You probably know a few women who you would call “shopaholics“.
These are the women who always let a great sale, or a shiny set of new shoes get the best of them. Sometimes they spend more money than they should and probably have a stack of credit cards that they struggle to keep up with back home.
Living in a culture that looks up to glitzy celebrities and values consumerism, it is easy to fall into the trap that our worth as men directly correlates with our ability to purchase shiny things.
Moreover, we all have a competitive nature that drives us to want to one-up our peers, whether it is with the newest technology, the shiniest car or only drinking top shelf liquor at the bar. Does this hit close to home?
Be aware that it is very possible for men to become addicted to spending money, and this happens when they get a rush from buying something new. Some men get into the habit of buying new items regularly, and they get an endorphin rush each time that a new item is purchased. After getting this endorphin rush enough times it can be possible to become addicted. This is when things become dangerous and destructive, and it’s the type of situation you want to avoid getting yourself into in the first place. Below are a few tactics you can employ to safeguard yourself from unnecessarily emptying your wallet.
Stop Spending Money Indiscriminately
If you think you could be an emotional spender you should try to stop yourself from buying something the next time you are at a store. As soon as you are about to buy, sit back a minute and think about if it is something that you really need. Just thinking about it for a second is often enough to make you second guess your expense. If a simple break isn’t enough, you should go home without the item and take some time to think about it. It’s easier to avoid an emotional expenditure after you are away from it, and you may later realize that buying this item would have been a complete waste of money.
Get an Accountability Partner
Many times simply knowing that you have a problem is not enough to help you avoid it. Instead, you need to bring other people into the equation who can provide support to fix the problem.
Take some time and find a person to talk to that will help you be accountable or the money that you spend. This could be a spouse, a relative, or a friend. This person will be someone that you call before you make any purchases. If you feel bad about calling them, you most likely should not purchase the item in question. If you are not sure, they will be able to help you determine if you are making a good spending decision or not.
Many guys avoid spending the money because they don’t want to tell their accountability partner about it. Others change their minds about making the purchase after speaking with their partner about it for a few minutes. Just having someone there to talk to can be a huge help.
Spending money is not the only thing you have to talk about with this partner. Discuss moments when you are suffering from stress or depression as well. If you are an emotional spender, your spending habits are tied into your emotions. This means that when you aren’t feeling good, you may try to compensate by spending money.
Budget Large Purchases & Implement Patience
Too many men make emotionally-based decisions when purchasing items like homes or vehicles, and as a result, end up spending much more than they needed to. Impatience and lack of planning are common reasons why houses end up being seized and cars make their owners perpetually broke. For men who are emotional spenders, it would be a great idea to develop some sort of budget before you even arrive at the dealership or talking to a realtor. This will automatically help you figure out a number that you can, and are willing, to spend on a new vehicle. You can use Auto Credit Express’ loan calculator to determine the right monthly car payment that will fit your budget, and the Bank Rate home budget calculator will help you to account for all those erroneous fees that add up when purchasing a home. Additionally, don’t be afraid to negotiate, and always shop around for the best deal rather than accept the first number that you’re presented with.
Give Yourself a Little Leeway
Many men will stop indulging when they realize they are emotionally addicted to shopping. This leads to frustration and, in many instances, binge spending. To avoid buying expensive items impulsively, you should give yourself a small spending budget that you can use for whatever you want. Put away five or ten percent of your earnings to spend at the store and you shouldn’t have any more impulse buys that go over budget.
Emotional spending is a serious problem for many men, but that doesn’t mean that it has to rule your life. Consider your spending habits. If you think you have a problem, do something about it. There are plenty of steps you can take to get away from your unnecessary spending, and you just might realize that you are happier without it.
Keeping your emotions in check can be a difficult thing to do but with some practice you can become a master of your emotions. One useful method to stay on track and achieve your goals is to consult with a financial adviser that can help tailoring a budget that suits your needs and wants, as well as making the most of your financial resources for both immediate and long-term enjoyment.
Book an appointment with our certified financial planner John Duncan today by ringing us on 07 3169 2570 or send an email to email@example.com and we will get in contact with you today.