Posted by Maneesh Sethi :: October 17, 2007 @ 10:10 am

Are you one of those people who have trouble curbing impulse buys? Do you ever go out shopping and come home with way more than you meant to? If so, there is help---a way to stop you from buying the things you don't really need. All it takes is a piece of paper and a pen...and some patience.

Next time you are planning to go shopping, make a list of everything you want to buy (excluding the bare necessities) before you go. If you really want to buy it, write it down. If you are strongly considering it, write it down. Anything that you probably would have bought, you should write on the list.

Now, here is the trick. Don't actually buy anything. Just come home with the list. For the next 30 days, you aren't allowed to buy anything on the list---you have to go without the stuff. However, after 30 days, while you are home (not at the mall), look at the list. See if there is something on there that you still really want, something you need and can realistically afford. For most items, however, you should find yourself reconsidering them---you don't REALLY need them, you don't really have the money, and/or you can definitely go without them. You will find that a list of dozens of wanted items will probably turn into a list of two or three.

Impulse buys occur because you can't stop yourself from purchasing something while you are at the store. If you can hold off on the purchase for a period of time, you will actually think about the purchase---reason can take time. Once reason does kick in, however, you might notice that your bank account has a lot more money in it than before.

We at Lending Club want you to try and curb your impulse buys as part of your overall financial plan and limit the compulsion to spend. What to do with the savings? Invest in some person-to-person loans on Lending Club, of course!