Psychology of Spending
How your thoughts direct your path
Read time: 3 minutes.
Welcome to the Friday FinTips newsletter, where I provide tips to simplify how you manage money.
Different thoughts can lead you in different directions. Make sure the path you’re on is being directed by positive thoughts.
What I Did
There have been so many different “emotional seasons” in my life, both high and low. Throughout each of them, I’ve tried very hard to keep my financial path headed in the right direction. I remember studying for my CPA while working full-time and having no energy to do basic functions, like make food.
I started ordering pre-cooked meals and quickly realized I couldn’t really afford it. I was letting the stress of studying bring me down a path of over-spending. It’s SO easy to do that when you’re in a tough mental state. Getting back on track is hard, but slow steps can get you there.
Realizing I still had to eat, I started cooking in bulk (I made 3-4 days worth of food at once) and slowly phased out the pre-cooked meals. It required more energy on my part, but allowed me to greatly reduce my grocery bill!
What You Can Do
Give yourself some grace if you’re going through a tough time and you’ve found you’re overspending as a result. When you’re ready, start slow and try these tips:
Be mindful of your spending. Take a moment to think about whether a purchase is necessary or if you're just trying to fill an emotional void.
Take time to evaluate your current spending habits and identify any emotional triggers that may be leading you down the wrong path.
Seek support. It's okay to ask for help when you need it. (I say this, even though it’s one of my biggest personal struggles.)
That's all for now. Enjoy your weekend!