Emotional spending occurs when you buy something you don't need and, in some cases, don't even really want. as a result of feeling stressed out, bored, under-appreciated, incompetent, unhappy, or any number of other emotions. So if there are ways to control emotional spending, these must be them:
1. Cut Down Impulse Buys ---
One way to cut down on emotional spending is to avoid making impulse purchases - and that doesn't just mean you should avoid buying gum in the checkout line at the grocery store. Whenever you're at a store - whether brick-and-mortar or online - and you find yourself wanting to buy something you didn't already want before you got there, don't buy it. Make yourself wait at least 24 hours, if not longer, before making a decision about whether to buy the item. You'll often forget about the item as soon as you leave the store. If, after 24 hours, you still really want it but a nagging voice in your head is telling you that you don't need it or can't afford it, try to postpone the purchase for a week or a month so you can think more clearly about the decision. If it helps, keep a wish list of the items you've refrained from buying so that you can ask for them when your birthday comes around or pick them up when you know you can afford them.
2. Focus on Saving ---
And sometimes, spending can mean saving, by investing. There are better ways to spend your money like put it in an investment that will grow it overtime (investments like in a Mutual Fund is ideal).
3. Close you eyes to Temptations ---
The next step is to limit your exposure to the situations that tempt you to spend. If it's the mall, plan to visit only a couple times a year, or try shopping online instead. If online shopping is the problem, find other, non-shopping websites to occupy your time, or replace some of your internet time with another activity. If you always find yourself spending more when a particular friend or relative is around, try to schedule free or inexpensive activities with that person, like getting coffee, cooking dinner, or going for a walk.
The goal here isn't to stop buying anything fun - if we didn't occasionally buy enjoyable things with our money, it would be difficult to get up and go to work every day. However, by becoming more conscious of your shopping habits, you'll develop greater control over your finances and you'll be able to really enjoy the purchases you make without the dread and guilt of having spent too much.
1. Cut Down Impulse Buys ---
One way to cut down on emotional spending is to avoid making impulse purchases - and that doesn't just mean you should avoid buying gum in the checkout line at the grocery store. Whenever you're at a store - whether brick-and-mortar or online - and you find yourself wanting to buy something you didn't already want before you got there, don't buy it. Make yourself wait at least 24 hours, if not longer, before making a decision about whether to buy the item. You'll often forget about the item as soon as you leave the store. If, after 24 hours, you still really want it but a nagging voice in your head is telling you that you don't need it or can't afford it, try to postpone the purchase for a week or a month so you can think more clearly about the decision. If it helps, keep a wish list of the items you've refrained from buying so that you can ask for them when your birthday comes around or pick them up when you know you can afford them.
2. Focus on Saving ---
And sometimes, spending can mean saving, by investing. There are better ways to spend your money like put it in an investment that will grow it overtime (investments like in a Mutual Fund is ideal).
3. Close you eyes to Temptations ---
The next step is to limit your exposure to the situations that tempt you to spend. If it's the mall, plan to visit only a couple times a year, or try shopping online instead. If online shopping is the problem, find other, non-shopping websites to occupy your time, or replace some of your internet time with another activity. If you always find yourself spending more when a particular friend or relative is around, try to schedule free or inexpensive activities with that person, like getting coffee, cooking dinner, or going for a walk.
The goal here isn't to stop buying anything fun - if we didn't occasionally buy enjoyable things with our money, it would be difficult to get up and go to work every day. However, by becoming more conscious of your shopping habits, you'll develop greater control over your finances and you'll be able to really enjoy the purchases you make without the dread and guilt of having spent too much.
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