The average amount of advertisements a person sees per day is anywhere from hundreds to thousands. That is an absurd number and speaks volumes about our society and how marketing experts have a plan for your money even before you get paid. One of those retailers that has a plan for your money before you do is Amazon.
Prime Day can be a slippery slope for those prone to compulsive spending. The abundance of deals and discounts can trigger impulsive behavior, leading to unnecessary purchases and financial strain. To maintain control and prevent compulsive spending, it’s crucial to have a plan in place. In this blog post, I will explore ten actionable steps you can take to curb compulsive spending ahead of Amazon Prime Day.
1. Recognize and Acknowledge Your Triggers
Start by identifying the triggers that lead to your compulsive spending. It could be emotions like stress, boredom, or even the fear of missing out. By recognizing these triggers, you can better prepare yourself and develop strategies to confront them.
2. Set Clear Money Goals
Before Prime Day arrives, set clear financial goals. Whether it’s saving for a vacation, paying off debts, or building an emergency fund, having specific goals helps provide a sense of purpose and prioritize your spending decisions.
3. Create a Detailed Shopping List
Make a detailed shopping list that outlines the items you genuinely need or have been planning to purchase for a while. Stick to this list strictly and avoid browsing other deals or products that aren’t aligned with your priorities to prevent impulsive purchases.
4. Implement a 48 Hour Rule
The 48-hour rule is an effective strategy to combat impulsive buying. When you come across a tempting Prime Day deal, force yourself to wait 48 hours before making the purchase. This time allows for reflection and helps determine whether it’s a necessary expense or a result of impulsive urges.
5. Utilize a Budgeting App or Money Coach
Take advantage of budgeting apps or tools that can help you track your spending and stay within your predetermined limits. These tools provide a visual representation of your financial situation and act as a gentle reminder whenever you’re veering off track.
Also, a money coach such as myself could be a huge asset for your future Prime Day planning. Properly budgeting for your needs and wants is something I specialize in and by working with me, we could strategically plan for days like Prime Day or whatever your goal is.
(Shameless plug here for my coaching services, link to free call: https://www.calendly.com/mjgallaway/free-call)
6. Unsubscribe from Retailer Emails and Notifications
To resist the constant temptation of Prime Day deals, unsubscribe from retailer emails and notifications. Reducing exposure to promotional content helps minimize impulsive buying triggers and keeps you focused on your priorities. This is one of the easier ones to curb any temptation and also helps clean up your inbox in the process.
7. Engage in Alternative Activities
Keep yourself engaged in alternative activities that divert your attention from Prime Day promotions. Exercise, read, spend time with loved ones, or explore hobbies that bring you joy. Finding healthy distractions helps combat the urge to shop compulsively.
8. Understand the Psychological Effects of "Retail Therapy"
Research from the Cleveland Clinic, shows us everything that “retail therapy” does in our brain, starting before an item is even purchased. Just browsing, scrolling or window shopping has shown to change your mood and increase your shopping desire by releasing dopamine, making simple scrolling quite dangerous to your wallet if you aren’t diligent and intentional. Try and develop mindfulness and self-awareness around your spending habits. Take a moment to pause and evaluate your motivations and emotions before making a purchase. By understanding your underlying triggers, you can make conscious decisions that align with your goals.
9. Consider Thrifting Instead
Opting for thrifting instead of Amazon Prime Day offers several advantages. Thrifting promotes sustainability by reducing the demand for new products and extending the lifespan of used items. It also provides unique one-of-a-kind items that can’t easily be bought at stores or online. Lastly, the prices of thrifted items cannot be beat, which allows people to save money while still finding quality goods.
10. Consider Skipping Prime Day
Lastly, consider whether participating in Prime Day aligns with your long-term financial goals. If you find that the event triggers compulsive spending tendencies, it might be best to delay or even skip Prime Day altogether. Prioritize your financial well-being over short-lived bargain hunting.
Conclusion
Taking the necessary steps to curb compulsive spending ahead of Amazon Prime Day empowers you to make conscious and informed purchasing decisions. By recognizing triggers, setting goals, and implementing strategies, you can maintain control and avoid falling into the trap of impulsive buying. Whatever your goal is, debt payoff, travel, retirement or something else, don’t let distractions like Prime Day throw you off-track and try to maintain focus on your main goals. Remember, Prime Day should be an opportunity to make meaningful and value-driven purchases, rather than succumbing to compulsive spending habits.