The Average American Spends This Much on Impulse Purchases

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Americans spend over $300 per month on impulse purchases.

Making purchases on a whim is something that most of us do. However, some of us do it more than others. Such purchases could throw your entire budget out of order and cause added financial stress. The average American spends several hundred dollars on impulse purchases each month.

You likely make routine monthly purchases on regular expenses like rent, utility bills, groceries, and gas fill-ups. But you probably make impulsive, non-routine purchases, too.

Perhaps you decide to pick up a pizza on your way home from work, or go to the mall for some spontaneous retail therapy. Filling your shopping cart with unplanned items while at the grocery store is another example of impulse purchases that you may make.

But do you know how much those impulse purchases are costing you?

Americans spend $314 monthly on impulse buys

A Slickdeals survey recently found that 64% of Americans surveyed have increased their impulse shopping habits in 2022 compared to prior years.

According to the same study, the average American spends $314 monthly on impulse purchases. That's over $3,700 yearly spent on unplanned purchases. That's a lot of money.

How does your spending compare? If you have no idea how much you're spending on impulse buys, you may want to think about more closely monitoring your spending habits.

If you don't pay attention to where your money is going, you may accidentally spend more than you can afford.

Could impulse shopping lead to negative financial consequences? Absolutely. You could spend more money than you've budgeted, struggle to pay your bills, or fall into credit card debt.

While some impulse buys aren't a big deal, frequently making purchases without thinking about how your finances will be impacted can be a problem.

Four tips to reduce your impulse spending

The good news is there are always ways to improve, and you can learn new financial habits.

If you make impulse purchases often, these steps may help reduce that spending:

  1. Set a monthly budget. A budget helps keep you accountable and can ensure you don't spend more money than you make.
  2. Monitor your spending. You'll learn what habits you need to change when you're more aware of how you're spending your money. If you like digital tools, budgeting apps make it easy to track your purchases.
  3. Have a plan. Having a list can be helpful if you need guidance while shopping. Plan out what you want to buy before you start shopping to avoid overspending on impulse purchases.
  4. Ask yourself if the purchase is of value to you. Before making an impulse buy, consider whether the item will make your life better in some way. Some impulse buys may be worthwhile if they bring value to your life.

Remember that no one perfectly plans every purchase they make.

You don't have to obsess over planning every single purchase, and treating yourself is okay. After all, your money is yours to spend!

However, being mindful of what you buy and how often you make unplanned purchases can benefit your finances.

Are you looking for other ways to improve your financial habits? Check out our personal finance resources for more tips.

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