Sometimes, life throws us curveballs that leave us feeling overwhelmed, despondent, or anxious. These tough times can stem from countless sources: our work, personal relationships, health, or finances. People react differently to such life challenges.
While some may opt for stress relief like exercise, reading a good book, or enjoying a warm bath, others might lean towards more harmful coping mechanisms, such as emotional shopping. While the immediate gratification of a new purchase could temporarily solace, indulging in retail shopping as a form of emotional therapy is a slippery slope, leading to potential financial turmoil and accumulation of debt.
Breaking free from the vicious circle of emotional spending can be tricky. If you sense this taking a toll on your mental well-being and bank balance, the following tips could help you regain control:
KEEP YOUR CREDIT CARDS AT BAY
Credit cards can be deceptive, creating the illusion of limitless cash. The risk of overspending is higher with credit cards as you do not visualize the cash leaving your possession. To avoid falling into an emotional spending trap, it might be beneficial to leave your credit cards at home and exclusively transact in cash.
REVISIT YOUR EMOTIONS
Before stepping into retail therapy mode, introspect about your feelings and what’s sparking the shopping desire. If you’ve had a difficult day, it might be best to postpone the shopping trip. Acknowledge your emotional triggers for shopping and understand that shopping is a coping strategy, not a solution.
SET UP A FUN BUDGET
If you feel the urge to occasionally treat yourself, consider setting a designated ‘fun’ budget. This dedicated amount should be affordable and strictly confined to for leisure spending, helping you manage your impulse buying.
SHOP WITH A BUDDY
Shopping solo makes it easier to rationalize unnecessary purchases. Invite a friend or family member when you shop – they can act as a sounding board to prevent excessive or impulse buying, especially when emotions stir.
CLEAN UP YOUR ONLINE PROFILE
Companies easily lure us into spending more using their online presence. Unsubscribing from retail newsletters and clearing online shopping carts can help minimize temptation.
SEEK ALTERNATIVE STRESS RELIEVERS
Switch your emotional outlet from shopping to other activities that bring you joy and distract you from stress. Engage in a hobby, spend time with loved ones, or take up a new fitness regimen.
Shopping can be a rewarding experience when life feels heavy. But when emotional spending morphs into an uncontrollable habit, it might rob you of the very joy it once gave. Remember, habits may be resilient, but they aren’t permanent. By incorporating these tips into your lifestyle, you can regain financial control and find more wholesome ways to handle life’s curveballs.
Have you ever succumbed to emotional spending? Do you have alternate coping mechanisms to handle life’s ups and downs?
