impulse spending

How to stop impulsively spending

How many times have you had a bad time at work and before you know it it’s the end of the day and you have 5 shopping bags in your hand….thinking how did that happen………more often than not I’m guessing.

I’m Dominique Mullally, Money & Mindset Coach and in todays video I’m going to give you some tips and tricks to take the emotion out of your purchases and put money back in your purse.

So your feeling low or shitty, you just broke up with  your boyfriend, you’re having a bad day at work and you decide you need a walk around the shops to clear the air and before you know it you’ve spotted the most amazing shoes, shoes  you know you don’t need but you have to try on. You tell yourself………… no matter how much I like them, I’m not buying them……..as you know you’ve already maxed out your credit card or you only have enough to cover your bills, but before you know it, it’s like you’ve been possessed and there you are handing over your credit card to pay your 50th pair of shoes, you know you don’t need but my gosh it feels so good?

Or you buy something and within 24hrs, or sometimes a week, you have buyers remorse and think, why did I buy that, I really needed that money!

As women, impulsive spending can definitely one of our weakness. Lets face it, some of us could get a gold medal if shopping was a sport. However all it really does is keeps us in debt, without any real savings and unable free ourselves from our sticky financial web.

We impulsively buy these things because we want to feel a certain way. Maybe you want to feel loved and that new coat gives you that attention you crave, maybe you want to feel powerful in those new shoes, maybe you want to numb out the pain of a break up, maybe that new bag will make you feel like you fit in……………..whatever it is, understanding the emotion behind the purchase is important.

So lets look at some tips to put the brakes on your impulsive buying and give you back emotional and financial control

Tip #1 – Check your emotions

In the same way that people use food for emotional reasons, ie overeating, not eating enough, only eating certain foods, some people buy ‘things’ to fill a void or cover an emotion.

There is a difference between treating yourself every now and then and binge shopping. If you can afford it and it doesn’t make you feel bad after the purchase that’s one thing but if you’re financially stuck, in debt and you feel bad and your find shopping makes you feel temporally better, then that can become a problem.

Becoming mindfully aware of what and when you’re spending can help you stop accumulating more debt and allow extra pennies for saving. Advertisers are very good at playing on our emotions, especially when they understand the most common emotional triggers so if you’re really in that space, stay away from any from the shops until you identify your trigger and can control that emotional spending.

So next time you’re out shopping ask yourself how am I feeling right now? As you’re digging around in your purse to fish out you credit or debit card ask yourself, what are my emotions, right now, in this moment? By simply asking yourself that you will open yourself up to uncover…………… I buying this beautiful dress or shoes or handbag, whatever it may be, to cover and stuff down my emotions and cover up whats really going on……or am I buying this because I really need it and can afford this?

Tip #2 – Pick up a new habit

The easiest way to eradicate an old habit is to replace it with a new one. Because our subconscious programs loop round and round, it is more effect to replace a habit than to just simply eradicate it.

If you’re old habit is to take yourself shopping whenever you’re feeling emotionally low or constricted in your life, create a new healthier habit.

So get together with friends for coffee,  watch a film together, clean your house, or go the gym. Do something else other than shop  when you recognise these feeling so that you can that break the emotional state that you’re currently feeling and stop yourself from emotionally spending.

Tip #3 – Review your Credit Card Bill

I get it…I know it can be a scary thing to look at your credit card bill especially if you haven’t looked at it in a while but sometimes a slap of hard cold reality can wake you up and make you smell that coffee.

By looking at your credit card bills over the last 6 months not only will you get a clear picture of your levels of debt but you will also be able to see any patterns of spending. Most of our spending is done on an unconscious level. You know you get paid and before you know it it’s all gone and you’re sat there scratching your head wondering where did all my money go?!

So block a time in your diary, get our a few different highlighters and spend some time categorising your purchases. Label them needs and wants. See what patterns come up in the wants and you’ll have a clearer picture of your emotional spending.

Tip#4 – Focus on what you want to accomplish with your money

It’s easy when we don’t have clear defined money goals to stumble around in the dark flicking every switch, hoping that eventually we’ll find the one that lights us up.

Money can be an amazing tool when used correctly to buy experiences and freedom which are linked our big goals. Everyone in life wants something that money is needed for in exchange for that ‘thing’. Whether it be a certain amount in your savings so you can take that luxury dream holiday, purchase your dream car with cash, finally pay off your credit card bill or build a portfolio of investments to give you a passive income, knowing your bigger long term goals helps you remain focused and understand what’s important.

So if you haven’t already write down some big financial goals. Put it somewhere you will see it every day and ensure that at least once a week you review it to see how track you really are.

So I’d love to hear from you, …………do you have any tips or tricks please comment below.

If you liked these video please share with your friends, post it on social media and be sure to come across to Dominique mullally.com where you can sign up to receive my money tips and tricks straight into your inbox.

 

Dominique Mullally
Dominique Mullally is a Wealth Coach and Strategist who helps female entrepreneurs create profitable, sustainable businesses. Using her Profit, Assets, Wealth Method, she helps entrepreneurs develop the mindset, systems and strategies to increase cash flow, grow profits and build wealth.

Using her expertise in Financial Advising, NLP, EFT and Hypnotherapy, to overcome the mindset blocks and put into action simple strategies to create wealth through your business. She believes every woman should be Financially Empowered, Unapologetically Successful and she helps remove the roadblocks many women face and create a roadmap to financial freedom and independence.
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