Is Impulse Shopping Putting Your Budget In the Red? Try ‘Slow Shopping’

If you’re like many shoppers, you’ve probably made an impulse purchase. Just do that, mindlessly take out the plastic, or (since your credit card information is saved on your computer) click the “Buy Now” button, and voila! – Buy shoes you just have to have.

But after a few days, I look at the balance in my bank account and a feeling of regret sinks into my heart. And in that moment, this old saying comes to mind. “If you hurry, it will be wasted.” To curb your shopping frenzy, there’s a newly named money-saving method that’s gaining popularity among people looking to ease their money worries: “slow shopping.”

This method of reducing impulse purchases helps shoppers slow down and develop mindful spending habits. This practice is gaining traction among consumers looking for intentional and thoughtful ways to shop.

Shopping slowly may be helpful for people who want to spend less and save more. Bankrate’s 2024 Annual Emergency Savings Report found that more than one in three U.S. adults (36%) have more credit card debt than they have saved in an emergency savings account.

But what exactly is slow shopping? What benefits does it bring? And what are the potential downsides? Take a look at this money trend and how it can help you save money Let’s see.

Slow shopping is a spending approach that promotes mindfulness. Slow shoppers take time to consider the need and cost of each item, rather than making impulse purchases.

Slow shoppers prioritize quality and wait for the best deals. This method can ease financial anxiety, reduce buyer’s remorse, and encourage healthy spending habits. This concept is part of the “slow living” movement, which promotes mindfulness and a thoughtful approach to life.

“Slow shopping is a phenomenon that falls under what I call ‘conscious spending,'” says author Dana Miranda. no budget required He is also the founder of the Healthy Rich Newsletter.

“Pausing before you buy gives you the opportunity to think about how you’re spending your money and whether it’s contributing to the life you want to live or, more simply, the day you want to have,” Miranda added.

Example of late shopping

One common approach to slow shopping is to add items to your online shopping cart and wait at least 24 hours before purchasing. This gives you time to think about whether you really need the item, find a better price, and look for coupon codes and discounts.

Slow shopping can also be applied to traditional shopping, such as visiting a brick-and-mortar store, so you can make informed decisions before making a purchase. It’s all about stopping, evaluating why you’re buying, and making thoughtful choices.

Karen Holland, founder of GiftingSense.org, describes slow shopping as a spending plan. Holland sees this as a tool for managing your money.

“Slow shopping is all about planning,” Holland tells Bankrate. “The plan can be as simple as, ‘I will only purchase a product or experience after asking myself a few questions to see if it makes sense for my family and me at that time.’ No.”

Advantages and disadvantages of late shopping

Like any strategy, shopping slowly has its pros and cons. It’s important to weigh both the pros and cons before deciding whether this approach is right for you.

advantage

One of the main benefits of shopping slowly is that you can save money by avoiding unnecessary purchases and waiting for the best deals. It also reduces the chance of buyer remorse and encourages prudent financial decisions.

Shopping slowly can also reduce financial anxiety and help you develop mindful spending habits. This all helps you keep more money in your bank account.

“The main benefit of practicing slow shopping is saving money, but it can also save you a lot of stress,” says Erika, attorney, personal finance expert, and founder of Erika.com・Kulberg says.

“More stuff can lead to clutter and overwhelm,” Kullberg continues. “Spending money on unnecessary purchases can also lead to financial stress if you have trouble sticking to a budget, paying off debt, and achieving savings goals.”

Disadvantages

There are downsides to slow shopping. This method takes a huge amount of time and can lead to over-analysis of purchases. As a result, you may miss out on sales and limited-time offers.

Additionally, if you shop late, you may end up believing that you don’t need something, even if you do need it. Aaron Cirkensa, founder and CEO of MDRN Capital, says shopping slowly isn’t always the right choice. When purchasing essential items, waiting is not the best option.

“If it’s an essential item or an emergency, you may not need to shop slowly,” says Chilkensa. “It can be time-consuming and stressful as you try to evaluate every decision and purchase.”

How slow shoppers can save money

Shopping slowly allows you to take a step back and really think about your purchases, which can save you money. If you rush into shopping decisions, you risk wasting money on things you don’t really need.

By taking time to think things through, you can avoid impulse purchases. You also have time to compare prices, look for discounts, and evaluate whether the product fits within your budget and values. By shopping slowly, you can prioritize your spending and save money in the long run.

While you can save money by shopping slowly, Miranda warns against using this method to punish yourself for past financial mistakes. She recommends dealing with those feelings before going on a leisurely shopping spree so you can approach this form of shopping “mindfully and joyfully.”

“Don’t approach this practice with a limiting mindset, as you may be boxed in,” advises Miranda. “Practicing mindful shopping can easily hide restrictive behaviors that don’t serve you. Before adopting habits like shopping slowly, examine your relationship with money and avoid scarcity mindsets. Look for signs of a tendency toward restriction or deprivation,” adds Miranda.

conclusion

Shopping slowly may take longer and you may miss out on bargains, but the overall goal is to improve your financial health. If you want to adopt better spending habits, shopping slowly may be a strategy worth considering.