How to Save When Impulsive Spending Habits Come in the Way?

Typically, when people join a new job and see the money accumulate in their bank in a few months, the impulse to spend becomes almost inevitable. It is even more addictive at times when you do not have too many responsibilities on your shoulder. Most of the people are guilty of spending the money they cannot afford, and it is fine a few times when young. However, if it becomes a habit then it is sure to push you in a debt trap that would continue until your later life when you would be burdened with responsibilities.
There is a way to spend and save at the same time, and keeping this balance is necessary, regardless of your income and whether you have any responsibilities or financial obligations or not. Keep your impulsive spending habits in check and protect your savings by following the below-mentioned tips –
Don’t Keep Money Idle
When your money is sitting idle in the bank account, it will keep pinching you to buy that new smartphone in the market or book a ticket to an exotic location you always wanted to go. Make an investment strategy or a savings goal and contribute towards it by investing in reliance mutual fund schemes as well as in conventional investment tools like fixed deposits, SIPs, and so on. Committing yourself to such investments on a recurring basis would automatically discipline your spending habits.
Have Big and Realistic Goals
The key here is to think a bit in terms of long-term goals. Why do you want to buy an expensive smartphone that would depreciate at the speed of light when you can keep your money invested for longer and go for an exotic vacation? Investing gets you more returns when you stay invested for longer and thus, it is essential that you practice goal based investing. Having big yet achievable goals would keep you motivated and ensure that you do not waste money on impulsive purchases.
Invest Smartly

When you are looking to realize your goals, the ideal way is to not only keep your money in the bank account or simply start fixed deposits. You need to invest your money smartly in investment instruments like reliance mutual fund schemes to gain considerable returns. It is with this money that you would be able to fulfill your goals of going on that Europe Tour or backpacking across South-East Asia. Whatever your goals are, align it with investment goals, and once you are fixated on big and achievable goals, the habit of spending impulsively regularly would go away on its own. Once you chalk out a plan and see that your income is sufficient to get you through Europe or buy a new fancy car, you would be more committed to such goals than buying a petty smartphone or an expensive headphone.
Simply Be Lazy
When you have invested money in mutual funds or FDs, you will need to work a little to be able to withdraw them. Thus, it is best to be lazy and try to use your debit card or net banking rather than try to break your investment for any impulse purchases. When you think that withdrawing your money from your investment will take work, it gives you time to think about it and control your impulsiveness to a great extent. For once, being lazy might work wonders for your investment.
Keep Separate Allowances for Impulse Buying
If you think that you won’t be able to control your impulse and buy something, it is best to keep a separate amount for it. You need to save for those impulses too, and it will allow you not to feel guilty afterward. Give yourself some allowances every now and then but make sure you have a different account for it so that you are not tempted to use your living expenses or your savings for it.
Use the tips above to help you grow your wealth without any hassles. and Having a financial aim is necessary if you want to save and not give in to your impulses. When you know how much you need to save, you will have better control over your urges and not spend on things that you can surely do without.