avoiding Impulse Buys with the 3 Day Rule”
Today, you’re going to learn:
- What is an impulse buy?
- Understanding impulse buying
- What causes impulse purchases?
- Consequences of impulse buying
- How to avoid impulse buying with the three-day rule
Welcome
Hi, my name is Annette Bau (bah oo).
I’m a Certified Financial Planner™ and founder of The Millionaire Insider®.
This is the Wealth Inside and Out® Podcast.
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“Avoiding Impulse Buys with the 3 Day Rule”
What is an Impulse Buy?
An impulse buy is buying something spontaneously. It includes unplanned purchases made spur of the moment, like buying a candy bar in the checkout line at the grocery store.
Because it’s often bought on impulse, you don’t think about it. These unplanned purchases often wreak havoc on your personal finances.
Impact of Impulse Buys
Impulse shopping can cause emotional and financial stress and negative consequences for your life and your money.
Understanding Impulse Buys and How They Occur
When we make unplanned purchases, they’re driven by our primal toddler brain. This governs emotions and desires. Our prefrontal cortex provides reasoning and supports us in being rational and making a plan.
Causes of Impulse Buying
Listen to the episode for four causes of impulse buys.
Consequences of Impulse Buys
1. Short and Long-Term Ramifications
Their financial impact can have both short and long-term ramifications A long-term example is a broke retirement.
2. Buyer’s remorse
3. Stress and guilt
4. Marital problems
How To Avoid Impulse Buying with the three-day rule.
1. Identify what triggers you
2. Determine your top impulse buys and what triggered you
3. Train your brain
4. Implement a cooling-off period
5. Wait three days
Details on all five steps are explained in today’s episode.
Triggers
We all have to know when we’re triggered, and we have to be present. 
You have fewer disagreements or quarrels with your loved ones because you think before you speak. You eat less because you eat when you’re hungry, and you buy less because it doesn’t make you feel better. Buying something is not going to determine my self-worth, and that’s something fundamental, meaning I’m worthy regardless of whether I have a diamond ring on or not.
And I want you to get there, too. The first step is to incorporate practices that allow you to quiet your mind and build a rich inner life where you love yourself regardless of what happens.
As I mentioned, when you buy something, it’s the same as saying yes. You’re automatically saying no to something else. That is so important because a lot of times, what we’re saying yes to is what we want right now, and we’re saying no to a secure retirement, and that’s not ideal.
Additional tips to avoid impulse buys.
1. Practice mindfulness and focus breathing.
2. Create a list when you go shopping.
3. Take cash when you go shopping.
4. Implement a cooling-off period.
5. Create a spending plan. 
6. Make saving money a priority and reward yourself.
7. Set spending limits.
8. Monitor spending habits to determine when you overspend.
9. Prioritize needs over wants, meaning what you really want to have versus what you need.
10. Lock credit cards in a safe.
11. Make shopping lists even for regular purchases such as groceries.
12. Limit social media or avoid online impulse shopping.
13. Avoid FOMO tactics that encourage impulse spending. Examples include free shipping or limited supply.
Recap – “Avoiding Impulse Buys with the 3-Day Rule”
Impulse buys often provide a dopamine hit, meaning an adrenaline rush, and over time, it can wreak havoc on your finances and your mental health.
There are short-term consequences, like being unable to pay your mortgage or bills, or long-term ones, such as a delayed or broke retirement.
The first step is recognizing your problem and committing to developing the skills to avoid impulse buys. If you need to help avoiding impulse purchases hire a qualified expert to help you.
By practicing this
getting comfortable being uncomfortable, quieting your mind with practices like meditation and silent walks, you’re going to increase your ability to control random impulses.
So there you have it.
Until our next episode, take one action that will help you create a secure financial future and retirement you love.
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Thank you so much for joining me for
“Avoiding Impulse Buys with the 3 Day Rule”.
I’m Annette Bau (Bah oo)
All international copyrights are reserved.
Bye for now.
