7 Spending Triggers To Avoid So You Don’t Go Broke
Written by
Caitlyn Moorhead
Edited by
Gary Dudak
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Overspending might seem harmless when it happens occasionally, but frequent impulse purchases can lead to credit card debt, missed bills and potentially land you in the poorhouse. The best way to stick to your budget and even save some extra money is to identify what causes you to spend unnecessarily.
Here are seven common spending triggers to avoid so you can protect your wallet and improve your money habits.
1. Stress Spending
Stress is one of the biggest overspending culprits. According to experts, buying something can provide quick relief, but it often leads to long-term financial stress. Instead of turning to retail therapy, try stress-reducing activities like exercise or meditation.
Although stress can lead some to increase spending on necessities to gain a sense of control, it can also lead others to increase spending on nonessential items rather than save money. Be careful if you’re spending to relieve stress. It could create lasting financial problems and make your stress even worse.
2. Emotional Events
Yes, the dreaded breakups, job changes or other emotional events can trigger unnecessary purchases. While a little retail therapy isn’t harmful, repeated emotional spending can lead to debt. Focus on healthy coping strategies instead.
Be mindful about how often you’re dealing with your emotions this way, so it doesn’t result in overspending and racking up debt. This type of spending habit can be sneaky to detect, but once you’re aware of what triggers emotional impulse purchases or shopping sprees, you’ll be able to nip it in the bud.
3. Social Pressure
You might think you left your days of succumbing to peer pressure behind in middle school, but the push to do as others do can spur overspending in adulthood. Keeping up with friends, social circles or the Joneses on luxury items or experiences can be desirable, sure. But before buying, ask yourself: Do I really want this, or am I trying to impress others?
Problems arise when people spend more than they earn and go into debt to maintain a certain lifestyle. Remember, you don’t have to spend just because others are, and you’ll thank yourself later when you avoid a huge bill.
4. Credit Card Convenience
Credit cards make spending painless, which can lead to higher bills. Most people tend to spend more with credit than with cash, but can using a credit card trigger you to spend more than you otherwise would?Â
Before you pull out your card to pay, ask yourself whether you’d be willing to pay the same price with cash. Use cards wisely and only charge what you can afford to pay off each month.
5. Social Media Influence
Your social media use might not just be gobbling up your spare time or distracting you from work. It could be leading you to overspend.
Scrolling through Instagram or TikTok can tempt you into buying trending products, so limit exposure to shopping ads and unfollow accounts that encourage impulse buying.
6. The Need To Please
Love language is a thing, and many people try to buy love through gift giving or extravagant doting. So when they see something for sale that will make a person they’re trying to win over happy, they buy.
However, buying gifts or items to gain approval can drain your finances. Overspending to please others often leads to debt and relationship stress. Set boundaries and stick to your budget.
7. Special Events and Holidays
Holidays and celebrations often lead to budget blowouts. Overspending on one event likely won’t lead to financial ruin, but if you’re exceeding your budget regularly on occasions and holidays, you could find yourself racking up debt or sacrificing savings to cover costs.
Plan ahead by setting a spending limit and saving gradually for big events.
Cameron Huddleston contributed to the reporting for this article.
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