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Ways to Control Emotional Spending

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#CreditChat Wednesdays | 3 p.m. ET Ways to Control Emotional Spending


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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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#CreditChat Wednesdays | 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. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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Spending because it makes you feel better, especially if funds were meant for another bill, like rent. Rod Griffin @Rod_Griffin #CreditChat Wednesdays | 3 p.m. ET


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Emotional spending is when you purchase based on your emotions, often on things you don’t necessarily need. CreditIQ @Credit_IQ #CreditChat Wednesdays | 3 p.m. ET


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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. CARE @care4yourfuture #CreditChat Wednesdays | 3 p.m. ET


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Emotional spenders buy in response to some external stimuli, not because they “need” something. Leah Ingram @suddenlyfrugal #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET What are some common signs of 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. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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Impulse buys after a long, hard day - or a bunch of trinkets piling up that you don’t actually need. Miriam Cross @MiriamSCross #CreditChat Wednesdays | 3 p.m. ET


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Some common signs are seeking immediate gratification after an event saying, “I deserve this” with no other reason. CARE @care4yourfuture #CreditChat Wednesdays | 3 p.m. ET


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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! Kasasa @Kasasa #CreditChat Wednesdays | 3 p.m. ET


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If after the spending you are likely feeling guilty, because you knew what you did was wrong! Leah Ingram @suddenlyfrugal #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 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. CreditIQ @Credit_IQ #CreditChat Wednesdays | 3 p.m. ET


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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. CARE @care4yourfuture #CreditChat Wednesdays | 3 p.m. ET


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Around the holidays, many overspend to try to make everything perfect. Focus on friends and family, not materialistic things. CordiaGrad @CordiaGrad #CreditChat Wednesdays | 3 p.m. ET


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Sales, rough days in the office, advertisements - all of these can trigger emotional spending. FTWCCU @FTWCCU #CreditChat Wednesdays | 3 p.m. ET


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Having a pity party over what other people have, including things you don’t actually need or want. Mortages.com @WeAreMortgages #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 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. Money Crashers @MoneyCrashers #CreditChat Wednesdays | 3 p.m. ET


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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. CARE @care4yourfuture #CreditChat Wednesdays | 3 p.m. ET


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By jacking up your utilization and your debt to income ratio - the more credit you use, the lower your score. Debbi King @DebbiKing #CreditChat Wednesdays | 3 p.m. ET


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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. Jennifer White @jennifercwhite #CreditChat Wednesdays | 3 p.m. ET


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Remember, credit is still money. Even swiping a card uses your money, not just credit! Save for bills. KOFE @KOFETIME #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 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. Money Crashers @MoneyCrashers #CreditChat Wednesdays | 3 p.m. ET


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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. CARE @care4yourfuture #CreditChat Wednesdays | 3 p.m. ET


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A budget puts down on paper exactly what you’re trying to accomplish. If you stick to that plan, it’s impossible to overspend. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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A budget can help you keep track of expenses like rent and student loans, leaving little room for emotional spending. CordiaGrad @CordiaGrad #CreditChat Wednesdays | 3 p.m. ET


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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. CreditIQ @Credit_IQ #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 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. CordiaGrad @CordiaGrad #CreditChat Wednesdays | 3 p.m. ET


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Find another outlet for your emotions. It could be cooking or exercising - something that refocuses your energy. Southeast Financial @SFCUNews #CreditChat Wednesdays | 3 p.m. ET


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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. Miriam Cross @MiriamSCross #CreditChat Wednesdays | 3 p.m. ET


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Don’t try to outdo your friend’s shopping spree or believe ads that manipulate your emotions. KOFE @KOFETIME #CreditChat Wednesdays | 3 p.m. ET


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Move the laptop, tablet and phone far away from wherever you sleep. No more late-night purchases! Mortgages.com @WeAreMortgages #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 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. CordiaGrad @CordiaGrad #CreditChat Wednesdays | 3 p.m. ET


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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. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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Smaller purchases don’t necessarily mean quality purchases. Investment items can be better in the long run. CreditIQ @Credit_IQ #CreditChat Wednesdays | 3 p.m. ET


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Small purchases add up! Happy hour, Starbucks, stops at the bakery - those can be worse than buying an unnecessary outfit. FTWCCU @FTWCCU #CreditChat Wednesdays | 3 p.m. ET


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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. CARE @care4yourfuture #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 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. Southeast Financial @SFCUNews #CreditChat Wednesdays | 3 p.m. ET


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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! FedChoice FCU @FedChoiceFCU #CreditChat Wednesdays | 3 p.m. ET


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Exercise. When you exercise, your body releases endorphins, adrenaline, serotonin, and dopamine. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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Time is very underrated. Spending time with those you care about can provide a greater emotional boost than spending money. CARE @care4yourfuture #CreditChat Wednesdays | 3 p.m. ET


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Spend time with your pets! Leah Ingram @suddenlyfrugal #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 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. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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Utilize the free events in your neighborhood. The free newspaper should have various activities to replace spending sprees. KOFE @KOFETIME #CreditChat Wednesdays | 3 p.m. ET


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By putting away money for a bigger reward, like a new car, as opposed to little splurges that add up. CreditIQ @Credit_IQ #CreditChat Wednesdays | 3 p.m. ET


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Treat yourself to an experience instead of an expensive purchase. Find free events in your community. CordiaGrad @CordiaGrad #CreditChat Wednesdays | 3 p.m. ET


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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. FedChoice FCU @FedChoiceFCU #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 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. FTWCCU @FTWCCU #CreditChat Wednesdays | 3 p.m. ET


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Recognize what your emotional triggers are for emotional spending and figure out frugal alternatives for these emotions. CARE @care4yourfuture #CreditChat Wednesdays | 3 p.m. ET


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Have financial goals. When tempted to splurge, look at goals and remember why you’re saving money. Beverly Harzog @BeverlyHarzog #CreditChat Wednesdays | 3 p.m. ET


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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. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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Spend with intent, not just because you’re there. Live within your means and learn from debt mistakes. KOFE @KOFETIME #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET Check out all the resources and tips shared: ex.pn/emospending


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#CreditChat Wednesdays | 3 p.m. ET Join Us Every Wednesday at 3 p.m. ET. experian.com/creditchat


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