As a high school student, you're surrounded every day with ads, enticing offers, and today's trends competing for your attention. Impulse buying--hasty purchases made without prior consideration or planning--is far too easy to slip into; being aware of the effect it has on your finances is important in creating a solid financial foundation. Here, we'll explain what impulse buying is, why it's a bad habit, and how to avoid it.

What Is Impulse Buying? 

Impulse buying refers to making purchases without thinking or planning ahead, usually because something catches your eye or seems appealing in the moment. Impulse purchases can quickly derail a budget and add financial strain. Thanks to social media and algorithms, businesses out there know exactly the types of items that will appeal to you, and TADA—they show them to you even when you're not looking for them.

Why is impulse buying risky?

• Impulse shopping can quickly become out of control and force you to spend too much.

• Spur-of-the-moment purchases can have us looking back with feelings of guilt or regret once the excitement has died down- ah, hello buyer's remorse!

• Each impulse purchase is one dollar less that you could have put aside or applied towards your goals (like tuition fees or buying a car—things, when you stop and think about it, that are far more important than buying something shiny and entertaining on a whim).

It's not just on you—companies actually use tactics intentionally to get you to spend those extra dollars! Knowing these tactics can prevent you from making impulsive purchases.

Ways Companies Encourage Impulse Purchases:

• Limited-Time Offers: Companies often try to create a sense of urgency by advertising limited-time deals or discounts. How many times do you see "ONLY A FEW LEFT!" or a countdown timer showing you the minutes of a sale ticking away? This can prompt you to make snap decisions without fully considering the purchase. Hot tip- there's always another sale, and there are probably more than "a few" left. Don't get got!

• Point-of-Sale Displays: Eye-catching displays strategically placed near checkout counters grab your attention and tempt you to add extra items to your cart before completing your purchase. How many times have you added candy or gum to your purchase while at the register because I mean, hey… it's right there and looks good! In the long run, a small impulse buy is better than a large one, but candy and snacks add up if you're always adding them on to your purchase.

• Online Recommendations: Online retailers use algorithms to make product recommendations based on your browsing and purchasing history, tempting you to buy things that they already know you're interested in.

• Flash Sales and Deal Alerts: Flash sales and deal alerts notify consumers of "exclusive" discounts or special offers. How many promotional emails do you get from companies telling you about "secret sales" or promo codes that are just for certain customers? Just like limited-time offers, these aren't a one-time-only opportunity- companies will always have offers to bump sales, so if you miss this one, you can feel confident that another is coming down the road.

How to Avoid Impulse Purchases

• Create a Budget: Draft a detailed budget outlining essentials, savings, and discretionary spending expenses. Stick to it as closely as possible to prevent impulse buys from derailing your financial plan. This will help you keep your eye on the prize! Saving for a trip? Think about that when you're tempted to make an impulse buy and how that purchase will make your dream trip just a little further away.

• Make a List: Before shopping in-store or online, list what needs to be purchased and stick to it. It sounds obvious, but going in the with the intention of getting what you need and getting out can really keep your eyes from wandering to items that are not on your list.

• Wait It Out: When you feel the urge to buy something on impulse, call a time out and give yourself a cooling-off period; wait 24 hours before pulling the trigger. Most of the time, the urge will subside, and you'll be better off for having not spent the money.

• Opportunity Cost: Before making an impulse purchase, consider all its potential uses carefully. Is it worth giving up long-term goals you outlined in your budget just for one moment of satisfaction? Remember that vacation you're planning!

• Practice Mindfulness: Be conscious of your spending habits and the emotions driving them. Are you purchasing items to fill an emotional void or keep up with peers? I know, I know....who am I? Your therapist? But some increased self-awareness here will lead to more conscious spending.

Mastering the art of resisting an impulse buy is well worth learning (especially in today's age of round-the-clock temptations) and can set you on the path to financial freedom and security. Being mindful of spending, following a budget, and prioritizing long-term financial goals are the keys to successfully resisting impulse buying! Before buying, ask yourself some questions- do I need this? Do I really want it, or do I just want others to see me with it? Does it get me closer to my goals? Give yourself time to pause, reflect, and make choices that align with your future plans- impulse purchases won't stand a chance!