Spending Too Much? Here’s Help

Did you know that overspending is usually related to emotional pain, distorted thinking about what you feel you deserve, and/or a disconnect between the buying impulse and actual results of the purchase? In some cases, overspending comes from wanting a similar lifestyle as others — even though the reality is that everyone’s financial situation is different.

If overspending is a problem for you, here are some tips to rein in the impulse:

Take some time. Give yourself some time before you buy to ask, “What am I really feeling” or “why do I want to buy this?” Try waiting three days and then see if you still want to buy the item.

Distract yourself. Instead of making a purchase, distract yourself by engaging in another activity, such as exercise, meditation or prayer — anything other than a money decision.

Try cash. If you typically shop with credit cards, challenge yourself to spend only cash for a month. Seeing the cash leave your wallet carries more emotional impact than buy-now-pay-later plastic.

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