“Money, like emotions, is something you must control to keep your life on the right track.” -Natasha Munson
Remember the 1974 song, “Feelings, nothing more than feelings”?
If you were born before 1974 you could probably finish that song, well at least the first verse. The song identified something we all experience, “feelings”. You know those happy, sad, mad, frustrated, glad, all those “feelings”.
What does feelings have to do with money?
Believe or not, a lot!
According to an article from Money.com: “Money is an emotional topic, which partly explains why we all struggle to spend, save, and negotiate in an optimally rational way”. But what’s really happening inside our brains when the subject of money comes up?
When you get paid how do you “feel”? How about when you lose money? What about if you play any type of games for money and you win, now how do you feel? All of those experiences evoke strong visceral emotions.
Did you know that 90% of all financial decisions are made emotionally rather than logically? That means that our brains are the engines that drives our emotions. However, we could choose to override our emotions and choose a different path.
Williams, Jeppson and Botkin who wrote the book “What Financial Experts Won’t Tell You” said it well when they said, “Emotions are simply wrapped up in math”!
Do you find yourself spending and doing retail therapy when you are sad, mad, glad or frustrated? Does your spending get you into financial trouble that leads to credit card debt? Does the debt keep you up at night? Does the debt lead to stress with no peace?
To avoid emotional spending, why not shift to a different past time? This may be an opportunity for you to try something new which will not make you feel like the rewards are fleeting.
Also, set a rule for yourself to think about future purchases for at least 24 hours. This waiting period will help settle your driving emotion, giving way to logic and reason, preventing you from impulsive buying. And if you are shopping online, reduce subscription to unnecessary newsletters and updates which will entice you with sales and promotions that you might not really need.
Finally, treat yourself for your progress! If you do not go overboard, there is nothing wrong with giving yourself a little gift once in a while!
Still getting stuck on your feelings and finances? Don’t let emotional spending deter your dreams. Live the life you’ve always wanted.
Schedule your free complimentary Life and Money coaching session here today.
