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My emotional spending
I love to shop. Random shopping trips to the store for a pencil or notebook I swear I need. Or some candles, because I just love scented candles now. However, there is no shopping that I love to do more these days than online shopping. The feeling of knowing that something I ordered is going to show up any day as a present to myself is a joy I can’t describe. Sadly, I do the most shopping when I am feeling emotional about something.Top Work From Home Jobs
In an attempt to do a better job of saving money, I decided to analyze where and when I find myself spending the most money. I narrowed down my spending to the following events:
- When I feel upset about something
- When something happens that I cannot control
- When I feel excited about a new project or idea
- When I feel bored, and I am not occupied with something
It became clear to me that I spend the most money on things, when I am experiencing a strong emotion. Sometimes, events even help to trigger my urge to spend money. This pattern was not a good one, and if saving money was really a goal of mine, it would be one that I would have to put a stop to.Earn 60k+ in less than a year
Tips to Curb Emotional Spending
Emotional spending may have been a bad habit of mine, but it wasn’t something that I had to continue to keep.
- If I wasn’t paying for the purchase with cash I wouldn’t buy it. (Using my credit cards made shopping way too easy).
- I gave myself a monthly spending allowance, that I would only use if I met my savings goal.
- I asked myself 3 questions before I made my purchase:
- Did I need it?
- Would I even use it?
- Was the price worth the value of the product?
- I turned off notifications and sales e-mails, so that I wouldn’t be distracted into making an unnecessary purchase.
The Emotional Side of Things
Buying stuff for myself when I felt emotional about things was not a healthy coping mechanism. Not to mention that I was struggling with my finances because of it. Developing a deeper understanding of myself helped me become better at pushing away the urge to spend freely.