Are Impulse Purchases Always a Bad Thing?

Some unplanned purchases could actually be good for your budget.

Impulse purchases are usually viewed as problematic when it comes to money management philosophies. Say you budget a certain amount to save and a certain amount to spend. If you then buy something you didn't plan for, it could push you above your limits and perhaps even cause you to take on credit card debt. 

But is it possible that impulse purchases aren't always bad news? A new study conducted by Slickdeals suggests this may be the case. 

Here's how impulse purchases might help you save

According to the Slickdeals survey, a shocking 58% of Americans indicated that making an unplanned purchase actually ended up saving them money. This is surprising, since the same survey revealed that the average person spends $314 monthly on unplanned buys.

The reason is simple, though. Some people who make impulsive or unplanned purchases do so because an item they were planning to buy at some point soon turned out to be on sale at a good price. For example, according to the survey, 35% of people who made an impulse purchase said they bought clothing unexpectedly, and 30% said they purchased food or groceries without having had a plan to do so. 

Food and clothing are basic life necessities that people need to buy throughout the year. Say an impulse purchase lets someone get a piece of clothing they need for work or school at a lower price because they found the item on sale. In that case, this would be a good thing because they wouldn't have to buy that item later at a higher price. Likewise, if someone splurged on a food item that was on sale, this could ultimately end up reducing their grocery bill. 

How to make impulse purchases help, rather than hurt, your finances 

While the majority of Americans indicated that impulse purchases were a good thing for their finances, this doesn't mean every unplanned purchase is worth it. There are a few keys to ensuring you're making the right decision for your personal finances when buying on impulse.  

First and foremost, you don't want to spend more than you can afford. Even if you get a good bargain on a clothing item, for example, you wouldn't want to buy it if you didn't have the cash to pay for it. Otherwise, the credit card interest you'd pay would likely overshadow any savings you get by taking advantage of the discount.

Second, be sure your impulse purchases are for things you really need -- or are for splurges you highly value. To do this, it can be helpful to keep a list of items you need to buy soon. If you spot one of them on sale, you can buy it right away at that discounted cost. And if something not on your list comes up, you can wait 24 hours before moving forward with the purchase. That will give you some time to think about whether it's something you really want.

Following these guidelines can help you make sure your impulse buys help you out financially -- rather than end up as something you regret.