Funding your Future: Are you an emotional spender?

How do I know if I’m an emotional spender?

  • Identify your why, why are you shopping?
    • Immediate gratification
    • “I deserve it” or celebration
    • Distraction
    • Stressed
    • Competing with others
  • Are you in a cycle of buying & returning?

Retail Therapy is NOT Therapy

  • Happy / Guilty cycle

Beware the Small Stuff:

  • Cheap  ≠ you need it
    • If it wasn’t on sale, would you still buy it?

Budget for Splurges

  • Small treats help prevent binging

Avoid Triggers

  • No “window shopping” don’t tease yourself
  • Uninstall Apps
  • Delete saved Credit Card info
  • Unsubscribe from emails, and don’t give it to retailers
  • Don’t be a Tag-Along Spender

Reality Check Questions:

  1. Why do I feel a want or need for this? Is it filling an emotional need or an actual gap in my life?
  2. Am I keeping up with the Joneses or shopping socially?
  3. If it wasn’t on sale, would I still buy it?
  4. Can I identify an immediate use? (ex. Don’t purchase a clothing item you can’t match with anything.)
  5. Did I have a need for this item before I saw it? Make a list before going shopping.

You can get more information here.