Capitol Region families: did you know that overspending is usually related to emotional pain, distorted thinking about what you feel you deserve, and/or a disconnect between the buying impulse and actual results of the purchase? In some cases, overspending may stem from wanting to live a similar lifestyle as others—even though the reality is everyone’s financial situation is different.
If overspending is a problem for you, here are some tips to rein in the impulse:
Take some time.
Give yourself some time before you buy to ask, “What am I really feeling?” or “Why do I want to buy this?” Try waiting three days, and then see if you still want to buy the item.
Instead of making a purchase, distract yourself by engaging in another activity, such as exercise, meditation or prayer – anything other than a money decision.
If you typically shop with credit cards, challenge yourself to spend only cash for a month. Seeing the cash leave your wallet carries more emotional impact than buy-now-pay-later plastic.
Let's get financially heathy in 2014!
Dave Balog teaches financial wellness to Capital Region families. 355-0967, email@example.com