Are you spending to ease your emotions? It isn’t always clear. The first step to any recovery is to admit there’s a problem. Here’s four signs you’re emotional spending.
In this post you’ll find out:
- Four signs you’re emotional spending.
- Five main emotions leading to emotional spending according to Mint.com
- What people emotional spend on and how much they spend
- More!
Four signs you’re emotional spending
1. Feelings lead to purchases
The first and most obvious sign you’re emotional spending is when you shop to express your feelings. Any feeling is a cause for “splurging” and buying something for yourself. You need a pick-me-up and stress reliever and buying something is your go-to fix.
Mint.com reported the five main emotions leading to impulse buys are jealously, guilt, fear, sadness, and achievement. Maybe you’re envious of your friend so you buy Lululemon’s to keep up with them or show your status. Or to celebrate your promotion you buy an entire new wardrobe. You earned it, right?
2. Shopping hangovers
The next sign you’re emotional spending is after your purchase you feel remorse, regret, shame, and guilt. The rush of endorphins quickly fades, and you feel worse off than you started.
The shopping hangover results in frequent returns or unused items piling up in your closet or garage. You have 30 scarfs and more throw pillows than could possibly fit on your bed.
Emotional spending isn’t only on physical items, it’s also with things as simple as take-out. Like this viral reel, “When a minor inconvenience occurs, so you pay $30 for a $10 pho on Uber eats to soothe your soul.”
It can be dropping thousands of dollars on an exotic trip. You’re stressed and need to get away after experiencing a crisis. Your shopping hangover is when you return home further in debt and no closer to healing. Or worse yet you’re miserable on vacation. As they saying goes, “Wherever you go there you are.”
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3. Hiding purchases from friends/families
Another cue you suffer from emotional spending is hiding what you buy. When you buy a Louis Vuitton purse to treat yo’ self after a breakup, it’s your little secret! You splurge and don’t want others to point out the blatantly obvious truth: you bought something you can’t afford.
Friends and family know you have a mound of student loans. They see you’re financially strapped and stressed.
Deep down inside you know you need accountability with money. Your spending is out-of-control and you don’t want to stop. Living in denial is temporarily the easier option.
4. Debt
The last sign you’re emotionally spending is debt. Credit cards and impulsivity go hand in hand. You can swipe a card to immediately get what you want when you want it. You don’t even have to think about how to pay for it until 30 days later! When it’s time to pay, you only need to pay a fraction of your purchase. Who care’s if it’s 29% interest?!
In a nutshell debt is from spending more than you earn. Fulling a void immediately (from sadness, envy, etc.) takes priority over your current financial obligations, like your rent, utilities, insurance, groceries, etc.
If your debt load is spiraling out of control, then chances are you’re emotionally spending.
Those are the four signs you’re emotional spending. If this is you, you’re not alone!
A recent report showed 3 in 4 Americans spend emotionally with an average impulse buy of $114. If you make one impulse buy a week, then emotional spending costs $5,928 a year!
Next week on the blog find out how to stop emotional spending. Never miss a post! Enter your email to get the next post delivered straight to your inbox.
Remember, you only live once. Be smart with your money now.
Ready to start gaining control of your spending? Get started with the free 7-day series on How to Manage Your Money. Start now (<<access videos here>>). Your future-self will thank you!
