Impulse purchases are costing consumers almost $2,000 a year — here's how to cut back

If you've ever waited in line to check out at a supermarket or convenience store and felt the urge to buy a candy bar or pack of gum, you are not alone — they are there for that exact reason. An impulse purchase is made in the spur of the moment without any forethought or planning. While it's often associated with smaller purchases like snacks, impulse buying can also be seen in big-ticket items like a last-minute getaway or a car you simply intended to test drive.

CNBC Select dives into why people are drawn to these last-minute purchases and how a better understanding of impulse purchases can help you save your money.

• What is an impulse purchase?
• The four types of impulse purchases
• Why do people impulse buy?
• How to stop impulsive buying
• Bottom line

An impulse purchase is defined as an unplanned and spontaneous decision to buy something. This sounds pretty straightforward, but there are some nuances. There are many different reasons that someone could suddenly decide to purchase something, such as their emotional state, effective advertising tactics, cultural factors, wanting the feeling of instant gratification and others on top of that.

There are four defined types of impulse purchases. These four categories also help better understand the process that happens before the act of purchasing.

• Pure impulse buying: This is the easiest kind of impulse buying to recognize and is the base level in which someone makes an impulse decision based on a certain emotion. An example would be buying a candy bar at the checkout aisle of a store because you suddenly crave something sweet after seeing it.
• Reminder impulse buying: You see an item or remember a certain thing that reminds you that you need a separate item. For example, you go to the grocery store to buy some bread, but when you walk past the toothbrushes, you remember that you're out of toothpaste so you buy some.
• Suggestion impulse buying: This one stems from a more rational place where our mind creates the need for an item. This is usually when you're convinced to buy something due to a marketing message. For instance, you're out to lunch and instead of ordering your regular soda, you decide to try sparkling water because you heard it has fewer calories.
• Planned impulse buying: Planned impulse buying sounds like an oxymoron, but it heavily revolves around discounts, promotions and items you had already thought about purchasing. For example, you are walking through your local electronics store and see a DVD you had thought about buying a few weeks ago, see that it's now 50% off and purchase it.

Now with these all in mind, they are still called impulse purchases for a reason, and even with them laid out and defined it can still be difficult to fully comprehend your behavior in the moment.

There are a few main reasons that people tend to give in to their impulse buying habits, the first one being their emotions. Retail therapy is very real, and people will often make purchases to make themselves feel good. Similar to doing many things that make people happy, shopping can release dopamine so there's an actual chemical reason that people love shopping just as they would a rollercoaster.

Another significant reason people impulse buy is thanks to deals and sales. People love to get a good deal, so when they see something is 50% off, considering if they actually need it gets pushed a little further into the background. It's another reason many sites offer free shipping on orders over a certain amount, people love to feel like they're getting the best deal they can.

External pressure can also greatly affect impulse purchasing habits. This can be something as small as your child pleading with you for his favorite breakfast cereal, or something larger like societal pressure or aiming to boost your social status through purchasing a fancy car or a new suit.

Regardless of the specific reason that each individual is affected by, the more you are aware of your own spending habits and can start taking steps towards combatting any potentially problematic impulse buying trends.

Create a budget

Creating a budget is a great first step toward helping you control your impulse purchases. There are a number of budgeting and expense tracker apps available that can help you better manage your money, or stay on track.

While this might sound counterintuitive, you may be able to combat impulse shopping by giving yourself permission to spend, within reason. Trying to cut it out entirely is not only sometimes not feasible, but doesn't allow you any wiggle room for some fun.

While they still might be impulse buys, planning ahead and creating an overall strategy can help you keep your spending in check and hold yourself accountable for your purchasing habits. You can add impulse purchases into your budget, but make it a reasonable amount. On average, people spend $151 a month on impulse purchases, so consider starting this section of your budget at $50 or $75.

In addition, if you're using a rewards credit card like the Citi Double Cash® Card, you can get 2% back on all your purchases (1% cash back when you buy, plus an additional 1% as you pay for those purchases) which can help relieve some of the guilt while saving money. The card also has no annual fee and new cardmembers can get a 0% intro APR for the first 18 months on balance transfers (after that it's a variable 17.49% - 27.49%). There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

Have a savings plan

It's also important to have a savings plan with both short-term and long-term goals. Separate your savings from your day-to-day spending money so you aren't tempted or capable of using it for unintended purchases. Consider opening a high-yield savings account like UFB Portfolio Savings so you can earn interest on the money you save.

Stick to shopping lists

Another way to try and keep yourself focused when shopping is to go in with a plan and list. Know what your goals are before you even enter the store, and by having a list you can have a visual and tactile reminder of the specific items you are to purchase.

It can be easy to walk into the grocery store on an empty stomach and get carried away, but by preparing yourself beforehand and checking things off your list, you have a better chance of staying on target.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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