Emotional Spending Triggers - How To Control Your Spending Habits

Book Your Free, Virtual Financial Coaching Consultation

Emotional Spending Triggers Overview

I have a feeling that writing this post might actually be a little therapeutic for me, because emotional spending triggers are something we all deal with. And I’m definitely no exception.

An emotional spending trigger can be anything that leads to unplanned or impulsive spending. A trigger can be something as innocent as a craving for a milkshake that you know you don’t need, or as serious as going into debt on a vehicle after a conversation with a particularly savvy salesman.

Personally, I’m pretty good at standing up to a salesman, but I’m a sucker for a milkshake. And, unfortunately, those milkshakes do add up over time.

Let’s take a closer look at what some emotional spending triggers are and 7 ways to combat those triggers.

Identifying Emotional Spending Triggers

Let’s begin with expanding on our definition of triggers with some examples of emotions that may trigger spending:

Happiness – Picture this: Friday night, you’ve made it to the weekend, you’re enjoying being with your family, and you see an ad from the local sweet shop saying they have your favorite cookie in store for one day only! So much happiness. Next thing you know, you’ve bought your whole family cookies and drinks. (I can’t be the only one to regularly struggle with this scenario…) Being happy is great, but it can also be a trigger.
Fear (Of Missing Out) – Have you ever been on a website that displays pop ups showing that someone somewhere just purchased the item you’re viewing. These typically also have timers running to show you how long you have to make the purchase before the “deal” goes away. These type of tactics go by many names, but at the end of the day, the aim is to create fear in you, the potential buyer. And let’s be honest, it can work.
Boredom – Sometimes, you just want to get out of the house. Next thing you know, you’re walking around Target to kill the boredom. You can’t spend your way out of boredom. Instead, find some free activities for you and your family to engage in.
Sadness – I count myself fortunate that I don’t personally struggle too much here, but I’m well aware that retail therapy is a real problem for a lot of people.
Envy – In our social media filled society, it’s easy to get sucked into trying to keep up with the Joneses. All those picture perfect sweaters-on-the-front-porch-with-the-dog posts…

And these are just a few.

Overcoming Emotional Spending Triggers

Any feeling or event can become an emotional spending trigger. But, you can take some steps to combat these triggers.

#1: Budget

The launch point for answering most personal finance questions: build a budget!

Seriously, if you’re new to the site, welcome, and prepare to read about the importance of budgeting a lot. If you’re a returning reader, you saw this coming.

The budget is your first line of defense against emotional spending triggers. Why?

Because you’ve already decided, before the money ever hit your bank account, what every dollar was supposed to do. YOU made that decision. YOU made that plan. The budget isn’t just arbitrary rules you have to follow, it’s you taking control of your finances.

And, it’s something you can turn to and lean on when you feel that impulsive purchase coming on.

If you don’t have your budget in place, start your battle against emotional spending by setting up this defense.

How To Build A Budget

#2: Know Your Financial Purpose and Goals

As you’re building your budget and beginning to make decisions about how you want to direct your money, it’s also critical to take time to ask yourself some important financial questions to help you determine your overall financial purpose.

I’ll get personal here for a second to help illustrate why this is so important.

My wife and I are in that “growing family” stage of life. And with that comes the desire to also move up in home. So, right now, we are directing every spare dime toward that end.

Well, every dime counts. So, when I feel myself wanting to make that hard right turn into Starbucks to grab my Nitro Cold Brew for $5.65 or whatever the going price is, I just think about seeing my little girl in a new home and suddenly saying no isn’t so hard.

So, what’s my point?

Combat your short term, surface-level emotions with long term, deep desires.

Learn To Know Your Financial Purpose

#3: Know Your Emotional Spending Triggers

If you took time to read my example above, you just learned one of my triggers: The anticipation of joy brought on by sipping on an overpriced (but admittedly delicious) coffee.

And, by knowing this, I can better prepare myself to overcome it. I have other emotional triggers too, of course. I love to surprise my wife and daughter with little treats. But, again, even little things add up.

Yes, getting your loved one’s gifts is a good thing. But, you need to plan for it. I made room in our budget for that, because I know I’m going to want to do it.

Maybe your biggest trigger, as much as you hate to admit it, is jealousy. You see your old high school rival on social media just updated their kitchen. Next thing you know you’ve got “Fixer Upper” rolling while you look for a local contractor.

The point is, know your triggers. Admit them to yourself, then you can be prepared to deal with them head on.

#4: Set Up Boundaries

Remember, a huge problem that these triggers lead to is impulsive spending. So, set up some boundaries. I’ll give you two examples.

First, it’s probably a good idea to sleep on bigger purchases. You can choose the dollar amount based on your income and budget, but the principle is the same regardless of the number. Remember that kitchen remodel example? Why not wait a day to call the contractor? I’m willing to bet that you will wake up and realize your kitchen really isn’t too bad after all.

Second, if you’re married, set a dollar amount for big purchases that requires discussion. I know there are some great commercials every December showing someone getting surprised by a new car, but there’s a big difference between a planned vehicle purchase and “just looking” at the car lot and driving off with no money down.

Create some boundaries around your spending that will protect you from impulsiveness.

#5: Stay Aware

Lastly, just be aware of the fact that you are being advertised to every second of every day.

There’s a reason every sports stadium is named for a giant company and every inch of the fence at your local high school stadium is covered in ads. Everyone wants your money.

And, these companies understand how to get it.

The only chance you stand of overcoming the temptation they create is to be aware, and follow the steps above.

Conclusion

An emotional spending trigger can be anything that leads to unplanned or impulsive spending. But, with a strong defense and awareness, you can overcome your triggers and win financially.

And remember, regardless of your money goals, you can “Bank on a Budget” to get you from where you are to where you want to be!

An emotional spending trigger can be anything that leads to unplanned or impulsive spending.

Bio
Latest Posts

Alex

Hello, my name is Alex! I'm a public school teacher who has achieved some big financial goals just by getting control of my money using some simple strategies like using a monthly budget. Now I'd like to share what I've learned with you. Welcome to "Bank on a Budget!"