Why We Overspend and Tips For Avoiding It

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The holidays are an especially difficult time to shop within our means.

However, understanding why we sometimes shell out more than we can afford to helps us find ways of managing the impulse to do it.

Why We May Overspend

A primary reason we like spending money is the sense of control it provides. We often shop when feeling down or sad, and purchasing reduces those uncomfortable feelings as it bolsters our sense of being in control.

Negative moods are another reason we over-shop, thinking we deserve a buying spree to cheer our self up. Since negativity is associated with increased impulsivity, we are more likely to come home with items we never planned on owning.

We also spend beyond our means to feel that we measure up to peers, co-workers, or neighbors. Either by comparing our self to others, or through a sense a competition, we may feel compelled to purchase clothes or cars that boost our self image but put us in debt.

Though the impulse to spend can be strong, there are ways to put the brakes on it despite the enticements of the holiday season.

Tips For Curbing Spending

Here are seven suggestions for curbing over-the-top expenditures now, and throughout the year.

  1. When feeling a sudden impulse to buy ask yourself, “Why?” The urge to purchase is likely related to a tough situation you are facing, or to difficult emotions you are experiencing. If so, go out for a walk, have coffee with a friend, or write your feelings down instead of running off to the mall.
  2. Always go shopping with a shopping list. A list will help you keep your focus and avoid impulse buys. Later, reward yourself for sticking to the list with time spent on a personal interest, or a cup of your favorite coffee or tea.
  3. Be mindful of your friends’ spending habits and how they influence your own. You might want to avoid going to the mall with individuals that routinely encourage you to spend.
  4. Avoid temptation by first keeping track of your spending for at least two weeks. Then, avoid your money drains. For instance, if you often overspend on dining out, make eating at home more pleasurable by stocking the kitchen with your favorite foods. If the mall is your weakness, make plans with friends to do fun non-shopping activities.
  5. Buy with cash instead of credit or debit cards, and carry only as much cash as you are likely to need.
  6. Though spending to keep up appearances with co-workers or friends polishes the self-image, there is a tremendous amount of self-satisfaction and inner peace gained by living responsibly - and gratefully - within our means.
  7. If you cannot control your spending, ask for assistance. A trusted, responsible friend, or family member, a financial adviser, or a professional counselor can help you set and maintain healthy financial goals.

Source: Chopra/Emily Holland
Photo credit: Jackie

 
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