Hello beautiful people from across the lands! We are naturally emotional beings and it is safe to say our choices are driven by emotions. In this post I talk about common pitfalls many fall into when stressed about money. You’ll learn doable steps to make changes necessary to build a strong financial foundation. Let’s get into it!
Stress Spending
Stress spending can be used as an unhealthy coping mechanism to ease or avoid pain. Some call it “retail therapy” but in reality its avoidant behavior to an underlying issue. Now not all stress spending spells pain avoidance but it is important to be mindful of this behavior. This can also show in the form of gambling or betting. Now this behavior can be seen as a form of fun for the moment but when it becomes excessive or the means of living is when it can be problematic.
As much as I enjoy blogging and studying up on these things, reading about it is just a start. Depending on the severity, seeking professional help or counsel is not a bad or embarrassing thing. The way this world has been behaving its clear we ALL could use some counsel! But seriously taking a deeper look into your behavior and triggers could really help get you off to building a solid financial foundation.
Spender’s Remorse
Spender’s Remorse is the feeling of guilt or loss after making a purchase. There is an inward battle happening of blaming, shaming, and regret on a financial decision made. I have definitely suffered from this big time! After an impulsive purchase (darn you Amazon!) and then realizing that money should have been allocated to necessity is not a great feeling or situation. This tends to happen when there is no plan with your money. It’s coming in and going out without an assignment. The simple way to fix this is a budget!
You Need A Written Budget
I recommend starting out with a written budget to build financial discipline. It’s important to build those financial muscles before going on autopilot like many budgeting apps offer. I am not opposed to budgeting apps, there are actually some really good ones out there. It is just wise to learn and develop the skill of personal finance before moving to automation.
Conclusion
Financial stress is the number one stress many Americans suffer from. Especially the climate we are in today it will a dominant issue. Taking time to analyze your behaviors and spending habits can lead to building a strong financial foundation. Whether it’s stress spending or spending remorse there are small impactful steps you can start doing today to get your finances off to a great start.
Do any of these stressors resonate with you? How have you combated financial stress?
Until next time dream, believe, and achieve.
