5 ways to resist the urge to splurge

Ever had a late-night online shopping spree and regretted it the next morning? In the cold light of day, you just can’t believe you dropped $800 on that new TV. We’ve all been there. Luckily, there are ways to help keep our impulse spending in check.

Next time you feel tempted to move a pricey item into your virtual shopping cart, try these tricks and tips. They might help you save not just money – they could also save you from that feeling of next day regret.  

1. Stick to the 30-day rule

It’s simple. Wait and see if you still want the item after 30 days. You might find you don’t even want it anymore – but if you do, then you could probably consider buying it. Following the 30-day rule could help eliminate those spur-of-the-moment purchases made out of emotion or excitement.

2. Use the 5-need rule

It can be easy to think we really need something for, say, our newly renovated kitchen or that next big event. Every time you think to yourself ‘I really need this’ or ‘I wish I had this’, make a note of it somewhere. If it comes up five times, that’s when you could probably justify buying it. If it doesn’t come up five times, don't buy it. You probably won't use it.

3. Keep your eyes on the prize

If you have a bigger goal in mind – like an emergency fund or even a house deposit – then estimating how much you’ll need for that and working towards it can motivate you. This should help curb those impulse buys. In fact, we have a goal setting feature in the Bankwest App so you can track your savings progress – think of it as like a fitness tracker, but for your finances.

Find out more about using our goal tracker

4. Lock your savings in

To really help you resist the urge to splurge, you could try putting some of your spending money into a savings account that rewards you with a higher interest rate for good savings habits, like depositing a minimum amount each month and making no withdrawals. Next time you're tempted to buy something, think of the interest you could be missing out on if you spend instead of saving that money.

Check out our savings accounts

5. Wait for a sale

Odds are, the item you want now at the full price will eventually go on sale. We’re all familiar with the rush of getting something we really want on sale – think ahead to that feeling. And who knows? You might find that you no longer even want the item once it goes on sale.

Need help?

You can message us in the Bankwest App or online banking, or call us – we're here 24/7.

The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.