What Can Trigger Emotional Spending?
What are your spending habits like? Some people like to spend their money on whatever they see and like, others may save all of there money and just buy essentials. Whereas other people might spend their money due to emotional spending. Did you know that your emotions have a huge impact on some people when it comes down to spending money?
What Is Emotional Spending?
Emotional spending happens when we splurge our money on something because of the way we are feeling. This could be due to feeling worried, happy, bored, or even because you are celebrating something. Throughout your life, you will definitely have multiple emotional spending experiences. These could be going out for a meal to celebrate something, or splashing out on a new outfit because you feel like you have nothing to wear. Sometimes you may not even realise that you are emotionally spending!
Boredom: Being bored and going shopping is one of the worst things you can do, especially if you spend your money easily. Whether it is shopping online or in a store, the likelihood of you buying something because you are bored is high.
Happiness: Going to the shop and spending money because you are bored or sad is not the only reason people shop emotionally. A lot of people do it to celebrate something special.
Stress: Buying things when you are stressed to relieve the way you feel is a common mistake people also make as most of the time you may not even like the item you purchase.
Excitement: Some of the most common exciting purchases are concerts and holidays. Especially when you feel like something will be selling out fast, the excitement tells you that you must purchase it whilst you can.
Jealousy: Seeing somebody have something you don’t can cause jealousy. It is a common issue. Therefore, people tend to buy the thing which someone else has due to their envy.
How To Stop Emotional Spending
When you feel like you should buy something due to any emotion, ask yourself and deeply think through the reasons why you should and should not buy it. Also, whether now is the right time, do you need or why you need it. This way you will be able to identify whether or not it is something essential which you should buy or if it is something which you do not need.
Issues With Emotional Spending
Although it may just sound like fun and games, emotional spending could land you in financial difficulty or even debt. The last thing you want is to splurge on something you do not need. Or even to overspend leaving you with not enough money to pay for essentials throughout that month.
If you ever find yourself unable to pay for essentials or bills, a payday loan might be a great option. Here at BingoLoans, we offer payday loans up to £1,500. But, again, you should think about this deeply before you apply.