What to do about 'emotional spending', according to a financial expert:
and reward, which there is nothing wrong with from time to time. However, this can become an issue when spending large amounts of money becomes associated with being happy.”has found that spending money, particularly retail shopping, can be beneficial as it can reinforce a sense of personal control over our environment, ease feelings of sadness and feel like a positive personal achievement.
Slemer says that if emotional spending is either digging you into debt, preventing you from getting out of debt or preventing you from saving for the future, you could find yourself in trouble. “Take a person working from home full time during the lockdowns, isolated and unable to do the ordinary things in their routine that help them stay happy and grounded. What can this person do to reward themselves for their hard work when they’re unable to go out or see friends? They may take to ordering one or two takeaways a week or ordering more on their shopping list to treat themselves.
“Many times we don’t even ask ourselves these questions and our spending decisions are done on auto-pilot, which means emotions are probably in the driver’s seat. Ask yourself: do I need this or do I want this? Am I ordering an Uber because that’s what I always do or because it’s late and an Uber is the safer option?”
Dornan also stresses the importance of self-care to support emotional regulation, reduce stress levels and help us to stay connected to ourselves. “It’s okay to practise self-care in ways that require money, but having a few other backups that are being regularly practised before an emotional build up happens can be very useful,” she says.
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