How to Stop Emotionally Spending

How can I stop emotionally spending?

It can be hard to stop emotionally spending, but it is possible. It takes looking at the reasons why you are spending. Do you get a thrill out of it? Does it fulfill something that seems missing in your life? Determining the why is how you’ll begin to stop the emotional spending.

Determine what you are capable of spending

The first step to get your spending under control is determining what you are actually capable of spending. This means it’s time to take a hard look at your finances and understand exactly how much is coming in and going out each month. Understand what your non-discretionary purchases are versus your discretionary, and see what you can cut back on. Non-discretionary purchases include fixed expenses, like your rent or mortgage, and other bills, whereas discretionary purchases are non-essential purchases like going out to eat, entertainment, and more.

Ask yourself why you are buying something

What are your spending triggers? Is it after a long day of work when you are relaxing on the couch and bring up your favorite shopping websites? Or, maybe it’s when you’ve received bad news and you hop in your car to go to your favorite store. It’s important to identify these triggers so that you can be consciously aware of your emotional spending, even if you aren’t necessarily doing anything about it.

Set and review your budget frequently

The first part in taking control of your finances is by setting a budget and reviewing it frequently. Make a list of what comes in every month and what is spent every month. From there, you can break down your spending into categories-like going out to eat, savings, bills, subscription services, etc. Once you do that, you can allot some extra money, or “ fun money “ as Dave Ramsey has coined, you’ll know that if you do find yourself itching to spend, it’s not breaking the bank. You’ll be able to spend guilt-free knowing that you have set this money aside for yourself.

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