One-Minute Money Hacks

Sticking to this simple rule will make you think twice about impulse buys

This simple rule can help you curb impulse spending
This simple rule can help you curb impulse spending

This story is part of CNBC Make It's One-Minute Money Hacks series, which provides easy, straightforward tips and tricks to help you understand your finances and take control of your money.

If you're prone to impulse purchases, thinking about when you shop can help you avoid overspending. And that can be critical when it comes to staying within your budget.

One strategy that can help is picking a certain day of the week or month to make purchases. Instead of buying something right away, wait until your designated day, such as Tuesdays or the last day of the month, to make the purchase.

By waiting, you give yourself time to decide if the item is worth the money. You may discover that you don't actually need, or want, it after all.

At the very least, try waiting at least 24 hours before making any impulse purchases to root out temptation. That way, you are taking time to plan your purchase, rather than buying the item impulsively.

It's also helpful to incorporate your long-term financial goals into your monthly budget. Are you planning to move into a new apartment, buy a car, or book a vacation? 

By keeping your bigger goals top of mind, you may decide to forgo smaller purchases and put that money into savings or investments instead.

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