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Ways to Control Emotional Spending

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Ways to Control Emotional Spending
#CreditChat
Wednesdays | 3 p.m. ET

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Join our #CreditChat every Wednesday at 3 p.m. ET.
This week, the community shared some smart tips to help
control spendin...

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#CreditChat
Wednesdays | 3 p.m. ET
What is emotional spending?

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Ways to Control Emotional Spending

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Have you ever bought something to improve your mood? Are there any emotional triggers that make you want to spend money?
This week’s #CreditChat featured smart tips to help you control your spending this holiday season. The panel included: Ginger- Founder of Girls Just Wanna Have Funds, Paul Moyer, Founder of Saving Freak, Rod Griffin- Director of Public Education at Experian and Mike Delgado- Social Media Community Manager at Experian.
The chat featured tips from @SavingFreak, @Rod_Griffin, @Credit_IQ, @care4yourfuture, @suddenlyfrugal, @Kasasa, @CordiaGrad, @FTWCCU, @WeAreMortgages, @MoneyCrashers, @DebbiKing, @jennifercwhite, @KOFETIME, @SFCUNews, @MiriamSCross, @FedChoiceFCU, and @BeverlyHarzog.

Have you ever bought something to improve your mood? Are there any emotional triggers that make you want to spend money?
This week’s #CreditChat featured smart tips to help you control your spending this holiday season. The panel included: Ginger- Founder of Girls Just Wanna Have Funds, Paul Moyer, Founder of Saving Freak, Rod Griffin- Director of Public Education at Experian and Mike Delgado- Social Media Community Manager at Experian.
The chat featured tips from @SavingFreak, @Rod_Griffin, @Credit_IQ, @care4yourfuture, @suddenlyfrugal, @Kasasa, @CordiaGrad, @FTWCCU, @WeAreMortgages, @MoneyCrashers, @DebbiKing, @jennifercwhite, @KOFETIME, @SFCUNews, @MiriamSCross, @FedChoiceFCU, and @BeverlyHarzog.

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Ways to Control Emotional Spending

