Ways to curb the urge to splurge

 

How do you stop yourself from overspending? 

The urge to splurge is one of the toughest challenges to a monthly budget, and leads to unhappy encounters with the credit card statement.  But psychologists say there are solutions for the chronic overspender.

The first thing to understand is that overspending is viewed as a way to boost our self-esteem or overcome sadness—and if you consider it rationally, an extra pair of boots or a stylish pair of wireless headphones is not likely to provide that comfort for more than a minute or two.

So before you buy, create some space between the spending impulse and the action by asking yourself how you’re feeling.  Bored?  Sad?  Irritated about something at work?

That gets you closer to understanding the nature of the urge.  Then ask yourself: do you really need whatever you’re holding n your hand?  If the answer is not an immediate yes, then put it back on the shelf.  What if you wait?  Is there any risk to waiting a day or two to make sure it’s a good buy?

Finally, an overspender can ask: how will I pay for it?  Is this item in my monthly spending budget?  Do I even have a place to put it?  Often the urge to spend will pass after a few minutes, and might go away altogether for people who pass a 24-hour rule for purchases: if you still feel like you need it, you’ll come back tomorrow and get it.

This won’t cure the urges, but it might cure the most destructive consequences of them.

Source:

https://www.nerdwallet.com/article/crush-impulse-buying-with-these-4-jedi-mind-tricks?utm_campaign=ct_prod&utm_source=syndication&utm_medium=wire&utm_term=lizlizweston-com&utm_content=448090

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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