Emotional spending is more common than you think. Ever bought items just because you felt stressed, angry, or jealous?
If your answer is yes, you’re most likely an emotional spender.
While mental health experts agree it could be a coping mechanism to avoid dealing with difficult situations, emotional spending could really hurt your finances in the long run.
There are steps you could take to control emotional spending.
Know your spending triggers
The first key to controlling emotional spending is understanding what drives you to spend.
The next time you’re about to purchase an item you don’t need, take time to understand how you feel at that moment. Do you feel angry, sad or hurt?
By knowing what triggers you, you would be able to find ways to fight or avoid these temptations.
Use the 48-hour rule
Waiting for a minimum of 48 hours before making a purchase is a simple but effective way to control impulsive spending.
By giving yourself time to wait, you have the chance to ask yourself if you really need that item.
More often than not, this rule allows you to be objective in your spending decisions.
Take a break
This means deleting shopping apps on your devices, unsubscribing from emails highlighting the “best deals”, and avoiding shopping malls.
The idea here is to make spending money so difficult that it discourages you from shopping when you’re emotional.
Do a financial checkup
Avoid being in the dark regarding your finances.
Spending money without tracking and hoping everything balances out is the wrong way to deal with your finances.
When you carry out a financial checkup, you become aware of where your money goes. This helps you think rationally about how you spend.
Create a budget
There’s absolutely nothing wrong with giving yourself a treat once in a while. It only becomes an issue when you continually spend based on how you feel, which leads to overspending.
Creating an “emotional spending” budget allows you to occasionally indulge while at the same time making you more conscious of how much you spend.
It’s OK to indulge yourself once in a while. However, if it turns into a habit that is continually straining your finances, it makes sense to deal with it as soon as possible.
Emotional spending may leave you feeling good at that moment, but there are healthier ways to deal with your emotions.
DON’T MEDICATE STRESS AND FATIGUE WITH IMPULSE BUYING. A SHOPPING SPREE WILL SET YOU BACK EVEN MORE.
– ROCHELLE GREENE
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