Now more than ever, people are opting to shop online since they are spending more time indoors and having goods delivered is possible at the touch of a button. For an emotional spender, this could be a rabbit hole to splurging and consequently debt.
Emotional spending is simply the act of buying things based on feelings instead of logic and a need for that particular item. Now that people are either dealing with boredom, stress over the pandemic and a lot of options for goods that can be delivered to their doorstep, there has never been a bigger trigger for emotional spending.
Identifying emotional spending
If you find yourself buying things as a distraction when upset or giving in to the urge to buy something you don't need often, you might be going down the rabbit hole that is emotional spending. Most of the time, people 'reward' themselves with food, clothes or personal care items.
Additionally, if you constantly find that you have clothes you have not worn since you bought, unopened packages, credit card debt or hiding purchases from your partner then you are most likely an emotional spender.
According to financial experts, monitoring how you feel when your delivery arrives, could also point to whether you have an underlying problem.
Controlling emotional spending
Make yourself accountable
Before you make a purchase, question whether it is among your top 5 priorities at the moment. If it does not fill an immediate need then train yourself to do without it. If you an emotional spender, you need to develop a greater control over your finances so that your can enjoy your purchases without guilt.
Understand your triggers
For most people, feelings of loneliness, anger or boredom can be the catalyst to spending. If you always look to food for comfort, find an alternative way to cope to avoid spending on food. Those food deliveries from your favourite places coupled with the delivery charges cost a pretty penny. If you must buy something, ensure it is something inexepensive.
Ask for help
Sometimes, spending too much can be an addiction, a condition referred to as oniomania, which is similar to a chemical addiction. If you are a compulsive shopper, it may be time to seek professional help as you could find yourself in debt which increases feelings of anxiety.
Remember, there is nothing wrong with buying yourself nice things that may not be necessities from time to time. However, if you find that you are struggling to find money to do so or you are dangerously close to debt, then you might want to re-evaluate your actions with the above tips.