How to Avoid Emotional Spending When Shopping
Do you ever find yourself scrolling through your favorite online store, adding items to your cart without even realizing it? Or heading to the mall for some retail therapy and ending up with a pile of purchases that you don’t really need? If so, you’re not alone. Emotional spending, also known as impulse buying, is a common phenomenon that can wreak havoc on our finances. But don’t worry, there are ways to avoid falling into this spending trap. In this article, we’ll discuss how to avoid emotional spending when shopping and take control of our wallets.
Understanding Emotional Spending
The Science Behind It
Before we dive into how to avoid emotional spending, it’s important to understand what it is and why we do it. Emotional spending is defined as making purchases based on our emotions rather than practicality or need. We have all experienced a surge of happiness from buying a new item or a boost of confidence from a new outfit. These emotions are what marketers and retailers often tap into to promote their products, using tactics like limited-time offers and attractive displays to entice us to buy. But what many of us don’t realize is that these emotions are short-lived, leaving us with regretful purchases and a lighter wallet.
The Effects on Our Finances
Emotional spending not only leads to impulsive purchases, but it also has a negative impact on our finances. According to a survey by Finder, the average American spends $81.76 per month on impulse buys, adding up to a whopping $679 per year. That’s money that could have been saved or invested in something more meaningful. Furthermore, emotional spending can also lead to credit card debt, as we often swipe our cards without considering our budget or the true cost of the purchase. If you struggle with emotional spending, it’s time to take control and break this costly habit.
Tips to Avoid Emotional Spending
1. Make a Budget and Stick to It
The first step to avoiding emotional spending is to have a budget in place. Knowing exactly how much you can spend on non-essential items will help you make more conscious purchasing decisions. Make a list of what you need and allocate a specific amount of money for each category. This will prevent you from overspending and feeling guilty later on.
2. Avoid Impulse Triggers
One of the biggest culprits of emotional spending is impulse triggers. These are things that make us want to buy without really needing or wanting the item. It could be a flashy advertisement, a sale sign, or even a friend’s recommendation. Be aware of these triggers and try to limit your exposure to them. Unsubscribe from marketing emails, avoid window shopping, and think twice before making a purchase based on others’ opinions.
3. Wait it Out
We often make impulsive purchases because we want the instant gratification of owning the item. However, if we take a step back and wait even just a day before buying, we may realize that we don’t actually need it. Before making a purchase, ask yourself if you would still want the item after 24 hours. If the answer is yes, then it may be worth considering. This waiting period also gives you time to research the product and find a better deal or alternative.
4. Use Cash Instead of Credit
When we use our credit cards, we tend to spend more than we would if we were using cash. The convenience of swiping our cards makes it easy to forget about our budget and spend beyond our means. To avoid this, try using cash for your non-essential purchases. Seeing the physical money leave your wallet can help you become more mindful of your spending.
5. Identify Your Emotional Triggers
Emotions like stress, boredom, and sadness can all lead to emotional spending. Take a moment to reflect on what emotions make you want to shop. Are you trying to distract yourself from negative feelings? Are you using shopping as a way to reward yourself? By identifying these triggers, you can find healthier ways to cope with your emotions, such as exercising, spending time with loved ones, or practicing self-care.
6. Shop with a Purpose
Sometimes, we fall into the trap of shopping just because we have nothing else to do. This aimless wandering often leads to unplanned purchases. Instead, shop with a specific purpose or a list of items in mind. This will help you stay focused and avoid browsing through things you don’t need.
Parting Thoughts
We all enjoy treating ourselves every once in a while, but when it becomes our go-to coping mechanism or a habitual behavior, it can have a damaging effect on our finances. By following these tips, you can learn how to avoid emotional spending when shopping and take control of your spending habits. Remember, being mindful of your purchases and staying within your budget can lead to a happier and more fulfilling life in the long run.
