Emotional Spending is defined as spending money to improve your mood. I have been guilty of this. I didn’t know it at first, but as I reflected and saw where my money was going (as a result of my budgeting )I realized that I was spending unnecessarily.

I would get stressed at work and then go to the store and buy something. I would be relieved and feel happy after my purchase. I was happy that I was able to purchase the item and at the same time my mind was off of whatever happened at work. After the high of making the purchase wore off, I would  then find myself in the state of buyers remorse.

I would sit and wonder why I even made the purchase. Did I really need it? Nope! I would justify myself further because I never purchased items that were outrages. I didn’t spend hundreds of dollars  at once. Emotional spending contributed to my credit card debt because it was never planned and I always thought that I could pay it back.

After realizing that I was an emotional spender, I began to be more self aware and make better choices. I still get the urge to spend when I am in an emotional state. I now check myself in mid thought and think about my goals. It if is not in the plan then I don’t need it.

Here are three ways that you can stop your emotional spending:

Stick to your Money Plan

if its not in the budget then don’t get it. It can be that simple. Sticking to your plan will always be a benefit to you and your financial future.

Stop spending when you are in an emotional state ie sad, stressed, or excited.  

While some may binge on ice cream when they are stressed or sad, others binge at the store. These are quick fixes and will not help your waistline or your finances. Even if you have the extra money to spend, spend it on things that will be beneficial in the long run.

People also spend when they are excited. You just got the call that you got a job, and you celebrate by going to the mall to buy shoes. You don’t need the shoes and didn’t have plans or thoughts of buying shoes until you rode pass the mall or heard an ad about shoes right after the call. The purchase places you in the state of euphoria on top of your excitement about the job. These shoes have nothing to do with your job and you will probably only wear two of the four that you bought.

Stop trying to impress yourself or others.

Just because someone else got something, does not mean that you need to have it. You can want that thing and even plan to get it in the future. There are a couple of things that I want right now but I refuse to get them because they don’t align with my goals at the moment.

In the future if those things are still available and still apart of goals, I will make the purchase.  If it is not already apart of your plan or will benefit your plan then leave it where it is.

Stick to your list when you are out shopping

When we think of shopping lists we usually think about groceries. Shopping lists are good for a Target store  or a Macy’s run also. Make a list before you go shopping and only get those items. I had to change some of my wardrobe late last year. I made a list of what types of clothes and shoes I needed. When I went to shop I only looked for those things. It was HARD. I saw a couple of other pieces that I loved but I had to leave them at the store because they were not on my list.   

Practice the 24 Hour Rule

The 24 hour rule is a real practice of Needs vs Wants. The 24 Hour Rule is when you wait a whole day before making a purchase. This is a great tip. I won’t lie and say that somethings I waited on were gone or not on sale when I went back, lol.  In those instances I say, if it is meant to be then it will be there when I come back, it will go back on sale, or I just didn’t need it. Sometimes I have forgot about whatever I was going to purchase. Which means that I did not need it anyway.

This rule applies for wants and things that are not budgeted for.

No, stopping emotional spending will not  happen overnight. However, I am sure that the five things listed above will help you decrease your emotional spending and then eventually stop it all together through self awareness.