The Accelerator
What:
You feel money stress and then...start spending or keep spending. Whether it is debt or having money that you have stress over - money stress puts you in a “F it” attitude and you combat anxiety by compulsive or almost binge-like spending. While often counterproductive - This is a normal response to anxiety - as the anxiety and stress creeps up - the behavior you are trying to avoid just gets worse.
Trademarks:
A worn out credit card, a trigger finger for purchases, a plan that you will do better next time and a mounting sense of dread that may or may not alternate with a “why not” attitude.
Pitfalls:
A sense that you are digging yourself deeper into a hole, possible growing debt and money spent in ways that deter from your long term goals.
How To Work With It:
Create A Fun Fund:
Give yourself a budget just for the things you love to buy (Skin care addiction? Video games? Cheap flights?) - Just know that you are going to spend money on the things that you love and give yourself a fund for it. Establish a limit you can spend without any guilt. Often times this accelerated spending comes from feeling we can’t spend anything - and then we spend everything!
Put Your Extra Money Off Limits:
Some people only put enough money in their checking account to handle monthly expenses and automate that the rest go into a high yield savings account or into an investment account. This makes it harder to spend because the money is not there. It adds an extra step of moving over the money from one account to another (which is harder if they are not at the same bank even).
Make It Hard For Yourself:
Another Way to make spending harder for yourself - just to slow down the automatic buying or stress spending - is to delete autosave credit card info on your computer or not take your certain credit card out with you (depending on where and how you spend).
Wait. It Out:
Put a 24 hour hold on all purchases and spending. Put it in your cart and if in 24 hours - you still need to have it - get it. Often times our desire or compulsion to spend might be lessened by then. Or check in with someone about spending (i you are a stress spender at restaurants or going out).
Do Something Else To De-stress:
Every time the urge takes over - switch environments - go for a run. Take a shower. Light a candle and do some yoga. Play a game. See if you an find a different way to take your mind off your stress other than spending.
