ways to control emotional spending
TRANSCRIPT
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Ways to Control Emotional Spending
#CreditChatWednesdays | 3 p.m. ET
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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, the community shared some smart tips to help
control spending during the holiday season.
ex.pn/emospending
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#CreditChatWednesdays | 3 p.m. ET
What is emotional spending?
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Emotional spending is spending that is not planned for in advance
and is not necessary.
#CreditChatWednesdays | 3 p.m. ET
Paul Moyer@SavingFreak
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Spending because it makes you feel better, especially if funds
were meant for another bill, like rent.
#CreditChatWednesdays | 3 p.m. ET
Rod Griffin@Rod_Griffin
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Emotional spending is when you purchase based on your emotions, often on things you don’t
necessarily need.
#CreditChatWednesdays | 3 p.m. ET
CreditIQ @Credit_IQ
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Emotional spending doesn’t only happen when you’re in a bad mood, it can also
happen when you’re happy or in a good mood.
#CreditChatWednesdays | 3 p.m. ET
CARE@care4yourfuture
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Emotional spenders buy in response to some external stimuli,
not because they “need” something.
#CreditChatWednesdays | 3 p.m. ET
Leah Ingram@suddenlyfrugal
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#CreditChatWednesdays | 3 p.m. ET
What are some common signsof emotional spending?
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Buying items that you do not need or are not useful. They are a simply a means of making yourself
feel better.
#CreditChatWednesdays | 3 p.m. ET
Paul Moyer@SavingFreak
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Impulse buys after a long, hard day - or a bunch of trinkets piling up that you don’t actually need.
#CreditChatWednesdays | 3 p.m. ET
Miriam Cross@MiriamSCross
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Some common signs are seeking immediate gratification after an event saying, “I deserve
this” with no other reason.
#CreditChatWednesdays | 3 p.m. ET
CARE@care4yourfuture
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Are you buying and returning more items than you keep? Yep, it’s
officially time to say your name and admit you’re a shopaholic!
#CreditChatWednesdays | 3 p.m. ET
Kasasa@Kasasa
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If after the spending you are likely feeling guilty, because you knew what
you did was wrong!
#CreditChatWednesdays | 3 p.m. ET
Leah Ingram@suddenlyfrugal
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#CreditChatWednesdays | 3 p.m. ET
What emotional triggers can lead to spending unnecessarily?
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The most common ones are probably stress, heartbreak, or simply just having a bad day.
#CreditChatWednesdays | 3 p.m. ET
CreditIQ@Credit_IQ
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When something good or bad happens at work or in your personal life - that can be a trigger for unnecessary
spending.
#CreditChatWednesdays | 3 p.m. ET
CARE@care4yourfuture
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#CreditChatWednesdays | 3 p.m. ET
CordiaGrad@CordiaGrad
Around the holidays, many overspend to try to make everything perfect. Focus on friends and family, not
materialistic things.
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Sales, rough days in the office, advertisements - all of these can
trigger emotional spending.
#CreditChatWednesdays | 3 p.m. ET
FTWCCU@FTWCCU
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Having a pity party over what other people have, including things
you don’t actually need or want.
#CreditChatWednesdays | 3 p.m. ET
Mortages.com@WeAreMortgages
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#CreditChatWednesdays | 3 p.m. ET
How can emotional spending affect your credit?
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If you’re the type to justify spending as you “deserve it”, you may use credit when
you can’t afford to pay it off.
#CreditChatWednesdays | 3 p.m. ET
Money Crashers@MoneyCrashers
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Emotional spending can cause you to rack up massive debt on your credit
cards, [which can result in] not being able to fully pay off that debt.
#CreditChatWednesdays | 3 p.m. ET
CARE@care4yourfuture
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#CreditChatDebbi King@DebbiKing Wednesdays | 3 p.m. ET
By jacking up your utilization and your debt to income ratio - the more credit you use, the lower your score.
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Emotional spending can wreck your credit. If you don’t have the money, you
might open up credit cards at retail stores.
#CreditChatWednesdays | 3 p.m. ET
Jennifer White@jennifercwhite
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Remember, credit is still money. Even swiping a card uses your
money, not just credit! Save for bills.
#CreditChatWednesdays | 3 p.m. ET
KOFE@KOFETIME
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#CreditChatWednesdays | 3 p.m. ET
How can a budget help you to avoid emotional spending?
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A budget can serve as your map and guide you to make smarter
purchasing decisions.
#CreditChatWednesdays | 3 p.m. ET
Money Crashers@MoneyCrashers
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Creating a budget serves as a check on your spending because it forces you to think how that spending affects your
budget.
#CreditChatWednesdays | 3 p.m. ET
CARE@care4yourfuture
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#CreditChatWednesdays | 3 p.m. ET
Paul Moyer@SavingFreak
A budget puts down on paper exactly what you’re
trying to accomplish. If you stick to that plan, it’s
impossible to overspend.
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A budget can help you keep track of expenses like rent and student loans,
leaving little room for emotional spending.
#CreditChatWednesdays | 3 p.m. ET
CordiaGrad@CordiaGrad
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Budgeting and planning ahead is the key to keeping yourself in check. Always
know what you need instead of what you want.
