All throughout the month of April, I be publishing articles with tips that will help you balance your checkbook (and emotions to boot)— exclusively on ELLE.com. as their financial coach of the month! Here’s what you missed last week!
The best therapy is retail therapy.
Show of hands! Who hasn’t indulged in a little retail therapy at some point? I’ll be the first to admit that buying myself new clothes, jewelry, or a handbag can serve as a nice pick-me-up when I’m feeling down. (And getting that “fix” is easier than ever these days; if you’re not into the hustle and bustle of your local mall, Amazon Prime now offers same-day delivery. Yikes.)
But the emotions that cause us to splurge go beyond just the negative ones: We may spend because we’re happy (let’s celebrate!), bored (nothing better to do), insecure (keeping up with the Joneses), excited (I totally earned this!), or anxious (if nothing else, at least I’ll look good!).
Hey! No judgement! We’ve all done it!
In moderation, treating yourself every now and then really can be therapeutic. However, when the rush comes from the act of spending itself rather than the item you purchased— especially if you’re spending beyond your means or spending in order to avoid an issue—there may be a problem.
But how do you know if you are a chronic emotional spender? Here are some potential signs:
Check out the rest on Elle.com where I share signs of emotional spending and how to keep it in check!