You’re stressed – the pandemic is here, you can’t go out with your friends, you’re terrified catching coronavirus. The Band-Aid solution is to buy yourself a new pair of shoes or dress … or so you thought.
Even when the threat of the coronavirus has engulfed us, we are more than willing to spend ridiculously on things that we do not need. We know that it is wrong but it just feels so good to practice retail therapy at a crazy time like this.
Although there’s nothing wrong with buying a few things to alleviate burnout, stress-spending can harm your savings goal. Here are ways to stop this habit from hurting your financial vision:
Think about Your Future Self in a Fun Way
Anything we do now affects the future. Given this sentiment, everything you spend your money on, you’ll likely feel its effect in the future.
As such, think of your future self and a more fun way to do it is to give it a name. Imagine how he/she is going to be living in the year 20** if you make a lavish purchase now.
If you give in to your stress-spending now, will your future self be able to live comfortably? It may be far-fetched but it definitely has a valid point.
Know If The Pleasure The Item Brings Is Temporary
A $35-drink on a stressful night may boost your mood but the pleasure is temporary. In the morning, you’ll likely remember your problems and worse, you’re a few hundred (or thousand) bucks short.
Buyer’s remorse is more common than you know, which is why it pays to think about your finances before you make any decision. So the next time you’re heading to the checkout counter with 10 pieces of designer clothes, ask yourself if the happiness these things will bring will only last for a few hours.
Write a Budget Plan
One of the best things that can help keep your savings habit in check is a budget – and it is more important that you write it down. Classify your basic needs, wants, savings, and earnings.
Seeing your budget all the time is a great reminder of how much you can only spend and how much you should save. But this doesn’t mean you need to exclude the fun things – the key here is to find a balance between what you want and what you need.
Find Out The Triggers
If it has become a habit to browse a retail site or head to the mall when you’re stressed, it is important to understand what triggers your emotions so that you can address the root cause of excessive spending. Did you have a bad day at work? Have you had no luck selling properties?
Instead of pouring out your emotions in shopping, you can think of better ways to deal with these stressors.