  1. Ways to Control Emotional Spending #CreditChat Wednesdays | 3 p.m. ET
  2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week, the community shared some smart tips to help control spending during the holiday season. ex.pn/emospending
  3. #CreditChat Wednesdays | 3 p.m. ET What is emotional spending?
  4. Emotional spending is spending that is not planned for in advance and is not necessary. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak
  5. Spending because it makes you feel better, especially if funds were meant for another bill, like rent. #CreditChat Wednesdays | 3 p.m. ET Rod Griffin @Rod_Griffin
  6. Emotionalspendingiswhenyoupurchasebased onyouremotions,oftenonthingsyoudon’t necessarilyneed. #CreditChat Wednesdays | 3 p.m. ET CreditIQ @Credit_IQ
  7. Emotional spending doesn’t only happen when you’re in a bad mood, it can also happen when you’re happy or in a good mood. #CreditChat Wednesdays | 3 p.m. ET CARE @care4yourfuture
  8. Emotional spenders buy in response to some external stimuli, not because they “need” something. #CreditChat Wednesdays | 3 p.m. ET Leah Ingram @suddenlyfrugal
  9. #CreditChat Wednesdays | 3 p.m. ET What are some common signs of emotional spending?
  10. Buying items that you do not need or are not useful. They are a simply a means of making yourself feel better. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak
  11. Impulse buys after a long, hard day - or a bunch of trinkets piling up that you don’t actually need. #CreditChat Wednesdays | 3 p.m. ET Miriam Cross @MiriamSCross
  12. Somecommonsignsareseekingimmediate gratificationafteraneventsaying,“Ideserve this”withnootherreason. #CreditChat Wednesdays | 3 p.m. ET CARE @care4yourfuture
  13. Are you buying and returning more items than you keep? Yep, it’s officially time to say your name and admit you’re a shopaholic! #CreditChat Wednesdays | 3 p.m. ET Kasasa @Kasasa
  14. If after the spending you are likely feeling guilty, because you knew what you did was wrong! #CreditChat Wednesdays | 3 p.m. ET Leah Ingram @suddenlyfrugal
  15. #CreditChat Wednesdays | 3 p.m. ET What emotional triggers can lead to spending unnecessarily?
  16. The most common ones are probably stress, heartbreak, or simply just having a bad day. #CreditChat Wednesdays | 3 p.m. ET CreditIQ @Credit_IQ
  17. When something good or bad happens at work or in your personal life - that can be a trigger for unnecessary spending. #CreditChat Wednesdays | 3 p.m. ET CARE @care4yourfuture
  18. #CreditChat Wednesdays | 3 p.m. ET CordiaGrad @CordiaGrad Aroundtheholidays,manyoverspendtotrytomake everythingperfect.Focusonfriendsandfamily,not materialisticthings.
  19. Sales, rough days in the office, advertisements - all of these can trigger emotional spending. #CreditChat Wednesdays | 3 p.m. ET FTWCCU @FTWCCU
  20. Having a pity party over what other people have, including things you don’t actually need or want. #CreditChat Wednesdays | 3 p.m. ET Mortages.com @WeAreMortgages
  21. #CreditChat Wednesdays | 3 p.m. ET How can emotional spending affect your credit?
  22. If you’re the type to justify spending as you “deserve it”, you may use credit when you can’t afford to pay it off. #CreditChat Wednesdays | 3 p.m. ET Money Crashers @MoneyCrashers
  23. Emotional spending can cause you to rack up massive debt on your credit cards, [which can result in] not being able to fully pay off that debt. #CreditChat Wednesdays | 3 p.m. ET CARE @care4yourfuture
  24. #CreditChatDebbi King @DebbiKing Wednesdays | 3 p.m. ET Byjackingupyourutilizationandyourdebttoincome ratio-themorecredityouuse,theloweryourscore.
  25. Emotional spending can wreck your credit. If you don’t have the money, you might open up credit cards at retail stores. #CreditChat Wednesdays | 3 p.m. ET Jennifer White @jennifercwhite
  26. Remember, credit is still money. Even swiping a card uses your money, not just credit! Save for bills. #CreditChat Wednesdays | 3 p.m. ET KOFE @KOFETIME
  27. #CreditChat Wednesdays | 3 p.m. ET How can a budget help you to avoid emotional spending?
  28. A budget can serve as your map and guide you to make smarter purchasing decisions. #CreditChat Wednesdays | 3 p.m. ET Money Crashers @MoneyCrashers
  29. Creating a budget serves as a check on your spending because it forces you to think how that spending affects your budget. #CreditChat Wednesdays | 3 p.m. ET CARE @care4yourfuture
  30. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak Abudgetputsdownon paperexactlywhatyou’re tryingtoaccomplish.Ifyou sticktothatplan,it’s impossibletooverspend.
  31. A budget can help you keep track of expenses like rent and student loans, leaving little room for emotional spending. #CreditChat Wednesdays | 3 p.m. ET CordiaGrad @CordiaGrad
  32. Budgeting and planning ahead is the key to keeping yourself in check. Always know what you need instead of what you want. #CreditChat Wednesdays | 3 p.m. ET CreditIQ @Credit_IQ
