5 Triggers That Prompt You To Spend Money

Hello Fellow Galaxians, 

I'm pretty sure you know that it's literally impossible to save money by spending money. 

If your goal is to get out of debt and save money, you must find a way to stop spending on items that are not absolutely necessary. But telling yourself to not spend money isn't enough--you need to understand the psychology behind your spending habits and learn how to fight your urge to spend yourself broke.

First, you must make a list of everything you buy--and I mean everything. By doing this, you will begin to see habits and patterns. Think about what would happen if you didn't buy anything that day. Why did you buy each item? What feeling did it bring you? Did you buy it because of convenience or to make your life easier?

1. Retail Therapy. 

Spending money can give you a false sense of happiness that lasts about as long as it takes you to get your credit card bill or to look at your bank account. Maybe something bad has happened or you feel bad about yourself and spending money makes you feel good. Some people eat to elevate their mood and some shop, and some do both. Recognize retail therapy for what it is.

Find another activity that doesn't cost money. What else can give you that high? What else can cause your endorphins to raise? Try going for a walk in the sunshine. At first you may not enjoy the walk, but by the end of the walk, I promise you'll feel better. If you must spend money, go to the dollar store and by one item to satisfy your urge. Invite a friend over for a movie night. Maybe time with a friend will lift your mood. 

2. Boredom. 

Maybe you shop because you're bored. Recognize this for what it is and admit that you're bored. You may need a new hobby. There may be an area in your life that needs attention. Trade shopping for another activity that doesn't cost money.

3. Sales events. 

Marketers study how to lure shoppers into spending their hard earned money. We may feel like we need to participate and buy items we don't actually need because we're afraid we will miss out on the sale. Black Friday is a perfect example of this. No one wants to miss out on a good deal. To combat this, you may want to go visit a friend that day or unplug yourself from the internet and avoid television during that time. If there are big ticket items you need, give yourself time to save for them. It's like Christmas--you know it's coming, it's not a big surprise--it comes every year. So, save for it. Set up a savings account and put a small amount of money in it for this particular event. 

4. Reward Spending. 

You may want to reward yourself for some achievement or in celebration. Find another way to reward yourself. 

As a dieter, it's essential that you don't reward yourself with food when you lose a couple of pounds. As a habitual spender, you may want to not reward yourself by spending money. 

Maybe buying that daily specialty coffee is your reward. You may want to find another way to reward yourself. More people buy gifts for themselves at certain times of year, such as a birthday or Christmas. 

5. Impulse Spending. 
Don't immediately run out and buy something you need. Do your homework, researching the model and price range. Take the time to find the best value. You may need to spend money on newer models instead of ones found on the secondary market. Electronics should be bought new, but you may not need the latest gadget since you will pay more the closer you are to the release date. Consider buying a later model that has a good track record on Consumer Reports or on research sites. By researching, you may find a better deal than just buying one at the first place you look. Search for coupons, rebates or sales on items you need. 

Try the 30-day rule. If you feel that you need something new, give yourself 30 days to decide if you actually need that item. By practicing delayed gratification, you will feel a semblance of self control and you will also have time to decide if you really want to spend money on what you are planning to buy. 

Breaking bad habits. 
If you enjoy that morning cup of coffee on the way to work, can you replace that with a coffee made at home with a specialty creamer? What is it that you specifically like about that coffee? Perhaps you feel that you need a new outfit. Can you accessorize instead? Maybe you can sell your unused clothes in a consignment shop to afford the clothes you want. If you go out with friends and spending money is part of the event, plan for it. Cut back in other areas of your life so you can afford the night out.

Knowing why and how you spend money is important to breaking the habit of over-spending. One of the ways to break a bad habit is to replace it with a good one. 

So, go forth and save $$$ my friends. 

Peace Peeps, 
Broke Girl