Reasons why we may over-spend: Therapist explains
From comfort purchases to shopping addiction to anxiety, here are a few reasons why we may over-spend.
Finance or money is an important thing for everyone – however, sometimes, it can be a charged or an uncomfortable topic to address. There are a lot of emotions attached to money. From the desperation to earn it, to the frustration of lacking it to the fear of losing it, money guides a lot of emotions in us. Money also decides the opinion we have towards people who do not have it, or the discomfort of discussing it in relationships. "All of this provokes a lot of feelings inside of us. When our feelings get spicy, our ability to remain calm and rational decreases- this is very true of our spending and saving. Our relationship with money is often something that needs to be gently looked at; often we find patterns that are evident in other areas of our lives showing up in our finances," wrote Psychotherapist Emily H Sanders.
Emily further noted down a few reasons why we may over-spend sometimes:
Special occasions: On special occasions, be it a festival or a reunion, people end up spending more than their budget. This can happen due to the unspoken pressure about spending like others.
Comfort purchases: Some people find joy in purchasing things. Retail therapy works on people who find it distracting and pleasurable in making purchases for themselves. In this case, just to feel good, people may spend more.
Keeping up: To maintain a certain standard as those of the people around others, people may over-spend than they can afford.
Anxiety and avoidance: People in debt may feel overwhelmed about it. In that case, they may lose the plan of saving up and end up spending more money than they should. This cycle can be vicious and harmful for the person.
Oniomania: Also known as shopping addiction. This can make people spend a lot on shopping, often on things that they do not even need.