TO reach your long-term financial and lifestyle goals, it's essential to apply discipline and careful planning.

But if you can't resist the temptation of impulsive purchases, this strategy is unlikely to pay dividends.

So, how can we best train ourselves to forgo needless impulse purchases?

Let's start by examining why we frequently feel happy to fritter money away without giving it much thought…

Peer pressure unquestionably plays a significant role.

When all's said and done, we all want to fit in and be accepted by others.

In addition, many people will use impulsive purchases to mask their negative emotions or feelings.

Shopping trips are frequently referred to as "retail therapy" for good reason, as purchasing brand-new, shiny items can actually lift our spirits during difficult or trying times emotionally.

However, the urge to experience a dopamine rush can override our better judgement and rational thought, and of course, the short-term satisfaction that comes with a sudden purchase is never sustained.

While we're browsing, both in-store and online, brands frequently know how to push our buttons.

Maybe they've aggressively promoted a certain product or introduced multibuys and limited-time offers to fool you into thinking you're getting a deal.

However, you've probably wasted your money if you leave having purchased something you neither needed nor wanted.

Here are a few simple hacks that can help...

Sleep on it - It’s essential to learn strategies to exert a little bit more control over your spending – and taking some time to ‘sleep on it’ can really help here.

Research the market - After a day or two, if you're still considering purchasing the item, do some simple research to determine whether it's the best choice for you. 

Does it, for instance, provide all the features you desire? Could you find a less expensive option elsewhere?

You'll be able to make much better decisions and possibly get what you want for less by doing market research rather than giving in to impulse buying.

Unsubscribe and unfollow - Unfollow brands you find irresistible on social media and unsubscribe from their mailing lists to be exposed to fewer alluring advertisements and offers.

Examine your feelings - Consider your motivation before making an impulsive purchase.

For example, do you feel stressed, bored or anxious?

If so, consider finding alternative coping mechanisms other than making unnecessary financial commitments.

Monitor your spending - To keep track of where your money is going, use apps for budgeting and your bank statements.

You should be able to spot patterns and places where you might be particularly prone to impulse purchases if you can keep track of your spending habits.

Write a list - Write down the items you actually require before visiting a store or shopping website.

You might be able to avoid being persuaded to buy non-essential items that you're not currently looking for by having a clear idea of what you want to buy.

If you can afford it, there's nothing wrong with making the occasional impulse buy, and depriving yourself of life's little pleasures isn't the way to go.

But excessive impulse buying can be detrimental and lead to regret, frequently just moments after making a purchase.

According to a study by credit provider Vanquis, people actually spend close to £184 annually on purchases they later regret.

This demonstrates how crucial it is to carefully consider your spending.

You'll be in a much stronger position to increase your wealth, make your money work harder for you and accomplish your long-term financial goals by taking control of your spending habits and making wise, thoughtful decisions.

To speak to Keeley or another member of the Future Life Wealth Management team ring the office on 01246 435996.