How Stress Shopping Might be Hurting Your Wallet
When we are faced with a stressful situation, it is up to ourselves to remedy the issue. Some people do this by spending some of their hard earned cash. However, this can sometimes lead to an issue known as stress shopping. Instead, you will want to make smart financial decisions to help your wallet and your overall well-being.
What is Stress Shopping?
Stress shopping is also commonly referred to as “retail therapy.” As in, it is the act of shopping as an attempt to make the individual feel better. However, shopping to aid in positive emotions or fill an emotional void can have dangerous consequences. While this type of shopping does not address your root problem, it can also further exasperate stress by causing you financial issues. The effects of retail therapy can lead to shame, guilt, and a potentially huge dent in your wallet. Whether your stress shopping is occasional or a pattern, it is important to recognize the act of stress shopping in order to take steps on how to correct it.
Stress Shopping Can Hurt Your Wallet and Emotional Health
While stress shopping has a clear impact on a person’s wallet, it can also take a toll on your mental health. After the initial surge of dopamine wears off after your purchase, you may be seeking out that feeling again. This could lead to you making more purchases in order to help ward off your stress. In the end, this can leave you feeling remorseful and guilty for the money you have spent.
It Is Only One Purchase, Where is The Harm in That?
Stress shopping comes in many forms. While someone who is stressed may just make one purchase at a time, these purchases can still have a heavy impact on their life. The purchase may cause the person to spend a good chunk of cash at once, pull from their savings, or even prevent them from paying their bills on time.
Change Your Money Mindset
While money can surely aid in your happiness, it is not the only way that you can experience that feeling. There are much more cost-effective and less financially risky ways to help eliminate your stress. When stressed, you will need to change the way that you view money. Instead of visualizing a purchase when you are feeling stressed, envision a healthier activity.
Focus on Your Financial Security
Stress shopping can get in the way of your long term goals. This could mean purchasing a home, getting a loan for a car, or getting out of debt could be derailed because of retail therapy. Instead, put a goal of financial security at the forefront. Outline how you are going to get to your financial goals. Consider your future before you go out on any spending sprees and how they may affect your financial wellbeing.
Become a Better Budgeter
Although you do not want to be stress shopping, you can still spend money on yourself. Each individual’s financial situation is different, so how much you should save will differ from those around you. Create your budget on your own and based on your needs. While you will want to make sure the essentials (your financial needs) are taken care of, such as your bills, housing, and food, you can always leave some room in your budget to purchase things for yourself (your financial wants) as well. In order to create a budget that works for you and your needs, you will want to assess your own financial goals and determine where your money is going. From there, you can determine where you can make changes to better help your financial situation.
Spotloan: A Smarter Way to Borrow
Stress shopping can quickly drain your wallet and even your savings if the habit is not corrected. This financial issue can then cause further stress on that individual. Our team understands the unique situations that our customers face everyday. Our quick and easy application can be found online, as well as filled out in only a matter of minutes. That means you can get a decision on whether or not you qualify for our lending solutions within the same day. Fill out the application today to see if you qualify!