  33. #CreditChat Wednesdays | 3 p.m. ET What are some ways to limit the temptation of emotional spending?
  34. It depends on the person, but shopping in cash or leaving credit cards at home can help control spending. #CreditChat Wednesdays | 3 p.m. ET CordiaGrad @CordiaGrad
  35. Find another outlet for your emotions. It could be cooking or exercising - something that refocuses your energy. #CreditChat Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews
  36. Sleeponbigdecisions. Don’tbuythingswhen overlyhappy/sad/stressed andnotthinkingclearly. Sticktoalist. #CreditChat Wednesdays | 3 p.m. ET Miriam Cross @MiriamSCross
  37. Don’t try to outdo your friend’s shopping spree or believe ads that manipulate your emotions. #CreditChat Wednesdays | 3 p.m. ET KOFE @KOFETIME
  38. Move the laptop, tablet and phone far away from wherever you sleep. No more late-night purchases! #CreditChat Wednesdays | 3 p.m. ET Mortgages.com @WeAreMortgages
  39. #CreditChat Wednesdays | 3 p.m. ET Why is making several small purchases just as destructive as buying large ticket items?
  40. Small purchases add up and are easier to make (less guilt) so they can be equally as destructive. #CreditChat Wednesdays | 3 p.m. ET CordiaGrad @CordiaGrad
  41. Small purchases sneak up on you. Before you know it, you’ve spent just as much as the big ticket item. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak
  42. Smallerpurchases don’tnecessarilymean qualitypurchases. Investmentitemscanbe betterinthelongrun. #CreditChat Wednesdays | 3 p.m. ET CreditIQ @Credit_IQ
  43. Small purchases add up! Happy hour, Starbucks, stops at the bakery - those can be worse than buying an unnecessary outfit. #CreditChat Wednesdays | 3 p.m. ET FTWCCU @FTWCCU
  44. If you can eat it or drink it, or if it costs less than $20, use cash to pay for it. #CreditChat Wednesdays | 3 p.m. ET CARE @care4yourfuture
  45. #CreditChat Wednesdays | 3 p.m. ET What are some alternate activities you can do to avoid emotional spending?
  46. Instead of shopping, you could cook, read, exercise or volunteer. Find other ways to encourage and reward yourself. #CreditChat Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews
  47. Go to your library and see what you can find there. New books and music - all for free - as long as you return them on time! #CreditChat Wednesdays | 3 p.m. ET FedChoice FCU @FedChoiceFCU
  48. Exercise.Whenyouexercise,yourbodyreleases endorphins,adrenaline,serotonin,anddopamine. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak
  49. Time is very underrated. Spending time with those you care about can provide a greater emotional boost than spending money. #CreditChat Wednesdays | 3 p.m. ET CARE @care4yourfuture
  50. Spend time with your pets! #CreditChat Wednesdays | 3 p.m. ET Leah Ingram @suddenlyfrugal
  51. #CreditChat Wednesdays | 3 p.m. ET What are some ways you can reward yourself for achieving goals without going overboard?
  52. Have a set amount that you save just for goal breaker days. This way you can celebrate without repeating bad habits. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak
  53. Utilize the free events in your neighborhood. The free newspaper should have various activities to replace spending sprees. #CreditChat Wednesdays | 3 p.m. ET KOFE @KOFETIME
  54. Byputtingaway moneyforabigger reward,likeanewcar,as opposedtolittlesplurges thataddup. #CreditChat Wednesdays | 3 p.m. ET CreditIQ @Credit_IQ
  55. Treat yourself to an experience instead of an expensive purchase. Find free events in your community. #CreditChat Wednesdays | 3 p.m. ET CordiaGrad @CordiaGrad
  56. Find a new hobby. Learning to knit or speak a new language will definitely help you fill your time and avoid emotional spending. #CreditChat Wednesdays | 3 p.m. ET FedChoice FCU @FedChoiceFCU
  57. #CreditChat Wednesdays | 3 p.m. ET What are some final tips you can share to help avoid emotional spending?
  58. Create a budget and stick to it. Get a cheap/free hobby. #CreditChat Wednesdays | 3 p.m. ET FTWCCU @FTWCCU
  59. Recognize what your emotional triggers are for emotional spending and figure out frugal alternatives for these emotions. #CreditChat Wednesdays | 3 p.m. ET CARE @care4yourfuture
  60. Havefinancialgoals.Whentemptedtosplurge,look atgoalsandrememberwhyyou’resavingmoney. #CreditChat Wednesdays | 3 p.m. ET Beverly Harzog @BeverlyHarzog
  61. Get some accountability. Whether that is a spouse or a friend, you can get someone to hold you accountable for your spending. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak
  62. Spend with intent, not just because you’re there. Live within your means and learn from debt mistakes. #CreditChat Wednesdays | 3 p.m. ET KOFE @KOFETIME
  63. #CreditChat Wednesdays | 3 p.m. ET Check out all the resources and tips shared: ex.pn/emospending
  64. #CreditChat Wednesdays | 3 p.m. ET Join Us Every Wednesday at 3 p.m. ET. experian.com/creditchat
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