Do you sometimes spend money when you’re feeling stressed, depressed, excited, or bored?
This “emotional spending” is often impulsive and doesn’t align with your financial goals.
How to stop your emotional spending
Bryan-Podvin tackles it from a clinical perspective.
For instance, lets take a look at oxytocin, the love hormone."
Maybe you turn to shopping when you feel lonely.
But how else could you meet your need for connection?
prior to beginning throwing your money at material things, consider calling a loved one.
Now, turning to serotonin, your mood stabilizer.
Serotonin is all about wellbeing and happiness.
If youre feeling down, shaky, and off-balance, what other things could help you feel steady?
Dopamine is the pleasure hormone, with a motivational role in the brains reward system.
Similar to the examples above, think about what gives you a rush of pleasure: A good meal?
People watching in the park?There are plenty of things to trybefore you immediately turn to retail therapy.
Finally, endorphins primarily help deal with stress and reduce feelings of pain.
You get these from feeling a sense of accomplishment.
Exercise is probably the mostwell-cited shortcutto get some endorphins flowing.
(Hint: It probably wont.)
Stay self-aware and proactive to break the emotional spending cycle.
Refocus on activities and goals that truly build long-term happiness and financial health.
Your wallet and overall wellbeing will thank you.
