You’re on the right financial track – you have a healthy budget and you stick to it (for the most part), but did you know that we all have 5 little triggers that lead us to overspend in the store without even noticing?
Today’s Monday Motivation is all about noticing these 5 little moments, letting them pass by and making the healthier financial decision to not overspend in the end.
- You purchase an item not on your list to cover up for an embarrassing purchase. We have definitely all done this before. You walk into the store because you need to buy something…anti-fungal toe cream, wax strips, whatever, and to avoid looking like this is the only thing we came in for we usually buy a bunch of other stuff to cover it up. Instead of adding an extra $20 or $40 of impulse buys to your bill, simply pick up a newspaper and something else you actually need, like floss. At least then you’ll end up using your cover-up purchase.
- You shop early in the morning or late at night to avoid the crowds. Sounds legitimate right? However, avoiding the crowds can negatively impact our finances. We are more likely to take our time, shop all of the shelves and consequently buy way more than we intended to. It’s okay to want to avoid the crowded aisles – just remind yourself to stay focused on your list and get out of there on budget!
- You have multiple debit cards in your wallet. This is kind of a necessity of being a grown-up, but believe it or not, if you keep cards for multiple bank accounts in your wallet, it kind of tricks your brain into thinking you have more money than you actually do when really it is just spread across different accounts. To avoid overspending, think about the purchase itself, not the balance in your accounts. We tend to justify extraneous purchases by thinking, “Well, I still have money in my other account.” If you cannot afford an item out of one account, just avoid it.
- You have been feeling a little down. Nowadays we are all mostly trained to avoid shopping for ourselves when we are in a slump, but did you know that we try to find the same sense of satisfaction by shopping for someone else? Typically, we will spend on others to enhance our connection with them when we are feeling a little sad or lonely. If you are feeling this way, consider any events or birthdays coming up that you will actually have to purchase a gift for. This way you kill two birds with one stone so to speak.
- You have just been reminded to ‘savour the moment’. Ads use this technique all of the time! Mostly because it is highly effective. Just like Kit Kat‘s slogan, ‘Have a break, have a Kit Kat,’ we convince ourselves that in order to have the best break possible we NEED that particular item. There is nothing wrong with taking a break – you just don’t need to spend money to do so.