Signs that you may be a Spender, Have you ever had a rough day and reached for a pint of Ben & Jerry’s and a large spoon? If that’s the case, you’ve probably heard of emotional eating, but have you ever considered emotional spending?
Emotional spending is unexpected spending that is done to cheer us up or make us feel safer while we are feeling depressed. It’s normally innocuous, but it might become problematic if it becomes a habit.
What is the definition of emotional spending?
Negative life situations, whether a single terrible day or a series of them, are frequently the cause.
We’re constantly bombarded with marketing messages promising that buying something shiny and new will make us feel better or solve an issue we didn’t realise we had, so it’s no surprise that when awful things happen, we grab for our wallets reflexively.
Here are some examples of emotional spending you may be familiar with:
It’s payday, our bank accounts have been temporarily replenished, and everyone is celebrating by heading out for a drink to mark the end of the working month.
Even booking a summer holiday after a particularly cold winter could be seen as emotional spending.
On the more serious end of the spectrum, being laid off, losing a loved one, or ending a romantic relationship can all result in profoundly distressing feelings, which can lead to unhealthy spending patterns.
It’s critical to understand what emotion you’re experiencing. Because there is a lag between stimulus and response, if you’ve had a particularly trying week and the first thing you do is shop, be aware of what you’re doing and consider alternatives.
Plan in advance and prepare other activities for when feelings arrive that cause problem-spending.
5 Signs that you may be a Spender
Understanding and recognising the indicators of emotional spending in yourself and others is critical. Do any of these Signs that you may be a Spender?
- Purchasing a large number of products and then returning them. It’s an indication you’re making too many impulse purchases if you’re frequently overbuying in stores or online.
- Buying something for the sake of rapid gratification may make you feel better for a short time, but real happiness comes from other actions. Purchasing material possessions is not the path to long-term happiness.
- Spending to alleviate financial strains is a surefire method to exacerbate such strains. You’re only deepening your financial hole if you spend money you can’t afford.
- It’s a never-ending quest to acquire new stuff in order to keep up with the Joneses. Spending to impress your social circle might harm your self-esteem as much as your finances.
- If you shop every time you get terrible news, it’s an indication that you’re emotionally spending, and you should recognise what you’re doing and take steps to avoid it in the future.
What are the ramifications?
Depending on your financial status, emotional spending can be more or less significant. If you’re already in debt, any further unnecessary spending could be disastrous. An occasional emotional splurge may not be an issue if you have a good amount of disposable income, but it could prevent you from attaining your longer-term financial goals.
What can you do to keep it under control?
You must budget and be disciplined to keep control of your cash; emotional spending directly contradicts this.
Emotional spending on a regular basis might lead to serious issues. Hiding or lying about your expenditures can lead to arguments with your partner or family, as well as financial difficulties.
The simplest method to keep it under control is to pause and consider whether you actually need anything before purchasing it. Simply refrain from purchasing that item and see how it impacts you. Almost every time, you’ll overcome your impulse and be relieved that you didn’t spend your money.
If you need assistance, consider hiring a financial coach to help you understand and address the underlying issues that lead to problem spending from emotional expenditures.
Read also: Ways couples can save money