Go inside the mind of a spender. What goes through their minds before they buy something? How do they make peace with themselves before they purchase something they don’t need?
Once these justifications on spending are identified, it will be easier to catch yourself before spending excessively. You can use this extra money to build an emergency fund, invest in some index funds, or pay off some of your debt.
Here’s what goes on in our heads before we spend money on stuff we don’t need. I’m sure there’s more but these are the more common ones.
- I deserve it. I work all day. I’m going to use what little money I have to bring myself a little bit of happiness.
- I got paid today. It’s Friday. I have a little bit of cushion to spend money and buy myself a little something. Friday nights are for having fun and going out.
- I “need” to buy it. I need a new laptop. I need a new mp3 player. I need new jeans.
- Buying this is more like an investment. This thing will pay for itself. Once I buy a new bread maker, I’ll never have to buy one again for the rest of my life.
- It’s been a while since I bought something new. My television is getting old. It still works but it’s time to buy a new one.
- I only live once. I want to spend my money while I’m still young. I’m not going to enjoy it as much when I’m younger. I’ll invest my money when I’m a little older.