Emotional Debt
If you’re like many couples, you may find yourselves guilty of emotional spending from time to time. You know, when you buy things that you don’t really need…but just feel good in the moment? It’s a tough habit to break, but luckily there are ways to do it. Read on for tips on how to curb your emotional spending and start saving money!
Emotional spending is a real thing. In fact, it’s estimated that up to 75% of us engage in it at some point in our lives! This type of spending can be triggered by anything from stress or anxiety to feeling good about yourself and your life. The important thing to remember is that emotional spending isn’t healthy for you in the long run, both emotionally and financially speaking. If you’re not careful, it can lead to debt and financial problems.
Breaking The Habit
Fortunately, there are ways to break the habit. Here are three tips to help you get started:
1. Have a conversation with your spouse about your goals, together. This will help you stay accountable and on track.
Talking with your spouse about your goals is a good way to connect and communicate about your financial goals. By openly discussing your goals, you can work together to find better ways to deal with stress and anxiety, and avoid spending money unnecessarily. This is an important step in breaking the habit of emotional spending.
2. Track your monthly expenses together and go over them regularly. This will help you see where your money is going and identify any areas of improvement.
By tracking your monthly expenses together, you can see where your money is going and identify any weaknesses. This is an important step in breaking the habit of emotional spending. Seeing where your money is actually going can be really helpful in terms of understanding your spending patterns and figuring out where you might need to make changes. If you’re not sure where to start, check out our video where we go over specifically how to start, this can make the process a little easier.
3. Put your credit card somewhere else so you’re not able to make impulse purchases as easily. It may feel uncomfortable at first, but it’s worth it in the long run!
If you’re looking for a way to curb your emotional spending, put your credit card somewhere else. This is a great place to start. Not being able to easily make impulse purchases will help you break the habit of emotional spending. So put your credit card in a safe place where you won’t be tempted to use it, and see how much money you can save over time.
Personal Tip
What we have done as a simple change is to have only one bank card available. Put the other cards in the sock drawer for now and you will find your emotional attachment to them dwindle quickly.
Bonus Tip
Another way to break the habit of emotional spending is to figure out your “trigger” points. What situations or emotions tend to make you want to buy things? Once you know what these are, you can work on ways to deal with them differently. Find a different way to cope with stress or anxiety or find cheaper ways to celebrate your accomplishments.
Finally, it’s important to be honest with yourself. Are you really buying something because you need it, or are you buying it because you’re feeling bad about yourself or stressed out? If it’s the latter, then you need to find healthier ways to deal with those feelings. Recognizing and addressing the root causes of your emotional spending is an important step in breaking the habit for good.
These are just a few tips to help you break the habit of emotional spending. Remember, it takes time and effort to change any kind of behavior, but it is possible! With a little bit of effort and some perseverance, you can overcome emotional spending and get your finances back on track.
Finally Find Relief
Are you looking for a better way to manage your money? Financial coaching for couples can help you take control of your finances and work together to build a bright future.
Financial coaching is a process that helps couples identify their financial goals, develop a system that works for them, and create a plan to pay off debt and save for the future. A financial coach can help you learn how to communicate about money
You’re not alone. Millions of couples are looking for a better way to get on the same page with their finances.
That’s where our Financial Clarity Course comes in. We’ll show you how to align yourself with your spouse and see massive changes for the better with your financial situation – without all the stress and struggle.
Imagine what it would feel like to have complete clarity when it comes to your money. To know that you’re working together as a team, towards a common goal – instead of constantly butting heads about finances.
Get started today and find out how easy it can be for you to be in alignment with your spouse and your finances!
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