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What is emotional spending? -

Often described as retail therapy, emotional spending is when you make a purchase that is guided more by your emotions than your need for that certain product or service.

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Dopamine release -

Research has found that shopping releases hormones like dopamine, which makes us feel happy and boosts our mood. This makes it a pleasurable experience, which is why so many of us do it when we're feeling blue.

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Emotional spending isn’t always a bad thing -

While it's not always a bad thing, it can become an ongoing habit that can strain our bank accounts.

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The good feelings don't last -

The rush of good feelings after buying something typically doesn't last long, and the feelings of unhappiness quickly return.

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Emotional spending vs. compulsive buying -

Emotional spending isn’t a disorder, but sometimes it can cross the line into one.

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Compulsive buying -

However, compulsive buying is considered a psychological disorder, where the person is unable to control their impulses.

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An addictive behavior -

Also, compulsive buying is an addictive behavior that can have a negative impact on one’s life and well-being, including problems at work and/or school.

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What causes emotional spending? -

If you want to decrease your emotional spending, the first step is to know your triggers.

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Jealousy -

When someone talks about their nice vacation or new car, you may have the urge to buy something or go somewhere, too.

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Guilt -

We sometimes buy things out of guilt. For example, imagine a kid trying to sell you Girl Scout cookies—how can you turn down such a sweet face? It's easier to buy those cookies than to say "no."

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Sadness -

We've all been there. You've had a bad day, so you spend money to feel better. However, retail therapy can do more harm than good.

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Fear -

Remember when people bulk-bought toilet paper at the beginning of the COVID-19 pandemic? Well, fear can lead us to overspend.

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Celebration -

If someone in your family graduates or announces their engagement, you want to get them a gift. But we all know how quickly money can disappear when celebrating takes over.

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Hunger -

Nothing can make you go overboard at the grocery store like hunger. Even the strangest foods can look delicious.

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Season fever -

You might want to buy Christmas decorations for the house, or go all out on wreathes and hay bales for autumn. But the excitement can be too much!

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How to overcome emotional spending -

Emotional spending becomes problematic when you spend in ways that are inconsistent with your values or your financial goals. It's also a problem when it becomes a primary coping mechanism.

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How to overcome emotional spending -

Luckily, there are some steps you can take to gain more control of the habit, and decrease your impulse buying.

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Find a healthier way to cope with your emotions -

When you engage in emotional spending, you're often looking for those positive "feel good" hormones. But healthier and less expensive ways to achieve those feelings include going for a walk, engaging in a physical activity, watching your favorite TV show, or simply getting a coffee with a friend.

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Making an emotional spending budget -

From time to time, it's totally acceptable to reward yourself with something special. The problem is when this is done all the time. However, creating an emotional spending budget can help you keep your impulse buying in check.

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Check your finances regularly -

Many people don't check their finances, and this often backfires. Take one day a week to check on your accounts. Note what you have spent, and what you have left to spend. You'll think more rationally about spending your money.

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Use the 48-hour rule -

This is a simple and effective way to deal with spending temptations. Wait 48 hours to think about a specific purchase decision and how it impacts your monthly budget.

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Remove spending apps -

Removing shopping apps from your phone, or even unsubscribing to retailer emails, can help you fight the emotional spending urge.

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Learn to enjoy saving money -

Deciding that you're going to set aside a certain amount of money each month, and then watching it grow, can produce some of those same "feel good" feelings as spending it.

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Get support from a friend when tempted to spend -

Just having someone to talk to when feeling tempted to overspend is key to making better financial decisions. This is especially true during days when you're feeling down.

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Keep your credit card at home -

When attending events or running errands that may test your wallet, leave your card at home. Consider taking the right amount of cash instead.

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Write in a journal -

Journaling is an amazing tool to improve one’s emotional intelligence and mental health. Recording events, such as impulsive shopping, can help fight emotional spending.

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Improve your mood by window shopping -

Research has shown that hypothetical shopping is also effective at improving mood, which means window shopping or putting items you want on a wish list.

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If you think you might have a shopping addiction -

Sometimes, emotional spending crosses a line and can become an addiction. Usually it's coupled with financial, legal, and relationship problems, together with deep feelings of guilt and shame.

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Seek help -

If you think you're dealing with a compulsive buying issue, consider seeing a therapist or counselor.

Sources: (Verywell Mind) (Good Housekeeping) 

See also: Simple ways to make your cash last 

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