shopping bags Emotional Spending

How to Control Emotional Spending

Emotional spending… we’ve all played victim to it when situations arise in our life. But how do recognize they symptoms before they happen and control the urge to spend?

What is emotional spending?

Emotional spending is when you buy something you don’t need, in some cases, don’t even really want. This happens because it improves the mood. Some people allow this to occur:

to cope with stress,
bring one out of a bored or listless mood,
to increase self-esteem,
to feel special

In fact, we even spend when we are happy. Do you remember what you bought yourself last time you got a raise or when you found out your BFF was going to have a baby?

The problem with emotional spending is that it happens on impulse. And when it’s allowed to keep happening then we spend more than we need to.

How to Get Emotional Spending Under Control

Acknowledge. Notice your feelings and circumstances when you are spending. Did you just finish get into an argument with someone? Have you just been sitting around not knowing what to do with yourself? Being aware of your feelings can help you understand the desire for instant gratification received from impulse shopping.

Stay away from Retail Shops. If you recognize the feelings that tempt you to spend, then it’s not a good time walk into the store or mall. Perhaps, its not time to peek online, too. Instead occupy your time with other inexpensive or free activities. Maybe going for a walk, spring cleaning, or talking with a friend.

Keep the Ads away. Less advertising, less spending. The ad campaigns on TV and paper are psychologically designed pull your full attention to their products. Deliberately, keep your exposure to the ads at a minimum.

Here is a list of things you can do to help keep the ads away:

Opt-out of credit card offers
Unsubscribe to catalog mailings
Sign up for the Do Not Mail Registry
Block TV sites like QVC, the Shopping Channel, etc…
Install an ad blocker on the computer

Be aware of the small purchases that can quickly add up. A person will rationalize that small purchases are okay because it is cheap. The problem is when we buying items at small totals and think it’s okay. You’ll be suprised when you add up the sum of them all! (this is my total weakness!)

Budget for the cause. Set up a category for emotional spending (or the self fund) and budget a small amount of money towards the cause. It’s okay to occasionally spend for a ‘moment’ when its planned.

Try finding other activities. Go to the library to check out a great book to read. Have a friend over for lunch and a rental movie (highly recommend seeing It’s Complicated – Hilarious!). Give yourself a home spa treatment. Take a walk. Play a game of basketball with the kids. Get a group of friends and bring out the board games. There are many great ways to spend without spending any money.

We’ve all succumbed to emotional or impulse spending at sometime or another to try and lift a week moment or make up for a bad day, but when we make purchases we can’t afford, we end up feeling worse instead of elated. The next time you have a bad day or want to eleviate stress, try to acknowledge your feelings before you spend and question your motivation.

How do you cope when tempted with emotional spending? And if you did partake in impulse shopping did you bring back the item for a refund or take the financial loss?

Seven Ways to Take Control of Emotional Spending

By: Valorie Burton, Life Coach and Bestselling Author

There are practical strategies to get your emotional spending under control

Times may be tough financially, but some folks still don’t have a handle on their spending. It’s not for lack of knowledge. Often, it’s a struggle with self-control. You went to the mall to buy a birthday gift for your niece, and walked out with a new pair of shoes for yourself. You’ve tried a budget, but somehow, you always seem to find something to spend money on that wasn’t in it. Can you relate? If so, consider these practical strategies to get your emotional spending under control:

1. Sleep on it.
If you think you just have to have it, whatever it is, make it your rule to sleep on your decision. Very few things are so urgent that you can’t wait 24 hours to make your purchase.

2. Phone a friend.
Research shows you are far more likely to accomplish a goal if you tell someone else you’ve set it. So tell a friend about your goal to stop digging yourself into more credit card debt. Then when you find yourself about to make another purchase you can’t afford, call them up and let them talk you down.

3. Never go shopping alone.
If you can’t trust yourself to phone a friend, then don’t go shopping alone. Have someone with you who will hold you accountable and remind you of your goals. Refuse to use “retail therapy” to deal with loneliness, boredom or disappointments. Indulge in new hobbies that are active and foster connection and stronger relationships. Focus less on accumulating stuff, and more on enjoying experiences with people and things that matter to you.

4. Plan for it.
Right now, take out a notepad and jot down the most important thing you need, and then the most important thing you want. How much will each cost? Jot that down. How long would it take you to save for each? Practice delayed gratification. It forces you to appreciate the true value of your money, which will help you spend your money more consciously.

5. Keep a picture of your goal in front of you.
To keep yourself reminded of your goal, put a photo that illustrates the goal in front of you. Whether on your refrigerator, in your purse or on your bathroom mirror, make the vision plain and visible.

6. Take the credit cards out of your wallet.
As the saying goes, if you want to get out of the hole you’re in, first, stop digging! If you’re in debt, it’s time to stop adding to your debt. And if you’re an emotional spender, keep your impulse purchases to a minimum by leaving your credit cards at home. No need to make it easy to charge it.

7. Use cash.
There’s something about forking over cash that makes you spend less. As simplistic as it sounds, one of the best ways to curb spending is to determine your budget for various expenses (i.e., lunch, groceries, clothing, etc.), then take out your budgeted amount in cash. While it can be easy to lose track of how much you spend when you swipe a credit or even a debit card, cash forces you to count and keep track of what you spend in a concrete way.

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