Let's be honest emotional spending is something we have all struggled with.
How do we prevent emotional spending from affecting our personal lives and business?
You shouldn't feel ashamed or alone in your money journey.
3 Preventative Measures for Emotional Spending:
- Try creating a realistic budget – Being honest with yourself on how much you can afford to spend, prevents any discretion. Once you see the effects of a budget on your finances it will quickly become addicting (in a good way).
Set yourself up for success by taking a deep dive into what it really takes to upkeep your lifestyle and business to prevent any surprises that might put a wrench in your budget plans.
- Wait 48 hours before making any purchases– This keeps you from making rash decisions and allows you to take the urgent emotions out of purchases.
If you are still eye-ing the item or service, you might not be emotionally spending. Obviously, there will be emergencies but the 48-hour real is an easy one to implement and discourages that late-night Amazon Prime urge.
- Learn what type of emotional spender you are– Once you understand the WHY it is easier to understand HOW to stop it. Emotional spending isn't always associated with sadness, there are FIVE different types of emotional spending.
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- Fear
- Excited
- Sad
- Jealousy
- Stress
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We hope those tips are helpful.
Want to learn what emotional spending type is the most relatable to you? Tune into our podcast episode:
