According to investopedia: Emotional Spending is spending that occurs when you buy something you don’t need and in some cases, don’t even really want, as a result of feeling stressed out, bored, under-appreciated, incompetent, unhappy or any number of other emotions. In fact, we even spend emotionally when we’re happy. For instance, what did you buy yourself the last time you got a raise?
Emotions often triggers impulse buying. A lot of this purchases may give you happiness at first but have no long-term value. This very bad spending choices usually stem from one dangerous habit of not mastering your emotional spending.
While experiencing what I like to call emotional roller-coaster, we usually pick an habit ; either good or bad as a form of distraction. We often tend to go overboard by practicing the new habit excessively, hence why we sometimes practice impulsive buying just to give ourselves temporary satisfaction. My best advise would be for you to think before you act and do not act before you think.
When you think before you make purchases , and you are also consciously aware of and able to manage your emotions clearly, you will be able to make better decisions, and effectively manage stress and life’s inevitable challenges.
Here are the Questions you should ask yourself before making impulse purchases:
Do I really need it ?
Can I afford it ?
In the long term, am I making a wise financial decision ?
Will this purchase change my life ?
Am I a good money manager ?
The above questions can give you a defined clarity and help you second-guess your in-process decisions before it’s been transformed into action and will also help you curtail your emotional buying attitude .
Here are my 4 ways to avoid Impulse buying
Make a budget
If you are very good at budgeting all your money, there is a big chance that you wouldn’t fall in the trap of impulse spending habit, but if you aren’t I would advise that you start creating budget plans and also learn to stick to it as a budget isn’t a magic wand that will suddenly make all of your money behave.
Avoid going to shopping areas
The simple act of going into a store opens the door wide to bad impulse shopping whenever you are feeling emotional . After all, the less you shop, the fewer the opportunities to spend money on things you don’t really need.
Avoid online shopping websites
You can create new activities other than visiting shopping websites. You can join an online study group or take up a free course online ***** . Simple strategies such as removing your saved credit cards and unsubscribing from newsletters can also go a long way towards helping you avoid the temptation to shopping
Remember your goals
Stop and think about what gets you the most excited in life. What’s the one thing you really want to do? For example, do you dream of owning your own home? Taking a trip to Venice? Buying a new Car? Or Educational investment.
You can also learn more on how to save money here