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Emotional spending is like emotional eating: it just isn’t good for your health. Emotional spending, or spending beyond your means, can end up making you feel worthless. Which makes a lot of sense because you literally are ‘worth less’ after a session of emotional spending.
If your credit cards are maxed out, or you cover up your spending patterns, or if you have ever got home and felt regret, guilt or shame after shopping, then you have been emotionally spending. But that’s okay, we’ve all done it. Just don’t put your head in the sand. If you think emotional spending has become a problem for you, you will need to make some changes to have a better life.
Recognising you spend emotionally is the first step towards taking control of your spending. It’s not about never having fun or never buying something you like, it’s about spending less than you make.
Are you an emotional spender? Consider the questions below:
• Do you derive great emotional satisfaction from spending money?
• Do you buy things you don’t need?
• Do you go shopping on the weekend because you’re bored, or lonely, or depressed?
• Have you ever used the term ‘retail therapy’?
• Have you bought a house or a car you can’t afford – maybe even to keep up appearances?
• Do you take five star holidays when you can only afford a three star lifestyle at home?
We realise that being sensible about spending doesn’t sound like a lot of fun. But being in control of your money and your life will make you a much happier woman. Spending with thought has given others a better quality of life and financial security. And doesn’t that look better on you than anything you’ve got in your wardrobe?
How to avoid emotional spending
• Have a weekly spending plan and stick to it
• Don’t shop unless you need something
• Don’t over-commit to high levels of debt
• Don’t buy too much house when buying a home
• Don’t buy a new car unless you can afford to pay for it in cash
• Don’t use spending to compensate for other areas of your life that may be lacking
• Never shop when you are hungry or unhappy. We all know you buy the wrong food when you are hungry. But do you also know you’ll probably also buy a pair of shoes you will never wear when you’re upset or unhappy.
• Don’t do sample sales, you will buy things you don’t need or want, and what’s worse you’ll be buying things that nobody else needed or wanted either!
• If you’re not sure or you need a second opinion, walk away. You likely don’t need it if you don’t even know whether you want it.
• Use debit cards only and cut up your credit cards. Credit cards are pure poison for an emotional spender.
• Don’t kid yourself that you’ll save money on eBay (or any other on line ‘deal’ stores). You’ll end up with more stuff you don’t need – that you don’t like or doesn’t fit you and that you can’t be bothered returning.
• Take a step back from any major purchase and ask yourself: am I buying this with my heart or my head?
We all love gorgeous things. But there is no handbag or eye cream on the market that will make you feel as emotionally ‘in charge’ as watching your spending does. Consider your choices when shopping, because you can’t afford not to.
Information for this article sourced from the “Super Woman Money Kickstart Guide”
Want to Know More
The fourth Super Woman Money Program begins in August 2013. This three month program helps women of all ages to learn more about their finances, take better control of their money and help improve their lifestyle now and in the future. The Super Woman Money Program is a FREE program.
The Super Woman Money Program includes 12 weekly emails with articles prepared by money experts. The program covers key topics such as debt, investing, creating a budget, insurance and superannuation. You’ll also get practical steps to help you make the most of your money, now and into the future.
For more information or to register for the next Super Woman Money Program (Aug-Oct) visit the website: superwomanmoney.com