We’ve all done it…  making impulse purchases like candy in the grocery store checkout line, a detour into the fast food drive thru, browsing on Amazon, or making a purchase in a mobile app or game.  They may seem insignificant in the moment, but all those small purchases add up.

According to a 2023 survey commissioned by Slickdeals, and conducted by OnePoll, impulse purchases account for an average of $1,800 per person, per year.  This is down from $3,700 the previous year.

Whether or not you’ve created a budget, bringing thoughtful attention and intention to your spending habits can have a positive impact on your account balances.

Give the 30-Day Receipt Challenge a try.  How does it work?  Simple!

Every time you spend money during the month (cash or card!), save the receipt (or document the purchase on a piece of scrap paper) and place that receipt or piece of paper in a shoebox.  At the end of 30 days, take the receipts out and sort them by the type of purchase – “food”, “gas”, “entertainment”, etc.  Add up all the amounts to determine what you’ve spent on each category for the month.

This is a great way to bring focus to your spending habits and identify where your money is going.  You may also find that you spend less money during this challenge just because you’re being more conscious about your spending.

Give it a try and tell us how it goes.  What impact did it make?  Did you learn anything new about your spending?  Will you make any changes because of this challenge?

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coaching@discoverycoachinggroup.com
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Have a prosperous and successful April!