According to VoucherCodes.co.uk, Brits spend £3.4bn per year on impulse purchases. This equates to about £50 per person every month – adding up to about £600 per year.
According to research by the voucher site, 88% of people in the UK make at least one impulse purchase per month. The study found that that payday triggers a release of dopamine – the brain’s reward chemical – which makes it even harder to resist those little luxuries.
The 24-hour ‘marination’ hack
Anita Naik, savings expert at VoucherCodes.co.uk, recommends trying the 24-hour marination rule. This is a simple technique that helps you consider your options before making a purchase.
Naik says: “The 24-hour marination hack helps to create space between you and the purchase. When you see something you want, hold off for a day. That’s it. No buying, just leave the item in the basket. Marinate the purchase. After 24 hours, check in with yourself. Do you still want it? Do you still need it? Most people find the urge fades – and they’re left with their money intact.
“If you’re still on board with the purchase after 24 hours, you may find that after a certain amount of time of waiting in the basket, brands may share discounts to incentivise your purchase via email, helping you save more and spend less. Just make sure you’re logged in when checking out.”
How life insurance can benefit your health and wellbeing over the decades
Sponsored by Post Office
Three tips to get your spending under control
VoucherCodes also recommends other simple ways to get your spending under control, and keep more money in your account at the end of each month.
- Remove your card from Apple Pay/Google Pay
Making it harder to buy something on a whim can help reduce the temptation altogether. Removing saved cards from Apple Pay or online retailer accounts adds an extra step to the process – giving you enough time to reconsider whether you really need that item.
- Do a social media cleanse
A constant stream of sales, discounts, and ‘must-haves’ can wear down even the most disciplined saver.
Take some time to review social accounts that regularly push flash sales and impulse-driven promotions to see if they are really adding value to your day.
- Always check for a discount before you buy
If you are going to buy something, make sure you’re paying the lowest possible price. Search online for voucher codes and discounts before heading to the online checkout.
Naik says: “Impulsive spending on payday is something most of us can relate to – it’s normal to want to treat yourself after a month of hard work. But it’s all about balance.
“If you find yourself consistently buying things that you regret, try to pause before you purchase. The 24-hour marination rule works because it gives your brain time to reset. That initial excitement wears off and you’re left with a clearer head to make the decision.
“Small changes like these really do add up over time – and with the cost of living continuing to rise, it pays to be more mindful about where your money goes.”
