We all have spending triggers. You know, those impulses to spend money we don’t “need” to be spending. The trick is to learn what your spending triggers are and how to beat them.
Why are you spending money?
There are two reasons why we spend money. One is to take care of our basic “needs” such as shelter, food, transportation, clothing, and health. The other is for our “wants”, which is everything else.
We all know that we spend money on our “needs” for survival, but how do we choose what “wants” to spend our money on?
Is your spending intentional or is it emotional? In other words, are you spending your money because you planned to, or is your spending an action to try to help you feel better, either about yourself or about a situation you are in?
Spending Triggers – Is it emotional?
We often do things for reasons that we are not fully conscious of. When we do this, we are treading in dangerous territory because we may find ourselves right back to that very same place we were before we made our choice.
For example
Let’s say that you are pretty down in the dumps and to take your mind off your worries your friends take you out. You did not want to go because you’d been working on paying down your debt, but they insisted that it would be good for you.
Your evening was a perfect escape and much needed, but you’ve now racked up a few hundred dollars on your credit card between your meals and your drinks.
After looking at your budget review, you realize you went way over on your spending for entertainment and now you do not have enough to make the extra payments you were hoping to make on your credit cards. Instead, you made the balance higher. However, you had fun and can justify it as a needed self-care treat.
A few weeks later, another situation occurs that has you feeling down. Your friends call again and invite you to the shopping mall to take your mind off of it. You eagerly agree, remembering how good it felt the last time to escape the reality of your situation. You rack up another few hundred dollars on a pair of shoes.
Once again, your budget review shows you are not on track with your goals and now you are starting to feel down in the dumps regarding your financial situation. The time spent with friends is no longer looked at positively because it ultimately brought you back to feeling negative and depressed about your finances. In your depressive state, you order some take out food to be delivered to your home, adding more money to your debt.
What was the spending trigger?
The above scenario is an example of how social pressure and stress reduction were triggers for spending money. And, in the end, it did more harm than good because the act of spending only created another stress and lead to future social pressure.
What might have happened if your friends came over to your place to hang out with some drinks and food from the local market?
Common spending triggers
Get to know what triggers you so that you can find alternatives to spending money when they show up.
Below are a few common spending triggers and some alternatives to spending money.
Boredom
We’ve all been there, There is nothing to do so we aimlessly walk around a store adding things to our shopping cart that we don’t need. Or, we are scrolling online and adding things to the e-cart. Maybe we gather a few friends and head to the movies, spending our gas budget. Boredom is a silent money budget killer.
What to do instead: Boredom is being in a state of restlessness. You need to do something but are unsure what that is. Well, it isn’t spending money. There are plenty of things you can do to overcome boredom without spending money. Here is a list of some ideas. If nothing sounds good to you, then give yourself permission to just be lazy. Sometimes that is what you might need.
- Read a book – library books are free as well as many e-books
- Purge and deep clean your closets, cabinets, drawers
- Go on a walk or hike
- Visit with friends at someone’s house
- Binge-watch a new show
- Take a drive
- Start thinking up a side hustle
- Exercise
Stress
When we are stressed, we generally feel the need to go out and get some relief. However, as in the example above this may end up causing more stress later down the road if you are spending money for the relief.
The stress I am referring to is general stress that we feel occasionally. If you feel you have a chronic issue with stress and it is affecting your daily life, please discuss it with your healthcare provider.
What to do instead: Stress generally is a result of feeling overwhelmed and unable to cope with a particular situation. Sometimes, quieting our minds and temporarily changing our environment or focus can help. Here are some money-free alternatives to handling stress.
- Take a warm bath or shower
- Meditate
- Take a slow walk in nature
- Watch something funny on TV
- Hang out with friends (money free)
- Read a book
- Find things to make you smile – old photos, funny memes, etc.
- Exercise
Social Pressure
It is not easy to be the one in the group to say no. However, if you are not following your financial plans, you are not honoring yourself. Your social circle does not live with your financial decisions. You do. Therefore, it is up to you not to cave into social pressure when it comes to spending money.
What to do instead: Not giving in to social pressure can be difficult. Especially if it is new for you. Here are a few things you can try.
- Budget for these occasions – If you know that sometimes you will give in to social pressure, then at last budget for it. Set aside some money each month just for these occasions. At least you will be prepared.
- Have an exit strategy
- Be upfront – tell your friends that you do not want to spend money but would love to get together. Maybe the plans can be adjusted.
- Stay home…honor yourself and your goals.
Social Media
Similar to social pressure, social media can also put a wrench in our spending goals.
It can be enticing to spend money on things you normally would not when you see posts about vacations, cars, dinners out, concerts, etc. It all looks so fun and exciting.
Not to mention, all of the likes and comments you may be looking for with your own posts.
What to do instead: First, figure out why you are on social media in the first place. Are you scrolling through mindlessly because there is nothing else to do or are you checking in to see how your friends and family are doing?
Remind yourself that social media is a place to share and catch up. If you start feeling a lack because you cannot afford nice vacations, etc remind yourself that everyone is on a different path and has different goals.
Special events and holidays
It is easy to go crazy for special events and holidays but have you noticed that there seems to be a holiday or special event just about every month? Unless you are budgeting for National Pizza Day and National Second Cousin once removed Day, some holidays and special events can simply be taken care of with a quick note.
What to do instead: Make a list of the holidays and special events that are important to you and start budgeting for them. Also, keep in mind that most people want to hear your voice or read a note. Presents are great but small gestures are welcome just the same.
Store Sales
It is common for us to see a sale and want to make a purchase. This works fine as long as you have the money set aside to do so. But please do not fool yourself by saying you saved money when you bought something. You still spent money. The only savings is if you were planning to buy it anyway.
What to do instead: Make a shopping list and budget and stick with it. That’s it. Do not get sidetracked by sales. Unless you are in a position to cover the money you are unintentionally planning to spend, don’t spend.
Summary – spending triggers
The best piece of advice I ever received about money was to simply be conscious of where and why I am spending money.
Everything you buy, whether it is a tangible object or an experience, fulfills something inside of you. Once you know what that is, you get to determine if it is worth your money.
Thanks for reading!
Stay Balanced,
Jill