Emotional spending – Check out the ways to avoid it
Shopping has turned out to be our favorite past time. We shop when we are happy as well as sad. In the recent times, many people have become habituated with emotional spending. When you are emotionally stressed and buy something which you do not need, you are actually opting for emotional spending. Many a times, this is classified as impulse buying. This kind of spending may provide you with a momentary emotional boost but can play havoc when you think of your budget. This may lead you to debt problems and it may be difficult for you to get out of it. Thus, it is better if you could avoid emotional spending.
Ways to avoid emotional spending
Here are some of the ways which will help you in avoiding emotional spending. Let’s take a look:
- Know the triggers of your emotional spending: If you wish to avoid emotional spending, then the first thing that you should do is to know the triggers which lead to it. Thus, you should be aware of the temptations in order to avoid it as much as possible. Many a times, checking out fashion magazines may encourage you to go for shopping. If that is the case, then you should avoid or reduce reading such magazines. Avoid shopping with a friend who has enough disposable income. When you see someone shopping around, it may encourage you to spend more as well. There may be other triggers as well. So, you should be careful about them.
- Control your impulse buying tendencies: You will have to work hard to control your impulse buying tendencies. In order to do so, you should give yourself a cool-off period before buying anything. So, whenever a particular thing attracts your attention, online or offline, do not immediately buy it. Give yourself 24 hours time. May be when you get up the next morning, you may feel that you do not need that item. Thus, you will be able to save yourself from an unnecessary purchase.
- Consider yourself accountable for spending: You should hold yourself accountable for the spending that you do. Make your family members know that you are trying to spend less. Ask them to poke you whenever they find you making unnecessary purchases. This will help you avoid needless spending and you will be able to concentrate on your financial priorities. Thus, it will help you avoid further debt and you can save more.
- Engage yourself in alternative activities: Try to avoid shopping as an entertainment activity. Choose anything else that can help you to be happy. You can engage yourself in any other kind of constructive activity. In case, you cannot resist buying, you can buy something which is inexpensive like a book, a bouquet of flowers, a music CD, etc.
- Stop watching ads: Many a times, the attractive ads encourage us to buy things. Thus, when you are emotionally weak, you can end up buying what you have seen in the ads. So, reduce watching such ads.
So, now that you know the ways to avoid emotional spending, you will be able to reduce needless purchases and save more money.
