Funding your Future: Are you an emotional spender?

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

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.