#CreditChatWednesdays | 3 p.m. ET
CreditIQ@Credit_IQ
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#CreditChatWednesdays | 3 p.m. ET
What are some ways to limit the temptation of emotional spending?
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It depends on the person, but shopping in cash or leaving credit cards at home can help control
spending.
#CreditChatWednesdays | 3 p.m. ET
CordiaGrad@CordiaGrad
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Find another outlet for your emotions. It could be cooking or
exercising - something that refocuses your energy.
#CreditChatWednesdays | 3 p.m. ET
Southeast Financial @SFCUNews
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Sleep on big decisions. Don’t buy things when
overly happy/sad/stressed and not thinking clearly.
Stick to a list.
#CreditChatWednesdays | 3 p.m. ET
Miriam Cross @MiriamSCross
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Don’t try to outdo your friend’s shopping spree or believe ads that
manipulate your emotions.
#CreditChatWednesdays | 3 p.m. ET
KOFE@KOFETIME
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Move the laptop, tablet and phone far away from wherever you sleep.
No more late-night purchases!
#CreditChatWednesdays | 3 p.m. ET
Mortgages.com@WeAreMortgages
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#CreditChatWednesdays | 3 p.m. ET
Why is making several small purchases just as destructive as buying large ticket items?
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Small purchases add up and are easier to make (less guilt) so they can
be equally as destructive.
#CreditChatWednesdays | 3 p.m. ET
CordiaGrad@CordiaGrad
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Small purchases sneak up on you. Before you know it, you’ve
spent just as much as the big ticket item.
#CreditChatWednesdays | 3 p.m. ET
Paul Moyer@SavingFreak
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Smaller purchases don’t necessarily mean
quality purchases. Investment items can be
better in the long run.
#CreditChatWednesdays | 3 p.m. ET
CreditIQ@Credit_IQ
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Small purchases add up! Happy hour, Starbucks, stops at the bakery - those can
be worse than buying an unnecessary outfit.
#CreditChatWednesdays | 3 p.m. ET
FTWCCU @FTWCCU
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If you can eat it or drink it, or if it costs less than $20, use cash to pay for it.
#CreditChatWednesdays | 3 p.m. ET
CARE@care4yourfuture
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#CreditChatWednesdays | 3 p.m. ET
What are some alternate activities you can do to avoid emotional spending?
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Instead of shopping, you could cook, read, exercise or volunteer. Find other
ways to encourage and reward yourself.
#CreditChatWednesdays | 3 p.m. ET
Southeast Financial@SFCUNews
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Go to your library and see what you can find there. New books and music - all for free - as long as you return them on
time!
#CreditChatWednesdays | 3 p.m. ET
FedChoice FCU@FedChoiceFCU
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Exercise. When you exercise, your body releases endorphins, adrenaline, serotonin, and dopamine.
#CreditChatWednesdays | 3 p.m. ET
Paul Moyer@SavingFreak
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Time is very underrated. Spending time with those you care about can
provide a greater emotional boost than spending money.
#CreditChatWednesdays | 3 p.m. ET
CARE@care4yourfuture
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Spend time with your pets!
#CreditChatWednesdays | 3 p.m. ET
Leah Ingram@suddenlyfrugal
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#CreditChatWednesdays | 3 p.m. ET
What are some ways you can reward yourself for achieving goals without going overboard?
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Have a set amount that you save just for goal breaker days. This way you can celebrate without repeating bad habits.
#CreditChatWednesdays | 3 p.m. ET
Paul Moyer@SavingFreak
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Utilize the free events in your neighborhood. The free newspaper should have various
activities to replace spending sprees.
#CreditChatWednesdays | 3 p.m. ET
KOFE@KOFETIME
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By putting away money for a bigger
reward, like a new car, as opposed to little splurges
that add up.
#CreditChatWednesdays | 3 p.m. ET
CreditIQ@Credit_IQ
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Treat yourself to an experience instead of an expensive purchase.
Find free events in your community.
#CreditChatWednesdays | 3 p.m. ET
CordiaGrad@CordiaGrad
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Find a new hobby. Learning to knit or speak a new language will definitely help you fill your time and avoid emotional spending.
#CreditChatWednesdays | 3 p.m. ET
FedChoice FCU@FedChoiceFCU
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#CreditChatWednesdays | 3 p.m. ET
What are some final tips you can share to help avoid emotional spending?
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Create a budget and stick to it. Get a cheap/free hobby.
#CreditChatWednesdays | 3 p.m. ET
FTWCCU@FTWCCU
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Recognize what your emotional triggers are for emotional spending and figure out
frugal alternatives for these emotions.
#CreditChatWednesdays | 3 p.m. ET
CARE@care4yourfuture
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Have financial goals. When tempted to splurge, look at goals and remember why you’re saving money.
#CreditChatWednesdays | 3 p.m. ET
Beverly Harzog@BeverlyHarzog
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Get some accountability. Whether that is a spouse or a friend, you can get
someone to hold you accountable for your spending.
#CreditChatWednesdays | 3 p.m. ET
Paul Moyer@SavingFreak
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Spend with intent, not just because you’re there. Live within your means
and learn from debt mistakes.
#CreditChatWednesdays | 3 p.m. ET
KOFE@KOFETIME
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#CreditChatWednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/emospending
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