I racked up $10,000 in impulse purchases even though I owe $32,000. I’m ready to break the habit, but how can I stop this frivolous spending?

Imagine 28-year-old Matt, who carries about $20,000 in student loan debt and $12,000 in credit card debt. Instead of putting extra money toward his student loan repayment, he admits he spent nearly $10,000 last year on impulse buys — from the latest tech gadgets and new clothes, to frequent takeout and nights out with friends.

Now he wants to break the cycle, cut back on frivolous purchases, and finally get serious about his financial future. But where does he start?

The whys of impulse spending

It's no wonder that 70% of Americans have admitted to impulse buying (1). There is an entire industry of online marketing dedicated to getting us to click "add to cart."

However, it can have a lasting impact on your finances. It’s estimated that Americans spend $71 billion a year on social media impulse purchases alone (2). That's enough to buy nearly every child in the U.S. the newest iPhone.

NerdWallet found that one in six Americans spend more on impulse purchases than they put into retirement accounts (3), despite the fact that only half of Americans think they can reach their retirement goals (4).

Those unplanned splurges may not feel significant in the moment, but they chip away at your ability to pay off debt, build savings, or invest for the future. Over time, it’s not just about the money wasted — it’s about the opportunities lost.

How to limit frivolous spending

The good news? Breaking the cycle of impulse buying is possible with a few intentional strategies. Here are some simple methods to get your spending under control:

Use the 24-hour rule

When you're tempted to buy something online, add it to your cart, then exit the site. Come back after 24 hours and see if you still want or need the item.

Often, the urge passes, and you’ll realize you don’t actually need it. This simple pause can save you hundreds — or even thousands — over the course of a year.

Calculate your hours-to-purchase ratio

Reframe purchases in terms of hours worked. Take your income, subtract essentials like rent, gas, and groceries, and figure out what’s left for “wants.” Then calculate how many hours of your life you’re trading for that item. A $50 impulse buy might equal five or six hours on the job. Is it worth it?

Do a no-buy week or month

Consider a short-term spending detox. For one month (or week, if a month feels overwhelming) commit to buying only essentials. No new clothes, no gadgets, no takeout. It can reset your mindset and help you see how little you actually need to spend.

Unfollow and unsubscribe

If social media and emails are fueling your spending, cut them off at the source. Unsubscribe from store newsletters, unfollow influencers who push products, and consider using an ad blocker when you're online. Removing temptation makes it easier to stick to your budget.

Find other ways to get that ‘shopping’ feeling

Impulse spending often comes from wanting novelty or a quick dopamine hit. Instead, try borrowing books or movies from the library or joining a local Buy Nothing group to get items you want. Or pick up a hobby where you make something, rather than spending your time shopping. Just be mindful not to let the hobby become its own spending trap.

For Matt, adding up the $10,000 in impulse buys was a wake-up call. With $32,000 in debt already hanging over him, every unplanned splurge makes it harder to move forward financially.

If you're in a similar situation, look for ways to reduce temptation so you can put that cash toward paying off debt and building savings.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Salsify (1); Bankrate(2); Nerd Wallet ([3]https://www.nerdwallet.com/finance/learn/survey-impulse-buys-may-be-ruining-some-americans-finances); Bankrate (4).