Ditch Impulse Buying in 2024: 8 Tips for Nigerians in the UK
Do you feel like you’ve been living in a constant state of buyer’s remorse lately?
With the cost of living skyrocketing in the UK, impulse purchases can do some damage. But breaking the habit for good in 2024 is totally doable. With a few simple strategies, you can curb unnecessary expenses and save your hard-earned cash for what really matters.
In this blog, we’ll discuss 8 easy tips tailored for Nigerians in the UK to help you ditch impulse buying once and for all. Whether it’s budgeting better, avoiding shopping triggers, or using services like Yogupay to cut costs on international transfers, we’ve got you covered. By the end of 2024, you’ll be well on your way to more mindful spending and saving.
What is Impulse Buying?
Just like the name implies, impulse buying refers to making unplanned purchases on impulse (spontaneously). We’ve all been guilty of it at some point – whether spotting a sale on your favorite outfit or gadget. The temptation is hard to resist.
For Nigerians in the UK, the struggle is real. Between increasing costs of living and social pressure to keep up with trends, impulse buying can eat deep into your living expenses. In Nigeria, over 30% of adults between 18 and 45 years experience impulse buying occasionally. Moreover, most buyers’ spending habits during popular holiday sales are inspired by impulse buying.
A Bank Rate Report also shows that most impulse buyers in the US exhibit post-purchase regrets due to buying items they may never need. But the good news is that you can overcome impulse buying and keep more cash in your pocket with conscious effort.
8 Tips to Ditch Impulse Buying in 2024
1. Track Your Spending Habits
You can’t change what you don’t acknowledge. The first step to overcoming impulse buying is tracking where your money goes each month. Look through your bank and credit card statements to see how much you spend on essentials like rent and groceries versus discretionary items like dining out or entertainment. You might be surprised how much those little purchases add up.
Once you clearly understand your spending habits, set a concrete budget for the non-essentials. For example, limit yourself to only two weekly meals or £50 on entertainment. Having limits in place makes you think twice before swiping your card. It also gives you accountability, so you know if you’ve exceeded budget.
Staying on a budget does require conscious effort and self-control. But by tracking your spending and setting clear limits, you’ll gain awareness of what triggers your impulse buys. Then you can plan strategies to avoid or overcome those triggers, like leaving your credit cards at home or waiting 24 hours before making a purchase.
2. Know Your Triggers
Knowing and avoiding your triggers is a huge step towards ditching impulse buying for good. Your triggers are the things that compel you to buy on impulse, whether it’s sales, social media ads, or simply walking into a store.
For many Nigerians in the UK, seeing items from popular Nigerian brands while shopping or coming across sales on international ecommerce stores can trigger the urge to buy. The desire to feel connected to home or save money on goods from Nigeria is strong.
To overcome these triggers, unsubscribe from store marketing emails and sales alerts. Also, avoid entering physical stores that sell popular Nigerian goods or advertise big sales on their sites. Out of sight, out of mind.
Knowing how to spot your triggers and putting barriers in place is key. The more you avoid your triggers, the easier it is to break the habit.
3. Set a Concrete Monthly Budget
To stop impulse buying for good, you need to set a strict budget and actually stick to it. Determine how much you can afford to spend each month after accounting for essentials like rent, bills, and debt payments. Be realistic in your budgeting—don’t deprive yourself but do leave some room for saving.
Once you have your budget in place, track your spending to identify problem areas where you tend to overspend. Maybe it’s dining out, entertainment, or shopping. Set limits in those categories and find free or low-cost alternatives to fill your time, such as exercising, reading, or socializing with friends.
When you do shop, make a list and buy only what’s on it. And avoid stores when you’re bored, anxious or upset—those moods often trigger impulse spending.
4. Set Up an Automatic Savings Account.
Setting up an automatic savings account is one of the best ways to curb impulse buying. Have a portion of your paycheck or any money transferred into your account automatically deposited into a savings fund each month. Even saving a small amount, like 10% of each deposit, can add up over time and give you a financial cushion.
When the money is automatically moved into savings, you won’t miss it or be tempted to spend it. You’ll be surprised how quickly your savings balance grows. An automatic savings plan helps make saving money a habit and part of your routine to build wealth without thinking about it each month.
