Are you an Emotional Spender? 4 Easy Ways to Cut Emotional Spending

Emotional spending can be a huge problem for many people, including myself.

We can be highly driven by our emotions depending on what’s going on in our lives. When things in our life get tough, we can feel powerless, so we might try to take control back by turning to money and using it. 

Maybe it’s to go shopping for new clothes or out for dinner with a friend. But whatever it is, we so often feel like money gives us control and power (the power to buy things, the power to do things), so it’s no wonder why we turn to it so easily. 

The same can be said when good things happen in our lives too. We often turn to money as a way to celebrate or treat ourselves. Again, maybe it’s going shopping or celebrating over dinner with friends. 

But, when we look at spending based on our emotions, we have to realize that it doesn’t fix anything. It might make us feel better temporarily, but in the long run, it doesn’t change the situation we are facing. In fact, because we’ve spent the money that was allotted for something different, on trying to feel better, it can create more chaos when we can’t pay for the things we were supposed to. 

So, how do you stop? 

Practice the 24-hour rule: 

When you let yourself think about something before purchasing it you can make an educated decision, you also have time to do any research or look up any reviews to make sure you are putting your money to good use. 

Be mindful of your spending:

Stop and think about what it is you’re buying and why you’re buying it. Eventually, you will get in the habit of realizing that your spending is based on your emotions and not on your actual needs or wants. Once you notice your habit, you can change it and find a different outlet for releasing your emotions. 

Remove shopping apps from your phone: 

When spending temptations strike, it’s best to make it a challenge to make unplanned purchases. This can mean keeping your credit card in a hard-to-reach place, removing shopping and coupon apps from your phone, or even unsubscribing to retailer emails. Removing the convenience makes it more of a challenge to spend money and that will help you fight the emotional spending urge. 

Know your emotional triggers:

Understanding what drives you to spend will help you curb your retail therapy. What moods, situations, times of day tempt you to make unplanned purchases? If you know your spending triggers, you can find ways to combat and avoid those spending temptations entirely.

Here are a few things you can do instead of spending money: 

  • Indulge and pamper yourself with a hot bath and a DIY manicure. 
  • Enjoy a walk or movie night at home with a friend. 
  • Curl up with a good book and enjoy a hot tea.
  • Volunteer your time. 
  • Listen to an inspirational podcast
  • Cook a new meal with things you have at home

Changing your habits will help you to release those emotions in a healthier (and less expensive) way. Which will also help in creating a more productive routine and protecting your money management plan.

Protect your money, take control of your numbers and watch them transform from chaos and stress to sassy and sexy!