How can you finally curb your emotional spending?
There’s something about being cooped up at home for the last four months that has me yearning for some retail therapy. Luckily, I find online shopping to be a huge hassle otherwise I’d be ordering things left and right!
What is emotional spending? It’s spending without a plan. It’s being triggered by emotions to go shopping!
Think back to a time where you had an incredibly stressful week and all you wanted was the quick high of some retail therapy. Or maybe you wanted to celebrate a work achievement by buying a new dress!
Emotional spending can be dangerous because oftentimes it forces you to stray from your budget. If you find yourself being triggered to go shopping more often than not, you need to add these “unexpected expenses” into your budget!
So how can you prevent your next sudden urge to go shopping?
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What Emotional Spending Can Lead To
Emotional spending can lead to more troubles than it’s worth. It can also be a tough cycle to get out of. If you feel guilty because you bought an expensive dress last week, you might try to make yourself feel better by purchasing matching shoes so that the dress can be worn more often. This can send you down a rabbit hole of unnecessary spending.
Here are some other consequences of impulsive spending:
- Ruining your budget – by overspending on impulsive buys, you might set yourself further back from your dream trip (I’m trying to go to Greece y’all).
- Credit card debt – this is one of the hardest debts to move past. If you go shopping often and put it on your credit card, this debt can pile up and become overwhelmingly hard to overcome.
- Guilt – if those leopard boots weren’t on your shopping list before you bought them, this can lead to guilt whenever you wear them. No one wants to spend money on something that’ll make them feel guilt and shame later. If the item doesn’t bring you pure joy, then it is not worth the expense.
- Clutter – too many clothes can lead to clutter which can then lead to more stress. I find it difficult to have a closet that’s overflowing with clothes so I always organize it in a minimalist way. Here are some closet hacks for you!
- Arguments with your partner– If you continue to stray from your budget this can cause issues with your partner. Impulsive spending is not worth the turmoil it can lead to.
So how can you curb your emotional spending? Check out my five favorite tips!
Read: Closet Hacks You Need To Know
1. Journal
Start a “retail therapy” journal. Dedicate it solely for the times when you feel triggered to go shopping. Every time you find yourself buying things impulsively, take a few minutes to jot down how you feel. This will help you notice any patterns in your behavior. What happened that day, are you feeling extra happy? Maybe you’re anxious about a big meeting coming up? Or you’re feeling insecure about how you look?
Once you nail down what feelings make you spend more often than not, you can look out for them. Every time you start feeling that way, just remind yourself that you won’t find the solace you seek in a Target or a TJ Maxx. You’ll have to discover it yourself through healthier means.
2. Unsubscribe From Sales Alerts
Can we talk about how frustrating it is that you have to enter your email EVERYWHERE you shop now? Either create a junk email that you never check so you’re not tempted by Zara’s next sale, or unsubscribe from the lists immediately!
These emails are designed to constantly remind you that their stores exist. The sales they advertise are just a tactic used to help you feel like you’re getting a bargain- usually you’re not.
So take a few minutes every day to clear out your inbox and unsubscribe from those pesky shopping emails that are plaguing your Gmail.
3. Create Shopping Lists
Stick to your shopping list. Whether it’s a new pair of gym shorts you need or a bike, write it down on a shopping list and do not stray from that! It’s easy to find a cute cardigan as you’re walking down the aisles of Target, but if it’s not on your list that means you do not need it.
When you’re triggered to purchase something in the moment, add it to a separate list labeled “Do I Really Need This?” Put that cardigan on the “Do I Really Need This” list and then reference it again the next day (or when you next go shopping) to see if you truly need it. Cross it out as soon as you decide you don’t need it.
A shopping list is a powerful tool and will help you stay organized and stick to your budget.
4. Calculate The Cost Per Wear
How much does the item you’re looking at cost? Let’s say it costs $50. That might seem a lot for you at first, so take a few minutes to calculate your “cost per use” or “cost per wear”. How often will you truly wear this item? Will it be something you use every single day? Memorandum has a great cost per wear calculator you can use here.
Now that you know your cost per wear of the item, is it worth it? This will either make you realize it’s way too expensive to justify the cost, or it’ll seem reasonable. If it’s reasonable then simply add it to your “Do I Really Need This?” list and wait 24 hours before moving forward with the purchase.
5. Calculate The Cost In Terms Of Your Favorite Things
One way of looking at the impulsive purchase is calculating the cost in other terms. So, if the cardigan costs $50, and your job pays you $10/hour that means the cardigan costs you 5 hours of work. Is that worth 5 hours of you grinding away?
If that’s not enough to strike a nerve, think of your favorite thing you normally buy. Maybe it’s brunch with your friends. $50 is two brunches with your friends you’d be giving up. Does that cardigan still seem like a good idea? If yes, then add it to that “Do I Really Need This?” shopping list!
6. Use Cash Envelopes
This one’s for you if you’ve memorized your credit card number! Report your card stolen, cut it up and get a new one from your bank! Once you have your new one in your hands, put it away and do not use it. Instead, use cash envelopes!
Here’s a complete breakdown of how to use cash envelopes. You don’t have to use cash envelopes for everything in your budget, perhaps only for your shopping expenses. Or you can get a Visa gift card strictly dedicated for shopping trips.
The most important thing for curbing your retail therapy is determining the triggers and then treating those. If you skipped the journaling portion of this article, then you’re just treating the symptoms and not the actual “disease”. Go back and start journaling!
Did you find these retail therapy tips helpful? Remember to save this article so you can reference it next time you feel triggered to go shopping!
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