Spending is always nice - but the feeling doesn't last that long - so think carefully before you buy for emotional fulfilment.
Spending is always nice - but the feeling doesn't last that long - so think carefully before you buy for emotional fulfilment.
I cannot tell you how many times I meet people who ask me "what can I do to stop spending. I can't control myself when I'm at the shops and I find myself buying things I didn't intend buying"?
That's what is called emotional spending. People spend for various reasons. You might be feeling depressed and therefore want to pep yourself up a bit. You might have had a bad day at work or you are having a fight with your loved one.
You might even be spending because you are so stressed out about the amount of credit card debt you have. While a certain level of emotional spending may be acceptable in some cases, it can get out of hand and turn into a serious problem, if not managed.
An honest lady told me she has R45000 worth of debt due to emotional spending. This spending may have relieved her stress for a few seconds, but reality quickly set in that the money needs to be paid back and she is battling.
Here are a few tips to finally kick your emotional spending habit:
l Add up your total debt. You may have been avoiding this but it's something that needs to be done immediately. Go through your spending and check how much of your recent spending or credit card debt is due to emotional spending.
You will be shocked and hopefully be persuaded to change your spending habits and the way you deal with stress.
l Understand why you spend when you are stressed. For whatever reason, spending may help improve how you feel but your mood will usually quickly go back to the way things were because you didn't solve any of your problems. Sit down and really think about why you have this problem.
Next time you feel stressful, keep this in mind: Little amounts do add up. R10 here and there can end up being a crazy amount of credit card debt.
Ask yourself: Will this purchase make you happier? Will you still be happy tomorrow? What about next week or month? Stop saying "I deserve it". This is the best excuse that can get you more into debt.
l Think about your financial goals. Before spending when you are feeling down, stop and think about what your financial goals are.
l Find other ways of dealing with stress. Maybe do something more productive so that you don't have time to go shopping. Go for a walk, watch a movie at home, hang out with kids, friends and so on.
The best way to deal with stress spending is to actually solve your problems instead of finding ways to cope with them.
It may not be much fun to some people, but instead of spending your money on things you don't need, you could also deal with your stress by using the money you are spending and put it towards some sort of financial goal.
l Stick to a budget. A budget is great because it can help keep you in check when it comes to your spending.
Thedream@winniekunene.co.za
Impulsive spending a sure way into debt - think about financial goals
Spending is always nice - but the feeling doesn't last that long - so think carefully before you buy for emotional fulfilment.
Spending is always nice - but the feeling doesn't last that long - so think carefully before you buy for emotional fulfilment.
I cannot tell you how many times I meet people who ask me "what can I do to stop spending. I can't control myself when I'm at the shops and I find myself buying things I didn't intend buying"?
That's what is called emotional spending. People spend for various reasons. You might be feeling depressed and therefore want to pep yourself up a bit. You might have had a bad day at work or you are having a fight with your loved one.
You might even be spending because you are so stressed out about the amount of credit card debt you have. While a certain level of emotional spending may be acceptable in some cases, it can get out of hand and turn into a serious problem, if not managed.
An honest lady told me she has R45000 worth of debt due to emotional spending. This spending may have relieved her stress for a few seconds, but reality quickly set in that the money needs to be paid back and she is battling.
Here are a few tips to finally kick your emotional spending habit:
l Add up your total debt. You may have been avoiding this but it's something that needs to be done immediately. Go through your spending and check how much of your recent spending or credit card debt is due to emotional spending.
You will be shocked and hopefully be persuaded to change your spending habits and the way you deal with stress.
l Understand why you spend when you are stressed. For whatever reason, spending may help improve how you feel but your mood will usually quickly go back to the way things were because you didn't solve any of your problems. Sit down and really think about why you have this problem.
Next time you feel stressful, keep this in mind: Little amounts do add up. R10 here and there can end up being a crazy amount of credit card debt.
Ask yourself: Will this purchase make you happier? Will you still be happy tomorrow? What about next week or month? Stop saying "I deserve it". This is the best excuse that can get you more into debt.
l Think about your financial goals. Before spending when you are feeling down, stop and think about what your financial goals are.
l Find other ways of dealing with stress. Maybe do something more productive so that you don't have time to go shopping. Go for a walk, watch a movie at home, hang out with kids, friends and so on.
The best way to deal with stress spending is to actually solve your problems instead of finding ways to cope with them.
It may not be much fun to some people, but instead of spending your money on things you don't need, you could also deal with your stress by using the money you are spending and put it towards some sort of financial goal.
l Stick to a budget. A budget is great because it can help keep you in check when it comes to your spending.
Thedream@winniekunene.co.za
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