Emotional spending is known to be one of the biggest reasons behind huge credit card bills and subsequent debts. If you are feeling down, if you are feeling lost, or if you are feeling stressed do something positive instead of choosing shopping as therapy. You could read powerful life quotes by powerful people to get motivated to do better in life. Or you could even spend money on traveling instead of shopping. How do you know if you have been doing emotional spending?
- Huge credit card bills
When you find that every month your credit card bill has been increasing chances are that you are spending beyond your budget. This could perhaps be because you are doing emotional shopping.
- Buying things as a competition
You should not simply buy things because your friends and colleagues have been buying them. Buying the latest gadgets is good but if you already have the best ones would simply be a waste of money. This again is considered impulsive buying.
- Always running short of money when you have to spend on the useful stuff
If you had meticulously planned your budget for all the essentials and suddenly you find a shortage of money then perhaps you had impulsively spent somewhere else.
- Buying out of a temptation
Simply buying things because you are tempted to buy them and not because you really want them is a sign of emotional spending.
- Having too many things to return
When you purchase something while you are stressed, you might later realize that you do not need it and thus get back to the store to return it.
- Hitting the stores too often
If you find yourself running to the store too often check whether you are spending emotionally. Be strict with your budgeting so as to reduce the urge to spend more than you can afford.