Here’s my advice on how to deal with your emotions before you spend them away.

Do you find yourself spending money when you’re stressed or tired? Do you celebrate meeting your goals by splurging at the store? If so, you might be an emotional spender. Emotional spending is when we deal with extreme emotions, either good or bad, by spending money. 

In our heightened emotional state, we don’t think rationally about where our money is going. It’s a common issue, but it could be costing you more than you think, so today I want to talk about emotional spending and how you can stop it before it happens. 

“If we find healthy ways to deal with our emotions, we can stop negative spending habits.”

To adjust negative spending habits, we first need to pinpoint what emotions make us want to spend. I like to make things easy to remember, so I’ve picked out five common emotions that make us want to spend. They are sadness, celebration, alarm, remorse/guilt, and envy. Together, they make the acronym S.C.A.R.E. 

If we find ways to deal with these emotions before we spend, we can stop negative habits. I’ll briefly go over my advice for handling these emotions without breaking the bank:

  • Sadness. My advice for handling sadness is to go for a walk or quick jog outside. This causes your body to release healthy endorphins that are proven to boost your mood.
  • Celebration. If you like to celebrate by taking your friends or coworkers out and buying them nice food and drinks, it can add up quickly. My advice is to make a meal at home with all your favorite dishes. Not only is this way less expensive, but it’s a great gesture as well. 
  • Alarm and fear. I highly recommend you practice your breathing using the five, five, seven method. Inhale for five seconds, hold for five seconds, and then release for seven. This changes our physical state and is a great way to deal with these negative emotions. 
  • Remorse and guilt. For these emotions, I suggest you take out a pen and paper. Next, write down what went wrong and what you can do to fix it or prevent it from happening again. This helps us regain a sense of control over our emotions. 
  • Envy. If you find yourself being jealous of the people around you, try and practice gratitude. Think of five things you are grateful for, and I promise you’ll feel better.

If you are having money troubles, I know it can be difficult. The first step to solve them is to give me a call at (240) 718-4774 and receive a free consultation. You can also visit my website at www.eyblcoaching.com. I look forward to hearing from you.