Ways to Control Emotional Spending

Ways to Control Emotional Spending

Ways to Control Emotional Spending

The allurement and addiction of shopping is such that we may get tired and exhausted of running after the debt management plans and debt relief options, but we would seldom get tired of purchasing materials to instigate our feeling of possession and power which ultimately lead to a grotesque consumer debt. And to top that, we let our emotions play a dangerous role in deciding our spending pattern which leads to emotional spending. 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. In fact, we even spend emotionally when we're happy - what did you buy yourself the last time you got a raise? There's nothing wrong with buying yourself nice things from time to time as long as you can afford them and your finances are in order, but if you're spending more than you'd like to on non-necessities or are struggling to find the cash to pay the bills or pay down yourcredit card debt, learning to recognize and curb your emotional spending can be an important tool.

While avoiding emotional spending completely is probably not a realistic goal for most people, there are some steps you can take to decrease the damage it does to your wallet. The first step to check your habit of emotional spending is to cut down or avoid making impulse purchases. Make sure to resist yourself from buying anything which just has a temporary effect on you but you would seldom put to use and maintain this resistance and discipline anywhere you make a purchase form- be it online or a brick and mortar shop. 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. Next, take steps to intentionally limit your exposure and reaction to advertisements of various tempting products.

Try to understand the fact that these promos and ads are nothing but a trap to make you pay for these items by hook or by crook or by pushing you to a vicious circle of debt. The next step should be to keep away from all sorts of temptations that force you to overspend. It may be a particular mall and a shop, or a specific product or a restaurant or even a friend or relative who triggers your impulsive buying nature. A very good way to restrict this habit of emotional spending is to hold yourself accountable and responsible for the economic drain or buyer's remorse which often follow after such a mindless act of spending. While you can also find some other source of activities in case your boredom drives you to a nearby mall or an eatery. Remember that it may be easy to spend that amount for trivial objects but it is really tough to replenish that amount later when you realize the futility of the act.

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