Plus, some banks offer high-yield savings accounts with competitive interest rates to help your money grow faster. Shop around at different banks to find the best option for your needs. The more you save each month, the better, but start with whatever amount works for your budget.
5. Shop Smartly and Look for Deals
The high cost of living in the UK can be challenging, especially when money is tight. However, shopping smartly and looking for deals is one way Nigerians in the UK can save money. Some tips for shopping smartly include:
- Buy generic or store-brand items instead of popular brands. They often cost less but have similar quality.
- Shop sales and use coupons or promo codes when possible. Many stores offer weekly sales on staples like food, household goods, and toiletries.
- Buy in bulk when items are on sale. Stock up on non-perishables to save money in the long run.
- Compare prices online before shopping in stores. You may find lower prices from different retailers.
- Buy products that are in season. Fruits and veggies cost less when they’re in peak season.
- Shop less frequently. Only buy what you need to avoid impulse purchases.
Following these tips and tools can help Nigerians in the UK spend less and save more in 2024 despite the rising cost of living. Making a budget, planning meals, and avoiding impulse buys are all effective ways to keep your finances in check and avoid overspending.
6. Pay with Cash instead of Cards
Paying with cash instead of cards is one of the easiest ways to curb impulse buying for good. When you pay with physical money, you have a visual representation of what you’re spending. This makes you more mindful about your purchases and less likely to overspend.
Using cash also prevents you from racking up debt on your credit cards. It’s too easy to swipe your card and worry about payments later, but you can only spend what you have on hand with cash. Take out a fixed amount each week for your expenses and essentials. Leave your cards at home and pay for everything in cash. This approach helps you stay within budget and avoid splurging on things you don’t need.
If you need a card for bigger purchases or emergencies, pay the balance in full each month. Don’t carry balances from month to month, as this leads to expensive interest charges and makes it harder to get out of debt. Make a plan to pay off any existing card debt to avoid impulse buying temptation in the future.
Sticking to a cash-based system may require some adjustment, but it can greatly benefit your finances and spending habits over the long run. Give it a try and see how much you can reduce impulse buys and unnecessary costs. Your bank account will thank you.
7. Save Money With Yogupay When Sending Money Home
Nigerians in the UK know how expensive it can be to send money back home to loved ones. High fees from traditional money transfer companies cut deep into funds meant for families. Yogupay helps you cut down on international transfer fees. Every penny counts, especially when living abroad, so the savings can add up over time. Our low fees and great exchange rates help you and your loved ones save more when you send money home.
What’s more, Yogupay offers fast transfers so your family can get the funds as quickly as they need them most. The user-friendly app makes transfers a breeze, helping you save time and money. If you’re a Nigerians in the UK struggling with the high cost of living, Yogupay provides a welcome relief when sending money. You get to enjoy competitive exchange rates when you convert your P, no need to go through bank or foreign exchange hassles.
8. Make a Commitment With Your Friends
Rather than going solo, find an accountability partner to help curb impulse buying. Ask a friend who wants to reduce impulse purchases to team up. Make a pact to check in with each other before buying anything that isn’t essential. Having a friend provide input can help avoid purchases you’ll later regret.
This buddy system adds an extra layer of support. Tell your friends about sales or deals you’re tempted by, and they can talk you down from making an impulse buy. Likewise, run larger purchases by them first to get another perspective. Committing together will strengthen your resolve and make avoiding impulse buys easier. You can encourage each other through challenges and celebrate successes together.
Choosing the right friend is key. Pick someone with similar spending goals who won’t enable impulse shopping. Tell them you want to avoid frivolous buys and ask them to provide constructive feedback. Be open to their input, as they have your best interests in mind. You can kick the impulse buying habit for good with teamwork and accountability.
Conclusion
You may have to rethink your spending habits, but that doesn’t mean you must deprive yourself completely. You can still enjoy little luxuries here and there by planning, budgeting thoughtfully, and using tools like Yogupay to save on international transfers.
The most important thing is developing self-awareness around your triggers for impulse spending. Pay attention to when and why you’re tempted to make unnecessary purchases. Over time, you’ll get better at resisting those urges. You can conquer impulse buying in 2024 with some discipline and smart strategies.
Enjoy the satisfaction of keeping more cash in your wallet and avoiding buyer’s remorse. You got this.
