by skysnap » 25 Oct 2016, 18:53 Emotions not only affect our everyday life but also our financial state. How we think and react to everyday events with money, decides our future. In order to get hold of our financial condition, we have to get hold of our emotions. Here are some of the emotional triggers that affect your financial state.
Happiness : When you are happy, then often you don't think about money. This state can be sensitive considering we don't want to ruin our happiness moment. And also we don't want to wind up by spending unnecessarily. So you have to be very careful how you spend when you're excessively happy about something in life. For example, you get married late in life does not mean you should burn your savings. However not celebrating the moment is not good either. You get happy when your child performs, but that doesn't mean you buy them something you can't afford. Know your financial state and act accordingly.
Loneliness: If you're feeling lonely or sad, don't go out and buy stuff. It's normal to treat yourself when you are lonely or sad. But that is the point when most of the people try to justify the impulse purchase. It could mean you spending a lot of money on food, clothing and stuff to get rid of your loneliness. If you are sad and going into the mall, then make sure you eat at home. This way you don't buy food that is overly priced. You don't buy clothes you don't need. All you have to do is stop feeding your loneliness with materialism.
Envy : One of the powerful emotion that triggers the money spending habit. Many people buy stuff because they see their friends and haters buying it. This can be serious considering that you're competiting with someone and affecting your finances. Most of the young people fall into this trap. And it takes some serious introspecting to get out of this habit. You have to recognize this as early as possible. Unless you get hold of your envy feeling, you won't be able to stop yourself from shopping or spending money.
Pride : So your high-school friend bought expensive car? And you don't want to show her your low priced car? You want to show her you're not in bad condition? Stop. That sort of thinking leads to impulse shopping. And this habit itself can be very dangerous outside the personal finance sphere of influence in your life. You have to control of the things you're proud of and see things clearly. If it takes money to make you proud of something, then it's not real, it's materialistic. Money should be an object that secures you financially, It should not be an object for your pride feeling. Relying on money as your pride feeling leads to emotional breakdown. And this also leads to financial issues over a period of time.
Anger : When you're having frequent flashes of anger, they can also lead you to making impulse shopping. You get into the flow to do something that gets you off the angry feeling. And this distraction using money can be dangerous if left unchecked. Unlike any other emotions, anger is something harder to take over. As it may keep you on borderline mental breakdown. So you have to practice being assertive. Habit of being assertive helps you avoid getting angry. And that in turn helps you with keeping your finances safe from impulse purchase.
There are few other emotional triggers that affect your financial state. However the above mentioned emotional trigger have more impact on your finances. So you have to learn to control these triggers that can break your savings.
