Stress Spending? Pause and Breathe.
This month, we're taking a break from real estate to talk about an emerging trend we felt needed addressing.
The past 18 months have probably been some of the weirdest and most stressful any of us have experienced, especially the younger generations.
According to Aimee Picchi's article in the USA Today (2020), "...almost 4 in 10 saying they’ve made impulse purchases to deal with the stress of sheltering in place and social isolation."
Dr. Dholakia said in his Psychology Today (2020) article that anxiety tends to lead to impulsive shopping because it gives people a sense of control over a situation that is out of control.
Though it may feel like it in the moment, we can't solve all of our problems with retail therapy. We want to be intentional and thoughtful with our spending, but that is hard to do when we are shopping to ease stress.
So, we want to provide you with some tools that allow you to make smart shopping decisions and, hopefully, avoid the guilt that comes with emotional spending.
Tips To Curb Impulse Shopping
Here are some tips to consider when trying to curb your impulse shopping. Try a few of them to see what works best for you:
Make a choice to only spend within your values. Take a minute to reflect on which value or values this purchase reflects.
Shop local and small so that the experience is more intentional and enjoyable, and you can help your local community in the process.
Take a shopping/spending break for a few days or a whole week.
Add something to your online cart but resolve not to purchase it for a few days. If you still want/need it after that, it's no longer an impulse buy.
Think about how many times you'll use the item you're about to buy. Is it worth the money?
Check in with yourself and see how you're feeling and why you're shopping.
Think about what else you could do with that money that might be more enjoyable.
Picchi, Aimee. (2020, June 6). "Coronavirus comfort buying: Stress shopping is a real thing. Don’t let it hurt your finances." www.usatoday.com. https://www.usatoday.com/story/money/2020/06/06/covid-19-tips-to-keep-comfort-shopping-from-hurting-finances/3147673001/
Dholakia, Utpal Ph.D. (2020, March 30). "How Anxiety Affects Our Buying Behaviors." www.psychologytoday.com. https://www.psychologytoday.com/us/blog/the-science-behind-behavior/202003/how-anxiety-affects-our-buying-behaviors
The Sweet Side of Finance
Tune in to the blog at the end of the month for my latest recipe (which my newsletter readers already know about).
Since we're talking about impulse buying, I have a recipe that utilizes what you have on hand -- no impulse shopping required!