What are YOUR Overspending Triggers?
Overspending can happen quickly when you least expect
it. There may be some concealed triggers that are pulling you this
way and that, with the end result that your behaviour jumps the
fence to overspending.
Resisting the pull of these triggers can be simple and
is often accomplished with a few smart strategies. But first and
foremost, you need to identify your own personal overspending
triggers.
Get to know yours!
Everyone can get carried away by their emotions, and,
as social stereotypes may tell us, especially so women. Emotions
such as feeling blue, being angry, bored or frustrated are those
that may specifically trigger overspending.
The amygdala part of the brain is the emotional control
centre that overrides the prefrontal cortex (the sector that deals
with logic and reality) when you’re shopping. In addition, it’s a
natural human tendency to try to compensate for experiencing
feelings that a person knows she doesn’t deserve to feel.
To prevent emotional overspending, take some concrete
measures to ensure that you don’t indulge on anything lavish.
Circumvent your perception of happiness that’s derived from
materialism to start thinking about your happiness derived
from spending
time with loved ones. Focus on them and
discuss your problems or, in fact, any of your feelings with
them.
If you can’t get your mind off online shopping, divert
your attention to recreational activities and favourite hobbies
like yoga, painting and other things. All of your triggering
emotions can easily be brought under control with music and
relaxation.
Listen to your favourite types of songs or indulge in a
warm relaxing bath accompanied by scented candles.
The influence of those you spend the most time with can
trigger overspending. This is because people often fall victim to
peer pressure (even when it’s not intentional pressure). If one
hangs out with a rich, spoilt friend who haplessly throws money
around, it’s a natural reaction that one might do the same thing
just to fit in.
At some point, one may even feel a strong constant urge
to replicate that friend’s life. To avoid succumbing to this
trigger, keep your distance from this kind of people. If you have
to socialise with them, remember who you truly are.
Set up a budget beforehand so that
you won’t overspend in the heat of the moment just to save yourself
from being embarrassed.
Here’s a proven technique you can fall back on if
you’re worried about embarrassing yourself. If you’re out at a
restaurant, tell your friends that you’re saving up for a new
house, so you’ve decided to just stick to an inexpensive meal from
the menu.
Another potentially problematic situation is when loved
ones in financial strife seek one’s financial help. In such a case,
it would be impossible to say no.
Do help that loved one out, but make sure that you’re
not being taken advantage of. If you’re allowing that person to
depend on you fully, you’re not helpful, are you? Be a helper, not
a crutch!
A change of location, situation or atmosphere can
trigger overspending. Birthdays, weddings and other joyous
festivities can cause people to get overenthusiastic when buying
presents.
This might sound mean, but the harsh truth is that one
must think about being fair towards oneself before being generous.
A reasonable suggestion is to spend the amount of money on a gift
that you know would be spent on you by that individual in a
reciprocal situation.
Alternatively, you can call on your creativity to
recreate or refurbish something meaningful yet inexpensive. For
example, you may want to refinish your best friend’s grandma’s
antique rocking chair.
When you go on holiday to a new exotic location, it’s
very natural to feel a strong urge to indulge all sorts of your
extravagant desires. Darkening the situation, even more, is the
presence of high-priced gift shops.
Similarly, after buying a new house, one feels pulled
to decorate it with luxurious new items. Of course, nothing tops
the excuse of wanting to appear at one’s very best for
a job
interview.
Other triggers might be winning a huge sum of money
(for example, in a lottery), obtaining an employment
bonus/grant, getting a tax refund or inheriting a sum of money. All
these triggers can be successfully tackled by determining a budget
that allocates a certain extra amount of money to be spent on
splurges.
These extras can be adjusted at any time to be included
in a later month’s budget. This can be the perfect way to enjoy
spending a little extra money without overspending.
A persuasive media environment can trigger overspending
quite effectively, thanks to creative television commercials, huge
seasonal sales, contests and enticing deals. In these cases, you
would be a fool not to take advantage of these perks.
However, you must indulge only in products that will be
beneficial to you regarding price and value. There’s no point
purchasing something at a good deal which will only gather dust at
the back of your closet.
Therefore, you must ask yourself before you buy whether
you can do without this product if it were being sold at its
original price. Once again, you are allowed to indulge a little
when it comes to shopping deals, but you must abide by a sensible
budget.
Don’t end up spending excessively on something that
will quickly become worthless to you.
thenewsavvy