Beware of Toxic Emotional Spending Cycles

When was the last time you checked in on your emotions as they relate to your spending?

It might seem like a strange thing to consider, but it’s an important step on the road to building and sustaining a healthy financial life.

That’s because if you aren’t mindful, emotional triggers brought on by your spending habits may result in a toxic, endless cycle bookended by anxiety and regret.

Maybe you can relate to this:

😬 BEFORE: You feel ANXIOUS. You question if you should even be spending money at all but you feel conflicted because you can afford it and you deserve it, right?

😃 DURING: There’s a rush of EXCITEMENT. You feel downright giddy about the purchase you’re making. Who wouldn’t feel this way about getting something shiny and new?

😔 AFTER: Here comes the crash. Waves of REGRET and GUILT flood in as you begin to second guess what you’ve done.

And then you’re back at the start of the cycle as you seek your next spending fix to alleviate those icky feelings.

Sound familiar? If so, you just might be locked in a toxic emotional spending cycle.

But don’t worry, this is totally fixable! Keep reading to find out how.

How to End Toxic Emotional Spending Cycles

First things first, let’s get one thing straight:

Spending money is NOT (I repeat, NOT) a bad thing. However, if your spending habits are resulting in negative emotions before, during, or after the fact, it may be time to re-evaluate a few things.

So how do you end the emotional rollercoaster ride?

By practicing conscious spending.

To do so, first begin to align your spending habits with your PRIORITIES, GOALS, and VALUES. Then, greatly reduce or completely eliminate everything else that doesn’t fit.

1️⃣ Your Priorities
These are the things you have to pay for. Think baseline financial priorities like food, shelter, bills, utilities, transportation, etc.

2️⃣ Your Goals
These are the things you want to pay for or devote money to. Those big dreams. That dream vacation. Your first home. A new car. Becoming debt-free. You name it! You’ve got to get super clear on your goals before you can figure out how your money can be used as a tool to achieve them.

3️⃣ Your Values
This accounts for ways you spend money that lead to the most joy and fulfillment. Only you can decide this for yourself but here are some examples:

🤲 Someone who values helping others may choose to donate money to causes they care about

🍔 Someone who values delicious food and convenience may allocate more money to restaurants and food delivery services in their budget

Make sense?

The Bottom Line

Anxiety and regret related to your spending become a thing of the past when you become more intentional and align your habits with these core pillars. It’s just one way of running your money instead of letting your money (and emotions) run you!