Are You an Emotional Spender? Find Out and Manage Your Debt

Have you ever found yourself reaching for your wallet when you’re feeling down or stressed? Emotional spending is a common habit that many people use to cope with their emotions. While it might provide temporary relief, it can lead to financial challenges if not kept in check. In this blog, we’ll help you identify whether you’re an emotional spender and provide practical tips to manage your debt effectively.

• Do you shop to improve your mood or emotional state? This might involve purchasing items to alleviate stress or to divert your attention from negative feelings.
• Do you frequently make spontaneous purchases? This often happens when the thrill of a sale tempts you to buy something on impulse.

If you answered yes to one or both of these questions, it’s likely that you are an emotional spender. Recognizing this behavior is the first step towards managing your debt more effectively and finding healthier ways to cope with emotions.

• Stick to a shopping list: Create a complete shopping list before you head out, and commit to buying only what’s on it. This helps you avoid unnecessary purchases.
• Remove Credit Cards from Easy Access: Consider taking credit cards out of your wallet and deleting them from your phone’s payment options. This small step can reduce the temptation to make impulsive buys.

• Track all your expenses: Keep a detailed record of all expenses. This will help you understand your spending habits and identify areas you can improve on.
• Wait to purchase an item: Wait 24 hours before making a new purchase. This allows you to assess whether the item is a need or just an impulse buy.

• Set a visual reminder: Set a picture of your financial goals as your phone’s lock screen. This can help you stay motivated and focused on your goals.
• Prioritize your goals: Allocate funds towards paying off your debt before making discretionary purchases.

By following these steps, you can identify emotional spending and manage debt more effectively, leading to a healthier financial future. If you think you need additional support, reach out for help.  Our team can help review a personalized debt management program and support you as you manage debts from high spending.